China Huarong Asset Management Co. Ltd. issued 12 billion yuan (US$1.96 billion) worth of debt securities on Tuesday, China Securities Journal reported, citing a company announcement. The issue was oversubscribed 1.43 times. It was the biggest debt offered by an asset management company (AMC) in China, the report said. Huarong, one of the country’s four major AMCs, was set up in 1999 to help clear bad assets in the banking system. It is undergoing reform into a market-driven business. The company is seeking strategic investors for a planned public listing, the report said.
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