China Cinda Asset Management Co. has raised US$2.5 billion in an initial public offering in Hong Kong, its largest float this year, the Wall Street Journal reported. The debt-clearing company, which buys bad loans from Chinese banks, sold 5.3 billion shares at HK$3.58 each, the top end of the price range, the report said, citing a source familiar with the situation. The indicative range was HK$3 to HK$3.58 per share. There was significant demand from investors seeking exposure to a company benefiting from China’s growing bad debt, the report said. About US$65 billion in orders were received, 26 times more than the company offered.
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