Hanhua draws $40m cornerstone pledge for IPO

Bankers secured two cornerstone investors for Hanhua ahead of the Chinese microfinance company's listing.

Hanhua draws $40m cornerstone pledge for IPO

Hanhua Financial has secured two cornerstone investments totaling $40 million two weeks ahead of its planned $400 million initial public offering in Hong Kong.

Shandong State-owned Assets Investments, an investment arm of the Shandong government, and Hong Kong solar power producer Jun Yang Solar Power Investments pledged to invest $30 million and $10 million, respectively, in the Chinese micro finance company. The lock-up period is six months.

The formal road show...

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