Huarong's $2.5b IPO leans on cornerstones

Ten mainly Chinese state-backed cornerstone investors have committed $1.6 billion for approximately 70% of the shares on offer.

Huarong's $2.5b IPO leans on cornerstones

China Huarong Asset Management, the country's largest bad bank by assets, is leaning heavily on cornerstone investors to ensure its $2.5 billion initial public offering later this month gets away without a hitch.

As the global roadshow for the IPO began on Thursday, a term sheet seen by FinanceAsia showed 10 cornerstone investors committing $1.6 billion for approximately 70% of the new shares on offer, potentially breaking the market's previous record...

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