China Huarong's $2.3b HK IPO is bittersweet

The distressed debt house's float is weak compared to peers, but the successful completion on the back of cornerstone commitments is key to Beijing's market liberalisation plans.

China Huarong's $2.3b HK IPO is bittersweet

China Huarong Asset Management, the country’s largest distressed debt management company by assets, completed its initial public offering in Hong Kong, listing shares at a mere 2% premium over its historical book value -- the lowest ever by a state-owned financial institution.

China Huarong on Thursday raised HK$17.8 billion $2.3 billion by selling 15% of its enlarged share capital to investors at HK$3.09 per share. The company’s market capitalization of $15.3 billion...

To continue reading, please login or register for free

Click for more on: china | china huarong | distressed debt | ipo | cinda | cicc | citi | goldman sachs | hsbc | icbc

Print Edition

FinanceAsia Print Edition


  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...