China Huarong Asset Management has kicked off a Hong Kong initial public offering that could raise $2.5 billion to $3 billion, according to two sources familiar with the situation.
The move by the country’s largest bad-debt manager comes after it sold a 21% stake to eight strategic investors in August for $2.4 billion and is part of China's efforts to attract more private capital to its state-owned enterprises.
China Huarong, headed by chairman Lai Xiaomin, has appointed Citi, Goldman Sachs, HSBC and ICBC International as co-sponsors to arrange the transaction.
The company, which held a kick-off meeting in Beijing in late December, is...
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