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.
October 15, 2015
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.
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