Hanhua draws $40m cornerstone pledge for IPO

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

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 kicked off Wednesday, with bankers travelling to Hong Kong, Singapore, London and New York to meet with institutional investors. Meetings will continue through March 6, with Hanhua expected to price that night and formally list...

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