China Cinda Asset Management, the first mainland bad-asset manager to list in Hong Kong, has priced its shares at the top end of its marketing range. The Beijing-based firm set a price of HK$3.58 for its shares after substantial institutional and retail interest in its anti-cyclical investment story of growing bad debt in a slowing economy.
Cinda was set up in the late 1990s to deal with an estimated 1.4 trillion yuan worth of bad assets amassed by mainland banks. It was expected to raise as much as US$3 billion through a Hong Kong listing in the fourth quarter of 2013.
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