• Fri
  • Dec 19, 2014
  • Updated: 8:21pm

Cinda

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.

China Cinda finds favour with investors

China Cinda Asset Management has priced its shares at the top end of its marketing range. Photo: Reuters

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.

Friday, 6 December, 2013, 5:09am

Cinda to price IPO near top of range

Cinda Asset executives Xu Zhichao, Hou Jianhang, and Zang Jingfan at the IPO launch. Photo: Nora Tam

China Cinda Asset Management plans to sell shares in a Hong Kong initial public offering at near the top end of a marketed price range to raise about US$2.5 billion, said two people with knowledge of the matter.

5 Dec 2013 - 6:00am

Cinda's sweetener fails to hide toxins of sugar-coated poison

Cinda Asset executives Xu Zhichao, Hou Jianhang, and Zang Jingfan at the IPO launch. Photo: Nora Tam

Bad-debt management is a business not easy to understand. After spending two days trying to make sense of the 3.5cm-thick prospectus of China Cinda Asset Management Company, your columnist had to seek help from two bankers.

30 Nov 2013 - 4:27am 1 comment

Bad-loan manager Cinda to use IPO for leverage

Cinda Asset executives Xu Zhichao, Hou Jianhang, and Zang Jingfan at the IPO launch. Photo: Nora Tam

China Cinda Asset Management, the first mainland bad-loan manager to seek a Hong Kong stock market listing, said it plans to increase the leverage of its balance sheet with a view to future growth on the back of an ample capital base.

28 Nov 2013 - 4:17am

Doubts cast over Cinda's business model as float looms

Cinda is poised to start pre-marketing its US$2.5 billion Hong Kong float this week. Photo: AP

From impoverished beginnings in 1999, Cinda Asset Management, one of the mainland's managers of bad assets, rose to become the darling of investors and the embodiment of the new China investment story.

11 Nov 2013 - 6:55am

Cinda cleared for IPO pre-marketing

Mainland stock market newcomers have had mixed fortunes in Hong Kong recently, but Cinda is attracting investor interest. Photo: Reuters

China Cinda Asset Management is poised to begin pre-marketing for a US$2.5 billion share sale, after receiving listing approval from the Hong Kong stock exchange, bankers working on the deal say.

9 Nov 2013 - 1:53am

20 firms line up for year-end IPO rush

The listing hopefuls aim to raise at least HK$30 billion in total.Photo: AFP

Hong Kong's listing market is on course for another year-end rush, with about 20 companies planning to launch share offerings. The listing hopefuls aim to raise at least HK$30 billion in total, including Cinda Asset Management's US$2.5 billion offer and Qinhuangdao Port's US$500 million plan. 

6 Nov 2013 - 4:54am 1 comment

Less toxic than before, but Cinda still isn't a great buy

Less toxic than before, but Cinda still isn't a great buy

I am grateful to the reader who wrote in response to yesterday's Monitor, drawing my attention to the note concerning "debt securities classified as receivables" on page 133 of China Construction Bank's 2012 annual report.

20 Aug 2013 - 4:31am 3 comments

China's insolvent toxic-waste dump Cinda for sale

China Cinda Asset Management is likely to list on the Hong Kong stock exchange. Photo: AP

At some point in the next few months, China Cinda Asset Management is likely to list on the Hong Kong stock exchange, in a mega deal that could raise HK$20 billion or more.

19 Aug 2013 - 3:40am 2 comments

Cinda to submit papers for Hong Kong IPO next month

Cinda was set up under the People’s Bank of China in the late 1990s to deal bad assets amassed by mainland banks. Photo: Xinhua

Cinda Asset Management, one of China's big four state-owned debt clearing agencies, is expected to apply for a Hong Kong listing next month, after a weekend "beauty parade" and talks with potential underwriters, according to bankers with direct knowledge of the deal.

13 Aug 2013 - 10:01am