Cinda cleared for IPO pre-marketing
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.
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.
[Cinda is seen] as a problem solver for [China’s] … non-performing assets
The company is one of four asset managers created in 1999 to take over the non-performing assets of the mainland's Big Four banks.
Cinda will open a two-week pre-marketing campaign on Monday. After its listing prospectus is published, it will launch a two-week official roadshow on November 25, according to a senior banker with a United States investment bank.
According to the preliminary schedule, details such as the price range and the offering's cornerstone and anchor investors could be released on November 21.
Investment bankers said the Cinda float was likely to be a blockbuster deal as the initial feedback from investors was that the shares would be in demand - unlike mainland banking shares.
Selling shares in newly listed Bank of Chongqing, the first city commercial lender to gain a listing status, was a challenge after bankers and institutional investors raised questions about its loan exposure to local government financing vehicles.
Shares of the lender have been trading below their offer price since listing on Wednesday, adding to the pressure on listing hopeful Huishang Bank.
