PE-backed China Cinda prices HK IPO at top of range - report
China Cinda Asset Management, a company originally set up to absorb non-performing loans (NPLs) from China’s Big Four state-owned banks, has priced its IPO at the top end of the indicative range and is on course to raise $2.5 billion. It will be Asia’s biggest public offering of the year.
Cinda, which is majority-owned by China's Ministry of Finance, will sell 5.3 billion shares at HK$3.58 apiece, valuing the company at 1.30x its 2013 book value. According to Reuters, the retail tranche...
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