Huarong to set terms for US$2.8bil Hong Kong IPO

HONG KONG: China Huarong Asset Management Co, the nation’s biggest bad-loan manager, and some existing investors are seeking as much as US$2.8bil from a Hong Kong initial public offering (IPO), people with knowledge of the matter said.

The Beijing-based company as well as China’s Ministry of Finance and Cofco Corp plan to offer a combined 6.3 billion shares at HK$3.03 to HK$3.39 apiece, said the people. Huarong would start taking orders Oct 15, they said, asking not to be identified because the information is private.