China Huarong cuts planned HK IPO size with no secondary sale-IFR

October 14, 2015 10:21 AM

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HONG KONG Oct 14 State-owned bad debt manager China Huarong Asset Management Co will reduce the size of its Hong Kong IPO, after deciding to sell new shares only instead of a sale combining new shares and stock by existing shareholders, IFR reported on Wednesday citing sources familiar with the plans.

The IPO could raise as much as $2.5 billion, compared with up to $2.8 billion previously expected, added IFR, a Thomson Reuters publication. The sale would consist of 5.77 billion new shares, down from 6.31 billion originally planned that also included shares from China's Ministry of Finance and fro...

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