China Huarong gets $1.6 bln in cornerstone bids for Hong Kong IPO -IFR

October 15, 2015 1:22 AM

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HONG KONG Oct 15 State-owned China Huarong Asset Management Co secured commitments worth $1.62 billion from cornerstone investors as the country's largest distressed debt manager launched its initial public offering in Hong Kong on Thursday.

The 10 investors, which will not be able to sell shares in Huarong until six months after the IPO, included property developer Sino-Ocean Land Holdings and utility State Grid Corp of China, with pledges to buy $684 million and $300 million worth of shares respectively, Thomson Reuters publication IF...

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