UPDATE 1-Bad-debt manager China Huarong gets HK nod for up to $3 bln IPO-source

August 28, 2015 2:09 AM

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* Cinda shares down sharply in recent weeks (Adds details of Huarong's business, Cinda IPO)

HONG KONG, Aug 28 (Reuters) - State-owned bad debt management firm China Huarong Asset Management Co Ltd has won approval from Hong Kong's stock exchange for its initial public offering, expected to raise as much as $3 billion, a person with direct knowledge of the plans said.

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