Quick Take: China Orient On Course to Secure Pre-IPO Strategic Investors
China Orient Asset Management Co. said it is on track to sell a 15% stake by the end of this year to strategic investors in a pre-initial public offering (IPO) funding round.
China Orient is one of the country’s four national distressed-debt managers that are planning to float on a stock exchange as a listed company. Great Wall Asset Management Co. is also seeking up to eight strategic investors ahead of a planned IPO, Reuters reported earlier. China Huarong Asset Management Co. and China Cinda Asset Management Co. have already listed on the Hong Kong bourse.
China’s distressed-debt managers, which absorb toxic assets from banks to reduce risks of the credit-fueled financial system, have been looking for a public listing to broaden their capital source and shareholder base so that they can take on even more debt from the increasingly bloated economy.
China Orient’s stake offering has drawn strong interest from domestic state-owned enterprises and foreign institutional investors, board Secretary Chen Jianxiong told reporters Thursday.
Pre-IPO funding round will replenish China Orient’s imminent funding needs as well as improving corporate governance ahead of the IPO, Chen added.
Contact reporter Aries Poon (firstname.lastname@example.org)
Aug 07 16:15
Aug 07 15:42
Aug 07 04:24
Aug 06 19:23
Aug 06 19:01
Aug 06 17:30
Aug 06 16:01
Aug 06 14:18
Aug 05 18:04
Aug 05 17:20
Aug 05 17:03
Aug 05 16:47
Aug 05 15:15
Aug 05 13:25
Aug 04 17:56
- 1Exclusive: Ant Group Aims to Raise $30 Billion in Record-Shattering IPO
- 2Central Bank Delays New Rules for $12.9 Trillion WMP Industry
- 3Chinese Researchers Find Mutation That Could Make Covid-19 10 Times More Infectious
- 4Alibaba Buys Bigger Stake in Hong Kong-Listed Real Estate Firm
- 5China Regulators to Punish Luckin Coffee for Financial Fraud
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas