The first of China’s former bad banks to list on a stock market is set to raise up to $2.5bn as bankers close in on a price range of HK$3.00-HK$3.58 for more than 5bn shares, according to people familiar with the deal.
The listing of Cinda, which was set up in the late 1990s to take on the non-performing loans of China Construction Bank, will be watched closely by bankers and investors interested in the other so-called asset management companies.
Cinda is expected to file its prospectus tomorrow, revealing how it has made its money over recent years and what assets it holds. The initial price range is expected to be finalised on Monday.
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