Cinda looks set to raise almost $3bn when it becomes the first Chinese “bad” bank to list shares in Hong Kong next month, amid strong investor interest despite revealing its heavy exposure to the coal sector.
Almost two-thirds of Cinda’s equity holdings are in the coal industry, according to its prospectus, released yesterday. About 60 per cent of its distressed debt portfolio is also linked to real estate, a sector that some see as burdened by overcapacity.
Most of Cinda’s share portfolio was acquired through debt-for-equity swaps with distressed companies.
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