Huarong, the second of China's four big "bad banks" to plan an IPO, has raised $2.1bn of pre-listing capital from a group of investors including Goldman Sachs, Malaysia's Khazanah and Warburg Pincus, the FT's Jennifer Hughes writes.
Huarong said on Thursday that it would go public at some point in the future, according to the official Xinhua news agency.
Four AMCs were set up in the late 1990s - one for each of the country's big four banks - to take over and manage bad debts that had reached about 15 per cent of the four's total assets. Huarong worked with ICBC, Cinda with China Construction Bank, Great Wall with Agricultural Bank of China and China Orient with Bank of China.
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