Beijing-based China Cinda Asset Management Co. Ltd., one of four state-owned asset management companies set up in the late 1990s to manage China’s bad bank debt, is seeking approval to list in Hong Kong this week, according to media reports.
The report also says that Cinda is planning to raise around US$2 billion.
Founded in 1999, Cinda manages non-performing asset stripped from Chinese banks, conduct debt collection, assets leasing and restructuring, sponsoring stock listing and underwriting relevant bonds or stocks of its managed assets and non-performing asset securitization.
By the end of 2012, Cinda’s combined assets reached RMB252.2 billion ($40 billion).
Cinda International Holdings Ltd., a subsidiary of China Cinda that focuses on providing financial services, is already listed in Hong Kong.
