China’s largest state-owned asset management firm China Huarong Asset Management Co., Ltd. is planning to raise as much as US$3 billion in a Hong Kong initial public offering, according to media reports.
The move came after regulators approved in August 2014 to let China Huarong to sell a 20.98% stake to a consortium of eight investor for RMB14.5 billion (US$2.4 billion).
At the time, the investment was made to accelerate improvement of Huarong’s internal management and operations, in preparation for an IPO in Hong Kong in 2015.
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