China's Debt_ China bad debt manager Huarong seeks Aug hearing for up to $3 bln HK IPO

REUTERS

Bonds | Tue Aug 4, 2015 2:55am EDT
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China bad debt manager Huarong seeks Aug hearing for up to $3 bln HK IPO

HONG KONG

Aug 4 State-owned bad debt management firm China Huarong Asset Management Co Ltd plans to seek a hearing as early as the end of August with the Hong Kong stock exchange, for its initial public offering of up to $3 billion, IFR reported on Tuesday.

The move would set the ball rolling for an IPO in September, added IFR, a Thomson Reuters publication, citing people familiar with the plans.

A spokeswoman for Huarong in Beijing declined to comment, citing a pre-IPO quiet period.

The company filed last month for the IPO, becoming the second of China's four biggest bad debt managers to list after China Cinda Asset Management Co Ltd raised $2.8 billion in Hong Kong in December 2013.

Huarong hired China International Capital Corp (CICC), Citigroup, Goldman Sachs, HSBC and ICBC International as joint sponsors of the IPO.

(Reporting by Fiona Lau of IFR; Additional reporting by Shu Zhang in BEIJING; Writing by Elzio Barreto; Editing by Clarence Fernandez)

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