China Huarong Asset Management, the country’s largest bad-debt manager, won approval from the Hong Kong stock exchange for its long-awaited initial public offering late last week, according to three sources familiar with the matter.
But the potential $3 billion deal could be delayed by several weeks because investors have lost some of their appetite for mainland Chinese companies, even Chinese state-owned enterprises, in the wake of China's recent share slump, the sources said.
“Huarong originally planned to list in mid or late September,” one of the sources said. “Now it might list only after mid-October, given the current bad market conditions and poor market performance of...
¬ Haymarket Media Limited. All rights reserved.
