China Huarong Asset Management, the country's largest bad bank by assets, is leaning heavily on cornerstone investors to ensure its $2.5 billion initial public offering later this month gets away without a hitch.
As the global roadshow for the IPO began on Thursday, a term sheet seen by FinanceAsia showed 10 cornerstone investors committing $1.6 billion for approximately 70% of the new shares on offer, potentially breaking the market's previous record for a large deal.
China Huarong's IPO is the biggest deal to hit the Hong Kong market since the summer's sharp, disorderly retreat in Chinese shares, and the reliance on mainland Chinese...
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