China Huarong Asset Management, the country’s largest distressed debt management company by assets, completed its initial public offering in Hong Kong, listing shares at a mere 2% premium over its historical book value -- the lowest ever by a state-owned financial institution.
China Huarong on Thursday raised HK$17.8 billion $2.3 billion by selling 15% of its enlarged share capital to investors at HK$3.09 per share. The company’s market capitalization of $15.3 billion equates to 1.02 times book value as of the end of June.
During the management roadshow China Huarong approached investors with an indicative price range of HK$3.03 and HK$3.39, but...
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