China Huarong Asset Management has joined the long queue for an A-share listing, seeking fresh capital to fund its expansion as the economic slowdown in China begins to bite, creating new opportunities to acquire distressed assets.
The company’s board approved the plan to apply for an A-share offering on Shanghai’s stock exchange when it met on June 24, said China’s largest financial asset management company by total assets in a stock exchange filing in Hong Kong.
Huarong is one of the country's four state-owned bad-asset managers and was set up during the banking crisis of the late 1990s to remove non-performing loans from the banking system.
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