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Cinda Asset Management, the "bad-debt" management company of China Construction Bank more than 10 years ago. Its asset was "junk" then, but it is a "hot" IPO now.
The prospectus is a good source of info, for those interested on "bad-debt" in China...
Investors pile into Chinese ‘bad’ bank’s IPO
HONG KONG — China’s Cinda Asset Management has lined up 10 cornerstone investors to take up 44 per cent of the funding it seeks to raise (up to US$2.46 billion, or S$3 billion) in its initial public offering (IPO), said those familiar with the deal yesterday.
The IPO is set to be Hong Kong’s biggest of the year and, if interest among cornerstone investors is any indication, it may be one of the city’s more popular offerings. The so-called “bad bank”, whose bread-and-butter business is buying up bad loans from Chinese banks, could benefit from an uptick in non-performing loans in China.
A group of 10 investors, like distressed-investment specialist Oaktree Capital Management, have committed to buy US$1.09 billion into the IPO.
...
http://www.todayonline.com/business/inve...-banks-ipo
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
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25-11-2013, 10:04 AM
(This post was last modified: 25-11-2013, 10:05 AM by opmi.)
junk at a right price is gold, esp if you can the means or catalyst to actively unlock the value. Like Cinda. Or Farallon in post-AFC Indonesia BCA. OR Argyle with Saizen.
(25-11-2013, 09:42 AM)CityFarmer Wrote: Cinda Asset Management, the "bad-debt" management company of China Construction Bank more than 10 years ago. Its asset was "junk" then, but it is a "hot" IPO now.
The prospectus is a good source of info, for those interested on "bad-debt" in China...
Investors pile into Chinese ‘bad’ bank’s IPO
HONG KONG — China’s Cinda Asset Management has lined up 10 cornerstone investors to take up 44 per cent of the funding it seeks to raise (up to US$2.46 billion, or S$3 billion) in its initial public offering (IPO), said those familiar with the deal yesterday.
The IPO is set to be Hong Kong’s biggest of the year and, if interest among cornerstone investors is any indication, it may be one of the city’s more popular offerings. The so-called “bad bank”, whose bread-and-butter business is buying up bad loans from Chinese banks, could benefit from an uptick in non-performing loans in China.
A group of 10 investors, like distressed-investment specialist Oaktree Capital Management, have committed to buy US$1.09 billion into the IPO.
...
http://www.todayonline.com/business/inve...-banks-ipo
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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It is a hot IPO...
Cinda prices biggest 2013 Asia-Pacific IPO at top, raising $2.5bln
[HONG KONG] China Cinda Asset Management Co Ltd has priced the Asia-Pacific region's biggest initial public offering this year at the top of its marketing range after rampant investor interest in a company that converts China's growing pile of bad loans into profits.
Backed by Hong Kong's army of mom and pop investors as well as marquee global fund managers, Cinda is set to raise $2.5 billion in a Dec. 12 debut that spotlights a growth opportunity even as China's economy cools. It could tempt the country's other three state-run bad debt managers, including Huarong Asset Management Corp, to go public sooner rather than later.
Coaxed by a retail tranche that was oversubscribed 160 times, Cinda priced the shares at the top of the offer's HK$3.00-3.58 range, people familiar with the matter said. Sources declined to be identified as the information is not public yet. "With a good historic track record, good relationships, Ministry of Finance backing them with foreign players that they can work with, I don't see this as just a pile of junk that people are buying into," said Jimmy Weng, a portfolio manager at hedge fund Genesis Capital Investment.
-Reuters
Source: Business Times Breaking News
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
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I started a new thread for China Cinda, after its IPO in SEHK.
Cinda shares soar in Asia’s second biggest IPO this year
HONG KONG — China Cinda Asset Management has chalked up the biggest debut gain among large Asian stocks in more than two years after completing the region’s second-biggest initial public offering this year.
Shares of the Chinese state-owned bad loan manager closed at HK$4.50 (S$0.73) in Hong Kong, 26 per cent above the HK$3.58 IPO price.
...
http://www.todayonline.com/business/cind...t-ipo-year
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
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