State-owned debt management firm China Huarong Asset Management raises $2.3bn in its IPO, falling short of its $3bn target.
China Huarong Asset Management, a China-based state-owned bad debt management firm, has raised HK$17.8bn ($2.3bn) in its initial public offering, according to China Money Network.
The amount has fallen short of the $3bn target the company had reportedly been seeking. China Huarong sold 15% of its share capital on the Hong Kong Stock Exchange.
The flotation saw the firm trade at HK$3.09 per share.
China Huarong raised $2.4bn in August 2014 from Malaysian sovereign wealth fund Khazanah Nasional, insurance provider…
