China’s largest “bad bank” has allocated some 70 per cent of its initial public offering to a diverse band of cornerstone investors ranging from the state grid to the auspiciously named Fabulous Treasure Investments.
However, the reliance on cornerstone investors, including state-backed entities, means only a small slice will be more widely offered — suggesting shaky investor sentiment that bodes ill for future new listings in Hong Kong.
The $1.62bn secured by China Huarong Asset Management’s Hong Kong IPO represents 67.7 per cent of the total base offer size and could result in a new record. The 10 cornerstone investors receive their requested allocation in full in return for accepting a lock-up period, typically six months.
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