China Cinda Asset Management on Thursday raised US$2.5 billion on an initial public offering in Hong Kong, The Wall Street Journal reported. Cinda, which buys bad debt from banks and companies, priced its IPO at US$0.46, at the top the range it had set, after receiving more than US$65 billion in orders. The listing, the first in Hong Kong by a Chinese distressed-asset-management company, displaces Sinopec Engineering Group’s (2386.HKG) US$1.8 billion IPO as the city’s largest this year. A rising stock market and growing bad loans helped spur demand.
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