China Cinda Asset Management’s effort to crank profit from of bad loans has led to rising debts of its own, Reuters reported. As it homes in on Hong Kong’s biggest initial public offering this year, the distressed debt manager’s borrowing has risen twenty-fold in the last three years to more than its maximum market value at listing. The surge to US$17 billion (RMB104.1 billion) in debt at the end of June came as Cinda went on a spree, scooping up distressed assets from the likes of real estate projects, cement makers, miners and coal companies unable to pay back loans.