Cinda readies HK IPO as mainland banks struggle with listing

China Cinda Asset Management, China’s largest bad-loan manager, is evaluating investor interest for its upcoming IPO of up to US$2 billion, South China Morning Post reported. Other mainland financial firms, including China Everbright Bank, Bank of Beijing and China Guangfa Bank, seek to raise a total of about US$11 billion through Hong Kong offerings over the next eight to 10 months. The news follows two mainland banks, Huishang Bank (03698.HKG) and Bank of Chongqing (1963.HKG), listed in Hong Kong last week, with the former securing a lackluster US$1.2 billion from its IPO.