HR company CDP to raise private funds

A Chinese human resources company, CDP Group Ltd, has announced plans to raise up to US$50 million via private fundraising before expanding its business with an overseas listing, Reuters reported. CDP’s services include payroll outsourcing and technical support for multinational enterprises in China. The company will launch its initial public offering of shares, either in Hong Kong or the United States, within two years, said its chief executive, Wayne Wang. He said CDP plans to raise US$100 million to US$200 million via the overseas IPO. CDP operates in more than 60 Chinese cities and plans to make acquisitions.