Shares in Cinda, the former Chinese bad bank, got off to a flying start yesterday, rising 26 per cent during their first Hong Kong trading session.
By raising about $2.5bn, Cinda is the biggest initial public offering in the city this year. When bankers launched the deal last month, they were overwhelmed with early orders, helping them price shares at the top of the range. More than 700 institutional investors placed orders.
China set up four asset management companies in the late 1990s to take on the bad loans of the big four state-owned banks. Cinda, which took on the bad debts of China Construction Bank, is the first of the quartet to seek a listing, and the others are expected to follow suit.
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