Hints and tips:
...Additional reporting by Jennifer Hughes in New York...
...A total of $2.3bn is in fact underwritten with Glencore committing for $300m and a further $1bn coming from two Chinese groups, Cinda Asset Management and Shandong Lucion Investment Holdings....
...Cinda and Huarong are two of the four asset managers set up in the 1990s to take on the bad loans of China’s biggest banks....
...Huarong’s offering has been made more difficult by its need to justify pricing at a premium to its peer, Cinda Asset Management....
...China Huarong Asset Management is the second of four so-called asset management companies to seek a listing, following the 2013 debut of Cinda Asset Management....
...It began talks about the stake-sale a year ago but stepped up discussions after Cinda’s initial public offering drew strong demand....
...Last year Cinda became the first of the four to float in Hong Kong....
...The list of investors also includes Haier, a Chinese white goods maker; Hopu, a Chinese private equity group; Bank of China and ICBC, the giant state-owned banks; CICC, a domestic investment bank; and Cinda...
...Additional reporting by Jennifer Hughes in Hong Kong and Gabriel Wildau in Shanghai...
...Additional reporting by Jennifer Hughes in Hong Kong...
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