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China Cinda Asset Management Co. Ltd. launched an initial public offering （IPO） in Hong Kong on November 28.
With a planned issuance of 5.32 billion H-shares， Cinda has set a range of HK$3 （$0.39） and HK$3.58 （$0.46） per share. It expects to raise HK$16.97 billion （$2.19 billion）. Shares of the company will be listed on December 12 on the main board of the Hong Kong stock exchange.
The IPO marked the first of its kind for Chinese financial assets management companies. Cinda， as one of the big four state-owned asset management firms， was restructured as a joint-stock company in June 2010. It focuses on collecting banks’ bad debts， bankruptcy management， outbound investment， securities trading， investment and financial risk counseling.
The company said that the funds raised through the IPO are intended to replenish its capital， 60 percent of which will be used to develop its core business of bad asset management， with the remainder to be used as capital injection to subsidiary companies and financial investment and asset management.
Stocks Rally
A pair of Chinese firms， 500.com Ltd. and Sungy Mobile Ltd.， saw their stocks soar on November 22 when they made their debut on the U.S. stock markets.
After its first day of trading on the New York Stock Exchange， stocks of China’s leading online sports lottery service provider 500.com Ltd. closed at $20.01 per share， up almost 54 percent from the price of its IPO.
On the same day， stocks of Sungy Mobile， a leading global provider of mobile Internet products and services， rallied nearly 19 percent to close at$13.35 a share. It set its IPO on the floor of NASDAQ Global Market under ticker symbol GOMO.
Sungy Mobile provides applications and mobile platform development. Its platform product GO Launcher EX manages apps， widgets and functions on Android smartphones and serves as users’ first entry point to their phones.
With a planned issuance of 5.32 billion H-shares， Cinda has set a range of HK$3 （$0.39） and HK$3.58 （$0.46） per share. It expects to raise HK$16.97 billion （$2.19 billion）. Shares of the company will be listed on December 12 on the main board of the Hong Kong stock exchange.
The IPO marked the first of its kind for Chinese financial assets management companies. Cinda， as one of the big four state-owned asset management firms， was restructured as a joint-stock company in June 2010. It focuses on collecting banks’ bad debts， bankruptcy management， outbound investment， securities trading， investment and financial risk counseling.
The company said that the funds raised through the IPO are intended to replenish its capital， 60 percent of which will be used to develop its core business of bad asset management， with the remainder to be used as capital injection to subsidiary companies and financial investment and asset management.
Stocks Rally
A pair of Chinese firms， 500.com Ltd. and Sungy Mobile Ltd.， saw their stocks soar on November 22 when they made their debut on the U.S. stock markets.
After its first day of trading on the New York Stock Exchange， stocks of China’s leading online sports lottery service provider 500.com Ltd. closed at $20.01 per share， up almost 54 percent from the price of its IPO.
On the same day， stocks of Sungy Mobile， a leading global provider of mobile Internet products and services， rallied nearly 19 percent to close at$13.35 a share. It set its IPO on the floor of NASDAQ Global Market under ticker symbol GOMO.
Sungy Mobile provides applications and mobile platform development. Its platform product GO Launcher EX manages apps， widgets and functions on Android smartphones and serves as users’ first entry point to their phones.