中國壞賬管理公司IPO目標25億美元

HONG KONG — China Huarong Asset Management, the largest manager of distressed debt in China, is looking to raise up to $2.5 billion in an initial public offering in Hong Kong this month.

香港——中國華融資產管理公司是該國最大的不良債務管理公司，它希望本月在香港的首次公開募股(IPO)中籌集最高達25億美元的資金。

The bank is offering 5.77 billion shares at 3.03 to 3.39 Hong Kong dollars, or 39 cents to 44 cents, a share, according to people with direct knowledge of the offering terms. That means it could raise $2.3 billion to $2.5 billion.

對招股交易條款有直接瞭解的人士透露，該銀行將以每股3.03到3.39港元的價格發行57.7億股。這意味着可以籌集到23億到25億美元資金。

It has secured commitments worth $1.6 billion from 10 “cornerstone” investors, or large institutional buyers. They will not be allowed to sell their shares for six months from the date of the listing.

華融已經從10個“基石”投資者，即大型機構投資者那裏落實了16億美元的認購資金。從上市之日起，這些投資者在半年內不能出售股份。

The biggest cornerstone investor is Fabulous Treasure, a subsidiary of the real estate developer Sino-Ocean Land, which has committed $684 million. State Grid Yingda has committed $300 million. Both are state owned.

其最大的基石投資者是房地產開發商遠洋地產的子公司巨寶投資(Fabulous Treasure)，它承諾認購6.84億美元的股份。國網英大承諾3億美元。這兩家公司都是國有企業。

The institutional investors could end up with a total of 64.1 percent to 71.7 percent of the offering. If they end up with a higher proportion of the shares, it may be a record for cornerstone allocations. The highest such number to date for an I.P.O. worth more than $500 million is China Railway Signal & Communication’s listing, which raised $1.5 billion in its public offering in July, according to data from Dealogic. Cornerstone investors locked up 67 percent of its shares.

這些機構投資者的認購量可能將佔總髮行量的64.1%到71.7%。如果它們最終獲得的股權比例較高，可能會創下基石配股比例的紀錄。從Dealogic的數據來看，迄今爲止的最高紀錄來自於中國通號今年7月的IPO，它籌集了逾15億美元資金。基石投資者鎖定的股份比例爲67%。

The “bad loan bank” is testing the market after a summer of volatility, along with China Reinsurance, which is looking to raise about $2 billion, and the China International Capital Corporation, which is looking to raise about $1 billion.

市場經歷了今年夏天的波動之後，這家“不良貸款銀行”將與其他兩家公司一起在市場中試水，一家是中國再保險集團，希望籌集約20億美元，另一家是中國國際金融有限公司，希望籌集大約10億美元。

China Huarong is one of four state-owned companies set up in the late 1990s to take bad loans off the books of the country’s biggest banks. It will be the second such company to list after Cinda Asset Management raised $2.5 billion in December 2013.

上世紀90年代末，中國成立了四大國有公司，從該國最大的銀行接收不良貸款，華融是其中之一。這將是第二個這樣的公司上市，之前在2013年12月，信達資產管理公司籌集了25億美元。

The listing comes after the bank managed to attract $2.4 billion from investors including Goldman Sachs and Warburg Pincus last year. It would be the biggest listing since Huatai Securities raised more than $4.5 billion in May.

華融去年從高盛(Goldman Sachs)和華平投資(Warburg Pincus)等投資者那裏成功吸引了24億美元資金。它的上市將是自華泰證券今年5月募集逾45億美元資金以來，最大的一單IPO。

China Huarong expects to price the offering next Thursday.

中國華融預計於下週四確定發行價。

Goldman Sachs, HSBC, the China International Capital Corporation, Citibank, and Industrial and Commercial Bank of China are handling the deal.

高盛、匯豐銀行(HSBC)、中國國際金融有限公司、花旗銀行(Citibank)，以及中國工商銀行正在處理這宗交易。