From the ashes of disaster grow the roses of success – so sang the old men in Chitty Chitty Bang Bang.
And so it has proved for Cinda Asset Management. The disaster of the huge pile of bad loans in China’s biggest banks in the 1990s has now bloomed into Hong Kong’s most sought after new listing since AIA, the insurer, listed in 2010.
It is the first among China’s four bad banks to pursue an initial public offering and investors have been seduced by its novelty value both as a type of company and as a large, relatively liquid stock, according to bankers.
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