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China's asset manager giant to raise 10 bln yuan before IPO

Xinhua, January 28, 2016 Adjust font size:

China Orient Asset Management Corp. (COAMC), one of China's four largest asset managers that specializes in bad loans, said on Thursday that it will raise 10 billion yuan (1.53 billion U.S. dollars) ahead of its initial public offering (IPO).

The money will be raised from strategic investors around the end of this year, but the company did not specify any of the potential investors. The company disclosed plans earlier to file for an IPO.

Currently a solely state-owned company, COAMC is one of the four asset managers established in 1999 to deal with the bad assets of the four biggest state-owned banks. Since then, the company has disposed around 1 trillion yuan of non-performing loans.

Amid a sharp rise in banks' bad-loan ratios in 2015, COAMC reported net revenue of 7 billion yuan, a 14-percent increase from a year earlier. The return on equity increased steadily to 15.85 percent.

Total assets jumped to more than 600 billion yuan after it purchased a majority stake in the Bank of Dalian. Endi