Cornerstones dispel Cinda concerns, bolster HK$19bn IPO

Solid backing from cornerstone investors appears to have eased concerns over the business model of China Cinda Asset Management, the state-owned NPL manager that launched a HK$19bn ($2.5bn) IPO on Monday. When pre-marketing for the deal began two weeks ago, analysts had noted the difficulties that investors might have in getting comfortable with the investment case, but bookbuilding kicked off on November 25 with more than $1bn already committed by 10 cornerstone investors.