Cornerstones dispel concerns over Cinda’s $2.5bn float

Solid backing from cornerstones 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 premarketing began two weeks ago, analysts had noted the difficulties in understanding the investment case, but bookbuilding kicked off on November 25 with more than $1bn already committed by 10 cornerstone investors.