Sino-Ocean Land’s Cornerstone Investment in Huarong’s US$2.3 Billion IPO
Hong Kong - Paul Hastings, a leading global law firm, announced today that the firm represented Fabulous Treasure Investments Limited ("Fabulous Treasure"), an investment vehicle wholly-owned by a fund of which a subsidiary of Sino-Ocean Land Holdings Limited ("Sino-Ocean Land") is a general partner, in its cornerstone investment in China Huarong Asset Management Co.’s (“Huarong”) US$2.3 billion global offering and listing of its shares on the Main Board of the Hong Kong Stock Exchange. This marks the largest Hong Kong IPO so far this year.
Its cornerstone investors, mostly state-owned Chinese firms, committed a record proportion of more than 70% of the total amount raised in the IPO. Fabulous Treasure bought almost US$684 million of shares in Huarong’s IPO, making it the top cornerstone investor.
Huarong is one of China’s four debt-clearing agencies set up by Beijing in the late 1990s to take on bad loans from the country’s top banks. Sino-Ocean Land is one of the leading property developers with developments in key economic regions in the PRC and focuses on developing mid-to-high end residential properties, high-end office premises and retail properties. Sino-Ocean Land’s shares are listed on the Main Board of the Hong Kong Stock Exchange.
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