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The IPO details were unveiled on Friday and will include the Hong Kong assets of CR Longdation, currently valued at $20 billion. Citi, China International Capital Corporation (CICC) (3908), and JP Morgan have been appointed to manage the REIT share sale. However, both Citigroup (NYSE:C) and JPMorgan have declined to comment on the development, and no responses have been received from China Resources or CICC.
The announcement of this IPO coincides with other market activities within China’s business landscape. On Thursday, China Resources Cement (1313) projected a 63% net profit drop due to lower selling prices. Meanwhile, Shiyue Daotian (9676) experienced a 22.7% increase on its trading debut, while Luyuan (2451), an electric two-wheeler provider, also reported growth.
As part of the state-owned conglomerate China Resources Holdings, CR Longdation’s move to launch an IPO in Hong Kong represents a significant step in its financial strategy amid current global economic conditions.
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