China Huarong Asset Management Co, a State-owned bad debt management firm, has formally applied for an IPO in Hong Kong, an exchange filing showed on Monday, in a deal expected to raise up to $3 billion.
Huarong did not disclose the target size of its offering in the filing, but IFR, a Thomson Reuters publication, has reported the company is seeking a $3 billion listing, citing people familiar with the transaction.
Huarong would be the second of China's four biggest bad debt managers to list after China Cinda Asset Management Co raised $2.8 billion at the Hong Kong bourse in December 2013.
Huarong's 2014 net profit was 13 billion yuan, the filing showed.
