Two Chinese financial giants to raise US$5b in IPOs

Hong Kong

CHINA Huarong Asset Management Co Ltd and China Reinsurance (Group) started pitching Hong Kong IPOs worth up to a combined US$5 billion to investors on Monday - a sign of improving confidence in market conditions after recent turbulence.

China's biggest state-owned bad debt asset management firm and its largest reinsurer had received the nod for their initial public offerings weeks ago but pre-marketing was delayed due to volatile markets around the world.