HONG KONG, May 25 (Reuters) - China Great Wall Asset Management Co, one of the country’s Big Four state-owned bad debt managers, is looking to raise about $1 billion ahead of a planned initial public offering (IPO) in Hong Kong in 2018, IFR reported on Thursday, citing people familiar with the plans.
The company has invited banks to pitch for a role in the pre-IPO funding round, which is expected to be completed before the end of the year, added IFR, a Thomson Reuters publication.
Reuters could not immediately reach Great Wall for a comment. Great Wall plans to tap five to eight foreign or domestic strategic investors in the pre-IPO funding round, the company previously said. (Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Muralikumar Anantharaman)