HONG KONG: Cash-strapped debt collector Huarong Asset Management has announced plans to raise $6.6 billion by selling shares and divesting more assets as the deeply indebted Chinese state-owned firm tries to stay afloat.
The rescue plan, made in an overnight Wednesday filing to the Hong Kong stock exchange, will see the firm sell some 41.2 billion shares to investors led by Citic Group at 1.02 yuan apiece.
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