China-based financial institution China Cinda Asset Management, backed by private equity firms such as CITIC Capital and Oaktree Capital, has raised HKD19 billion (approximately US$2.5 billion) by selling 5.3 billion shares, priced at HKD3.58 apiece, in the biggest initial public offering (IPO) of the year on the Hong Kong Stock Exchange. Ten cornerstone investors, including asset management firms Farallon Capital Management, Oaktree Capital and Och-Ziff Capital Management Group, among others, bought US$1.1 billion worth of shares in the IPO, agreeing not to sell the holdings for six months. The company previously received investments from China’s National Council for Social Security Fund, CITIC Capital and financial services companies Standard Chartered Bank and UBS in April 2012. Cinda plans to use about 60 percent of the proceeds to enhance distressed asset management, about 20 percent in its financial investment and asset management business and the remainder to recapitalize its financial subsidiaries that cover securities, trust, leasing and insurance.