CMC Hold­ings mulls IPO in 2-3 years

China Daily (Canada) - - BUSINESS -

CMCHold­ings Co Chair­man Li Ruigang said the in­vest­ment firm, which is backed by Alibaba GroupHold­ing Ltd, will prob­a­bly pur­sue an ini­tial public of­fer­ing to help the com­pany fund pur­chases in China’s bur­geon­ing en­ter­tain­ment and sports in­dus­tries. “In the next two to three years, we will con­sider go­ing public,” Li, 47, said in an in­ter­viewon Tues­day at the­World Eco­nomic Fo­rum in Davos, Switzer­land. “We are def­i­nitely look­ing to go public.” An IPO would al­low Li, a for­mer jour­nal­ist and gov­ern­ment of­fi­cial, to build on his record of be­ing one of China’s most ac­tive in­vestors in en­ter­tain­ment and sports. Tian­hong As­set Man­age­ment Co Ltd, Junfa Real Es­tate Co Ltd, Shang­hai Chuanghe­hui Fund, Tian­ming Shuangchuang Tech­nol­ogy and Da­hong Group. Af­ter this round, the Bei­jing-based com­pany’s val­u­a­tion is ex­pected to reach nearly 7 bil­lion yuan, mak­ing it China’s first of­fice-shar­ing uni­corn com­pany, typ­i­cally de­fined as a pri­vate com­pany worth at $1 bil­lion or more. Es­tab­lished in 2015, the com­pany has com­pleted six rounds of fund­ing so far, to­tal­ing bil­lions of yuan. back of the solid re­forms in the past two years,” Com­pany spokesper­son Nie Zhen said. In 2016, the Sta­te­owned en­ter­prise suc­cess­fully dealt with 10 zom­bie sub­sidiaries, shut down 50 com­pa­nies for con­sol­i­da­tion and set up an as­set oper­a­tions branch to elim­i­nate in­ef­fi­cient as­sets and pro­duc­tion ca­pac­ity.

XIN­HUA

Visi­tors to a high-speed rail­way expo ex­am­ine a model of CRH trains from China’s na­tional rail­way com­pany. The event was held in Kuala Lumpur to in­tro­duce lo­cal peo­ple to China’s achieve­ments in high-speed rail­ways.

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