CMC Holdings mulls IPO in 2-3 years

CMC Holdings Co Chairman Li Ruigang said the investment firm, which is backed by Alibaba Group Holding 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 interview on Tuesday at the World 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.