China Cinda Asset Management Corp. planned its initial public offering with four global investment bank assigned to work. The IPO is expected to take place in Hong Kong later this year as reported by IFR on Monday. Cited sources were people with direct knowledge of the said deal.

Last week, Bank of America Merrill Lynch, Goldman Sachs, UBS and Credit Suisse started formally working on the initial public offering. IFR, a Thomson Reuters publication, said that the banks have no official designations yet.

China Cinda is one of the four asset managers established to manage bad loans in the late 1990s. The company has not come up with a final decision for the timing of the deal or its venue. An application can be filed in August if the company decides for a single listing and the deal would take place later this year according to IFR.

China Cinda is among four giant asset managers that the Chinese government designated in 1999 to remove an estimated US$228.4 billion worth of bad loans.