HONG KONG — China Huarong Asset Management, the largest manager of distressed debt in China, is looking to raise up to $2.5 billion in an initial public offering in Hong Kong this month.

香港——中国华融资产管理公司是该国最大的不良债务管理公司，它希望本月在香港的首次公开募股(IPO)中筹集最高达25亿美元的资金。

The bank is offering 5.77 billion shares at 3.03 to 3.39 Hong Kong dollars, or 39 cents to 44 cents, a share, according to people with direct knowledge of the offering terms. That means it could raise $2.3 billion to $2.5 billion.

对招股交易条款有直接了解的人士透露，该银行将以每股3.03到3.39港元的价格发行57.7亿股。这意味着可以筹集到23亿到25亿美元资金。

It has secured commitments worth $1.6 billion from 10 “cornerstone” investors, or large institutional buyers. They will not be allowed to sell their shares for six months from the date of the listing.

华融已经从10个“基石”投资者，即大型机构投资者那里落实了16亿美元的认购资金。从上市之日起，这些投资者在半年内不能出售股份。

The biggest cornerstone investor is Fabulous Treasure, a subsidiary of the real estate developer Sino-Ocean Land, which has committed $684 million. State Grid Yingda has committed $300 million. Both are state owned.

其最大的基石投资者是房地产开发商远洋地产的子公司巨宝投资(Fabulous Treasure)，它承诺认购6.84亿美元的股份。国网英大承诺3亿美元。这两家公司都是国有企业。

The institutional investors could end up with a total of 64.1 percent to 71.7 percent of the offering. If they end up with a higher proportion of the shares, it may be a record for cornerstone allocations. The highest such number to date for an I.P.O. worth more than $500 million is China Railway Signal & Communication’s listing, which raised $1.5 billion in its public offering in July, according to data from Dealogic. Cornerstone investors locked up 67 percent of its shares.

这些机构投资者的认购量可能将占总发行量的64.1%到71.7%。如果它们最终获得的股权比例较高，可能会创下基石配股比例的纪录。从Dealogic的数据来看，迄今为止的最高纪录来自于中国通号今年7月的IPO，它筹集了逾15亿美元资金。基石投资者锁定的股份比例为67%。

The “bad loan bank” is testing the market after a summer of volatility, along with China Reinsurance, which is looking to raise about $2 billion, and the China International Capital Corporation, which is looking to raise about $1 billion.

市场经历了今年夏天的波动之后，这家“不良贷款银行”将与其他两家公司一起在市场中试水，一家是中国再保险集团，希望筹集约20亿美元，另一家是中国国际金融有限公司，希望筹集大约10亿美元。

China Huarong is one of four state-owned companies set up in the late 1990s to take bad loans off the books of the country’s biggest banks. It will be the second such company to list after Cinda Asset Management raised $2.5 billion in December 2013.

上世纪90年代末，中国成立了四大国有公司，从该国最大的银行接收不良贷款，华融是其中之一。这将是第二个这样的公司上市，之前在2013年12月，信达资产管理公司筹集了25亿美元。

The listing comes after the bank managed to attract $2.4 billion from investors including Goldman Sachs and Warburg Pincus last year. It would be the biggest listing since Huatai Securities raised more than $4.5 billion in May.

华融去年从高盛(Goldman Sachs)和华平投资(Warburg Pincus)等投资者那里成功吸引了24亿美元资金。它的上市将是自华泰证券今年5月募集逾45亿美元资金以来，最大的一单IPO。

China Huarong expects to price the offering next Thursday.

中国华融预计于下周四确定发行价。

Goldman Sachs, HSBC, the China International Capital Corporation, Citibank, and Industrial and Commercial Bank of China are handling the deal.

高盛、汇丰银行(HSBC)、中国国际金融有限公司、花旗银行(Citibank)，以及中国工商银行正在处理这宗交易。