By Philip George
The company is hoping to fetch a valuation of at least $70-80 billion if it goes public.
Technology firms that have shares with different voting rights will now be allowed to go public in Hong Kong, overturning rules that barred the likes of Alibaba from considering the former British colony.
Singapore sovereign fund GIC and Fidelity Investments agreed to participate in the IPO as cornerstone investors.
While some deals in Singapore are struggling to get done, investors have been piling into equity offerings in nearby Vietnam.
Work on the IPO comes at a time when the company’s promoters are in talks to raise funds to buy out private equity investors.
Major IPOs to hit the market this quarter include HDFC Asset Management Co. Ltd, Varroc Engineering, IndoStar Capital Finance, CreditAccess Grameen Ltd and TCNS Clothing Co. Ltd.
Advent had acquired a 40% stake in the firm in 2016 for $130 million. As of March 31, 2017, it holds 49.6% in the group.
The reduction comes amid an attempt by HNA to raise $16 billion by selling assets to deal with financing problems in China.
Seven cornerstone investors agreed to buy about $550 million of stock
KinderWorld Education Group, which runs schools across Southeast Asia, is working with advisers on a planned IPO that could value it at about S$300 million ($228 million).