I'm looking at the PDF COSO document on the IR website, it mentions the Pre-IPO financing but where does it mention the need for debt financing... am I missing something here.
Perhaps a company will come along and take the whole $150M for 2.5xNTA. That's what I would do. These companies don't care about a listing in HK. As they are in it for the money.
Pre-IPO investors are a different breed. Parasites. They have to be persuaded by some bank to buy some and then they want guarantees as well.