© Reuters. FILE PHOTO: The emblem of China Huarong Asset Administration Co is seen at its workplace in Beijing, China, April 16, 2021. REUTERS/Thomas Peter
BEIJING (Reuters) – China Huarong Asset Administration Co Ltd posted a 158.3 million yuan ($24.46 million) first-half revenue following a deep 2020 loss and outlined plans to shore up its steadiness sheet in a a Hong Kong alternate submitting on Sunday.
Within the second half of 2021, Huarong would actively “concentrate on the core enterprise” and plans within the close to future to eliminate subsidiaries with non-core enterprise, it mentioned.
Huarong is likely one of the 4 state distressed debt managers and counts China’s finance ministry as its largest shareholder.
It had warned buyers of an enormous $16 billion in annual losses on Aug. 18, citing provision for credit score impairment partially associated to the disposal of dangerous property linked to its former chairman Lai Xiaomin.
Sunday’s annual outcomes assertion, which confirmed the deep loss, was delayed by almost 5 months due to restructuring uncertainties.
As a part of a official restructuring plan, Huarong earlier this month mentioned a CITIC Group Corp-led state consortium would take stakes within the firm.
($1 = 6.4711 renminbi)
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