China Huarong Asset Management

China Huarong Asset Management Co., Ltd. known as just China Huarong (Chinese: 中国华融) is a majority state-owned financial asset management company in China, with a focus on distressed debt management. It was one of the four asset management companies that the Government of China established in 1999 in response to the 1997 Asian financial crisis.

China Huarong Asset Management Co., Ltd.
TypeState-owned enterprise
unlisted(A share)
SEHK: 2799(H share)
ISINCNE100002367
IndustryFinancial services
FounderChinese Government
Headquarters
Beijing
,
China
Area served
China (Mainland and Hong Kong)
Key people
Wang Zhanfeng (Party Secretary)
Lai Xiaomin (former Chairman)
Servicesfinancial asset management
Revenue CN¥75.4 billion (2015)
CN¥22.2 billion (2015)
CN¥14.5 billion (2015)
Total assets CN¥866.5 billion (2015)
Total equity CN¥98.1 billion (2015)
Owner
ParentMinistry of Finance of China
Footnotes / references
in a consolidated basis[1]
China Huarong Asset Management Co., Ltd.
Simplified Chinese中国华融资产管理股份有限公司
Traditional Chinese中國華融資產管理股份有限公司

History

On November 11, 1999, China Huarong was incorporated in Beijing as China Huarong Asset Management Corporation (Chinese: 中国华融资产管理公司), which was one of the four asset management companies as approved by the State Council of the People's Republic of China. In 2000, China Huarong began acquiring Non-performing loan of RMB 407,696 million from the Industrial and Commercial Bank of China. The company later became a limited company: China Huarong Asset Management Co., Ltd. (Chinese: 中国华融资产管理股份有限公司) in 2012.[2]

In August 2014, China Huarong introduced seven strategic investors, including Warburg Pincus, CITIC Securities International, Khazanah Nasional, China International Capital Corporation, COFCO Group, Fosun International and Goldman Sachs while the Ministry of Finance of the People's Republic of China remained the majority controlling shareholder and China Life Insurance Group increased its shareholding.[3][4]

In October 2015, China Huarong raised HK$17.8 billion through an initial public offering (IPO), offering 5.77 billion new shares in Hong Kong.[5]

In April 2018, the Central Commission for Discipline Inspection, and the National Supervisory Commission launched an investigation into possible "serious violations of discipline and laws" of Lai Xiaomin,the Chairman of China Huarong Asset Management and the Party Chief of China Huarong's CCP Committee.[6] Lai was a member of Communist Party of China. As the Party Chief, he emphasized in 2015 that during the operation of China Huarong Asset Management, CCP Committee should play a central role, and party members should play an exemplary role.[7] On October 15, 2018, Lai Xiaomin was expelled from the CCP. On August 11, 2020, the No. 2 Intermediate People's Court of Tianjin opened a public hearing on the case of bribery, corruption, and bigamy of Lai Xiaomin. The indictment alleges that Lai Xiaomin accepted 1.788 billion yuan in bribes, and illegally occupied public funds 25.13 million Yuan.[8] In January 2021, Lai was found guilty of receiving 1.79 billion yuan ($277.3 million) in bribes and bigamy, and was sentenced to death.[9]

Subsidiaries
  • Huarong International Financial (SEHK: 993)

Equity investments
This list is incomplete; you can help by adding missing items with reliable sources.

Former

References
  1. "2015 Annual Report" (PDF). China Huarong. Hong Kong Stock Exchange. 28 April 2016. Retrieved 5 November 2016.
  2. http://www.chinanews.com/cj/2016/08-30/7988753.shtml
  3. http://www.chamc.com.cn/en/AboutUs/Milestones/index.shtml
  4. http://www.hkexnews.hk/listedco/listconews/SEHK/2015/1030/a5602/ECHINAHUARONG-20150702-06.PDF
  5. https://www.reuters.com/article/2015/10/23/chinahuarong-ipo-pricing-idUSL3N12N01U20151023#jWibsKKdIBI3J5Xg.97
  6. "《赖小民案涉案财物近17亿元已追缴》". Xinhua Net. Archived from the original on 2020-08-27. Retrieved 2020-08-26.
  7. "《中国华融党委书记、董事长赖小民赴广东分公司调研 强调全系统要总结、学习、推广"广东经验"助推中国华融转型发展》". Archived from the original on 2020-08-27. Retrieved 2020-08-26.
  8. "《赖小民案涉案财物近17亿元已追缴》". Xinhua Net. Archived from the original on 2020-08-27. Retrieved 2020-08-26.
  9. "Why China Is Sentencing a Tycoon to Death". finance.yahoo.com. Retrieved 2021-01-06.
  10. "2016 Annual Report" (PDF). Fullshare Holdings. 20 April 2017. pp. 102–103. Retrieved 29 July 2017. Reference is made to the disclosure of interest forms dated 21 December 2016 of Superb Colour, published on the Stock Exchange's website. Superb Colour is interested in 1,948,613,450 Shares. Superb Colour is a wholly owned subsidiary of China Huarong International, which in turn is owned as to 88.1% by Huarong Real Estate. Huarong Real Estate is a wholly owned subsidiary of China Huarong Asset, a State-owned entity, which in turn is owned as to 63.36% by the MFC. As such, each of China Huarong International, Huarong Real Estate, China Huarong Asset and the MFC is deemed to be interested in the said Shares under the SFO.
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