China Huarong Asset Management
|China (mainland and Hong Kong)|
Wang Zhanfeng (Party Secretary)|
Lai Xiaomin (former Chairman)
|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)|
|Parent||Ministry of Finance of China|
Footnotes / references|
in a consolidated basis
|China Huarong Asset Management Co., Ltd.|
China Huarong Asset Management Co., Ltd. known as just China Huarong (Chinese: 中国华融) is the largest[according to whom?] financial asset management company in China in terms of total assets, 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.
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 to acquire Non-performing loan of RMB 407,696 million from 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.
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 to be the controlling shareholder and China Life Insurance Group increased its shareholding.
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.
- Baiyin Nonferrous (0.30%)
- Fenxi Mining Industry Group
- Taiyuan Coal Gasification Group (2.46%)
- Xinjiang Ba Yi Iron and Steel Group (7.95%)
- Fullshare Holdings (9.88% indirectly)
- "2015 Annual Report" (PDF). China Huarong. Hong Kong Stock Exchange. 28 April 2016. Retrieved 5 November 2016.
- "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.