Jan 20, 2012 (SinoCast Daily Business Beat via COMTEX) -- China's
State Council has approved China Huarong Asset Management Corporation
(hereafter China Huarong) to transform and restructure itself.
This means that China Huarong has become the second asset management company permitted to carry out transformation and restructuration, following China Cinda Asset Management Co., Ltd.
China Huarong saw a 148% growth in profit in 2011. It saw CNY 5.007 billion pre-provision operating profit then, increasing 148% from CNY 2.023 billion profit in 2010. Meanwhile, the after-provision operating profit was CNY 3.22 billion in 2011.
After finishing the transformation and restructuration, China Huarong will upgrade up-to-date financial legal person administration structure. In this cause the company may seek strategic investors to promote listing. It hopes to get itself listed around 2014 or 2015.
Up to now, China Huarong totally has 10 platform companies, which have important financial licenses in banking, trusting and renting businesses and so forth. Moreover, taking 51% equity in Huarong Xiangjiang Bank, China Huarong enjoys controlling right of the bank.
This means that China Huarong has become the second asset management company permitted to carry out transformation and restructuration, following China Cinda Asset Management Co., Ltd.
China Huarong saw a 148% growth in profit in 2011. It saw CNY 5.007 billion pre-provision operating profit then, increasing 148% from CNY 2.023 billion profit in 2010. Meanwhile, the after-provision operating profit was CNY 3.22 billion in 2011.
After finishing the transformation and restructuration, China Huarong will upgrade up-to-date financial legal person administration structure. In this cause the company may seek strategic investors to promote listing. It hopes to get itself listed around 2014 or 2015.
Up to now, China Huarong totally has 10 platform companies, which have important financial licenses in banking, trusting and renting businesses and so forth. Moreover, taking 51% equity in Huarong Xiangjiang Bank, China Huarong enjoys controlling right of the bank.
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