Type public Industry Financial services Key people Lai Xiaomin (Chairman) Headquarters China Founded 1999 | Traded as SEHK: 02799 (H share) Area served China Services Asset Management Revenue 75.4 billion CNY (2015) | |
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Stock price 2799 (HKG) HK$ 3.07 0.00 (0.00%)3 Mar, 4:00 PM GMT+8 - Disclaimer Subsidiaries Huarong International Financial Holdings Ltd | ||
China Huarong Asset Management Co., Ltd. known as just China Huarong (Chinese: 中国华融) is the largest 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.
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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 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.