![]() | |
![]() Headquarters in Beijing | |
Native name | 中国中信金融资产管理股份有限公司 |
---|---|
Formerly | China Huarong Asset Management Co., Ltd. |
Company type | Public |
SEHK: 2799 | |
ISIN | CNE100002367 |
Industry | Financial services |
Founded | November 11, 1999 |
Headquarters | , China |
Area served | China (Mainland and Hong Kong) |
Key people | Liu Zhengjun (Chairman) Li Zimin (President) |
Revenue | ![]() |
![]() | |
Total assets | ![]() |
Total equity | ![]() |
Owner |
|
Number of employees | 5,800 (2023) |
Parent | CITIC Group |
Website | www |
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 | ||||||
|
China CITIC Financial Asset Management (previously known as China Huarong) is a majority state-owned financial asset management company in China,with a focus on distressed debt management. [2] 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 11 November 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 a Non-performing loan of RMB 407,696 million from the Industrial and Commercial Bank of China. [3] 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. [4]
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. [5] [6]
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. [7]
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 Chinese Communist Party Committee Secretary for Huarong. [8] As Huarong's Party Secretary, he emphasized in 2015 that during the operation of China Huarong Asset Management, the Chinese Communist Party (CCP) committee inside the company should play a central role, and party members should play an exemplary role. [9] On 15 October 2018, Lai Xiaomin was expelled from the CCP. On 11 August 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. [10] On 5 January 2021, Lai was found guilty of receiving 1.79 billion yuan ($277.3 million) in bribes and bigamy and was sentenced to death without reprieve for bribery, embezzlement, and bigamy. [11] His private assets were seized as well. [12] The sentence was carried out on 29 January 2021. [13]
In April 2021, offshore U.S. dollar bonds issued by China Huarong plunged in value. The selloff came after the company missed an end-March deadline to release its 2020 financial results. [14] Fears of a near-term default were eased after the company was said to have prepared funds for full repayment of S$600 million ($450 million) offshore bonds due 27 April. [15] To reduce the risk of market contagion and to stabilize its cash flow, Chinese regulators asked Chinese banks to provide loans to China Huarong. [16]
In August 2021, CITIC Group became China Huarong's largest shareholder with a nearly 26.5 percent stake after a group of state-owned investors bought into the company. [17]
In January 2024, the company was renamed to China CITIC Financial Asset Management . [17]
Former
Asset management companies in China came into being in 1998. The founding of commercial Asset management companies established by the Ministry of Finance tasked with professionally managing third-party assets was a major landmark in the development of China's financial system. It marks a transition in Chinese regulation away from an unregulated environment toward a system where specialist companies started to operate according to a defined set of standards and regulations.
CITIC Group Corporation Ltd., formerly the China International Trust Investment Corporation (CITIC), is a state-owned investment company of the People's Republic of China, established by Rong Yiren in 1979 with the approval of Deng Xiaoping. Its headquarters are in Chaoyang District, Beijing. As of 2019, it is China's biggest state-run conglomerate with one of the largest pools of foreign assets in the world. In 2023, the company was ranked 71st in the Forbes Global 2000.
TCL Technology Group Corp. is a Chinese partially state-owned electronics company headquartered in Huizhou, Guangdong Province. It designs, develops, manufactures, and sells consumer products including television sets, mobile phones, air conditioners, washing machines, refrigerators, and small electrical appliances. In 2010, it was the world's 25th-largest consumer electronics producer. It became the second-largest television manufacturer by market share by 2019.
Jin Jiang International (Holdings) Co., Ltd. is a tourism and hospitality company headquartered in Shanghai, China, and owned by the Shanghai Municipal People's Government.
Wanhua Industrial Group Co., Ltd. is a Chinese holding company. It was the parent company of Wanhua Chemical Group and BorsodChem until 2018. Yantai Municipal People's Government, via Yantai Guofeng, still owned 39.497% stake of the company as of 2017. The government also sold 25% stake of the company to a consortium of Pemex and Deutsche Bank in 2007.
Tsinghua Holdings Corp., Ltd. is a wholly owned subsidiary of Tsinghua University, itself a public university in China. The company was established as an in-house asset management company for Tsinghua's subsidiaries that were established in the 1990s by the technology transfer of research to business.
A state-owned enterpriseof China is a legal entity that undertakes commercial activities on behalf of an owner government.
Oceanwide Holdings Co., Ltd. is a Chinese publicly traded conglomerate. It was a subsidiary of Tohigh Holding, via intermediate holding companies Oceanwide Group and China Oceanwide Holdings Group.
Rongyu Group Co., Ltd. is a Chinese listed company based in Jilin City, Jilin Province. as at 8 November 2016, the company was a constituent of SZSE 1000 Index but not in SZSE Component Index, making the company was ranked between the 501st to 1,000th by free float adjusted market capitalization.
China Cinda Asset Management Co., Ltd. known as China Cinda or just Cinda is a Chinese merchant bank and asset management company. The corporation was founded as a state-owned enterprise and a bad bank for China Construction Bank in 1999. The bank received shares by debt-to-equity swap on non-performing loans. In 2010, the corporation became a "company limited by shares".
China Orient Asset Management Co., Ltd. is a Chinese state-owned enterprise. The company is an asset management company and a merchant bank originated as a bad bank for the Bank of China. The bank received shares from debt-to-equity swap of non-performing loans.
Tianjin Pipe (Group) Corporation Limited known as Tianjin Pipe or its abbreviation TPCO, is the largest stemless steel pipe maker of China as well as one of the largest in the world.
Taiyuan Coal Gasification (Group) Co., Ltd. is a Chinese state-owned coal mining conglomerate based in Taiyuan, Shanxi. The company was owned by State-owned Assets Supervision and Administration Commission (SASAC) of Shanxi Provincial People's Government. However, Shanxi SASAC granted fellow state-owned enterprise Jincheng Anthracite Mining Group (JAMG) to manage their stake since 2011.
Peking University Resources (Holdings) Co., Ltd. known also as PKU Resources is a Chinese listed company. The company was incorporated in Bermuda and listed in the Hong Kong Stock Exchange. The company is an indirect non-wholly-owned subsidiary of Peking University, which in turn under the administration of the Ministry of Education. The company is broadly considered a state-owned enterprise of China. For the same reason, PKU Resources is a red chip company.
Sinobioway Group Co., Ltd. is a Chinese company that is focused on pharmaceutical, agriculture, environment management and other bio-technology industries. It is a university-owned enterprises that was launched by Peking University in Beijing. As of 2023, the company was majority (60%) owned by a Peking University professor and other employee of Peking University.
CITIC Trust Co., Ltd. is a Chinese investment management company, with license to create private equity fund. The company was a subsidiary of CITIC Group. However, after a reverse takeover, CITIC Limited became the parent company for 100% stake.
Beijing State-Owned Assets Management Co., Ltd. (BSAM) is a Chinese sovereign wealth fund based in Beijing. It was owned by Beijing Municipal People's Government.
Lai Xiaomin was a Chinese business executive and senior economist who served as party secretary and chairman of the board of China Huarong Asset Management from September 2012 to April 2018. He was sacked for graft on 17 April 2018.
Pan Qisheng is a former Chinese politician who spent most of his career in his home-province Hubei. As of November 2019, he was under investigation by China's top anti-corruption agency. Previously he served as party secretary of Xiaogan.
Li Jianping is a former Chinese politician who spent most of his career in Hohhot, capital of Inner Mongolia. He was investigated by the Chinese Communist Party's internal control and anti-graft agency, the Central Commission for Discipline Inspection, in September 2018. Previously he served as secretary of the Party Working Committee of Hohhot Economic and Technological Development Zone. He embezzled and accepted bribes of more than 3 billion yuan, becoming the "largest corrupt official" since the founding of the People's Republic of China in 1949. His case was classified as the "largest case so far in the history of corruption in Inner Mongolia".
{{cite web}}
: |author=
has generic name (help)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.