China Huarong Asset Management Co., Ltd. (China Huarong, stock code: 2799), previously known as China Huarong Asset Management Corporation, was founded on November 1, 1999. China Huarong is one of the four major state-owned financial asset management companies set up to withstand the impact of the Asian Financial Crisis, resolve financial risks, promote reform of state-owned banks and provide bailouts for state-owned enterprises. On September 28, 2012, the Company was converted into a joint stock limited company upon the approval of the State Council. On October 30, 2015, China Huarong was listed on the Main Board of the Hong Kong Stock Exchange.
By the end of June 2021, the total assets of China Huarong reached RMB 1.61 trillion. In the first half of 2021, the Company’s total revenue amounted to RMB 46.06 billion.
China Huarong’s main scope of business covers distressed asset management, financial services, and asset management and investment, with the distressed asset management as its core business. Currently, China Huarong provides financial services nationwide in 30 provinces, autonomous regions and municipalities, as well as in Hong Kong and Macao. The Company operates through 33 branches and many subsidiaries, including Huarong Securities, Huarong Financial Leasing, Huarong Xiangjiang Bank, Huarong International Trust, Huarong Futures, Huarong Rongde, Huarong Industrial, Huarong International and Huarong Consumer Finance.
Looking into the future, China Huarong will adhere to the national orientation of financial asset management companies, focus on the core business of distressed assets management, strive to serve the real economy, prevent and control financial risks, deepen reform and transformation, create a sustainable business model, and achieve the goal of high-quality development.