China Huarong
| Public company | |
| Traded as | SEHK: 2799 |
| Industry | Asset Management |
| Headquarters | Hubei, People's Republic of China |
Area served | People's Republic of China |
Key people | LAI Xiaomin (Chairman) |
| Services | Asset Management, Financial services |
| Owner | Ministry of Finance of the People's Republic of China |
| Website | Official Website |
China Huarong Asset Management Co., Ltd. (Chinese: 中国华融资产管理股份有限公司) ("China Huarong") 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.
History
On November 11, 1999, China Huarong was incorporated in Beijing as China Huarong Asset Management Corporation, 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.
In August 2014, China Huarong introduced seven strategic investors, including Warburg Pincus, CSI, Khazanah Nasional, China International Capital Corp, COFCO Group, Fosun and Goldman Sachs while the Ministry of Finance of the People's Republic of China remained to be the controlling shareholder and China Life Group increased its shareholding.[1]
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.[2]