China Huarong AMC extends losses to hit record low

China CITIC Financial Asset Management

06/01/2022 03:01

** Shares of China Huarong Asset Management Co Ltd  2799.HK 
drop 24.5% to HK$0.385, fresh low since debut in October 2015
    ** Stock on track for the second session of decline; the
eighth biggest percentage decliner on the Hong Kong bourse 
    ** Shares of China Huarong, one of four major state-owned
distressed-debt managers, lost half of their value on Wednesday
after trading resumed following a nine-month hiatus, even as it
said its restructuring had paved way for healthy growth
 urn:newsml:reuters.com:*:nL1N2TL03X
    ** Huarong's management, in an effort to inject some
optimism, said on Wednesday that recent capital injections by
strategic investors would breathe new life into the company
    ** Huarong, which counts China's finance ministry as its
largest shareholder, suffered huge losses and its former
chairman was convicted of bribery, leading to a state-backed
bailout last year
    ** Hang Seng Composite Index on financials stocks  .HSCIF 
and Hang Seng Finance Index  .HSNF  both slip 0.7% while Hang
Seng Index  .HSI  eases 0.8%
    
    

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))