China Huarong drops most in over 7 months on expecting loss in H1

China CITIC Financial Asset Management

17/08/2022 05:43

** Shares of China Huarong Asset Management Co Ltd  2799.HK 
drop as much as 15.9% to HK$0.29, the biggest daily pct decline
since Jan. 6 if losses hold
    ** Stock sinks to the lowest since March 16; sixth biggest
pct decliner on the Hong Kong bourse
    ** Beijing-based asset management group expects to post
18.88 bln yuan ($2.78 bln) loss in H1, as compared to 158 mln
yuan profit the same period in 2021, due to significant losses
of its equity financial assets amid volatile capital market
 urn:newsml:reuters.com:*:nFWN2ZS5PR
    ** Co, with current market value of $3.13 bln, says affected
by the macroeconomic pressure and the downturn in the real
estate industry, the contract performance ability of its related
customers declined and the asset quality deteriorated 
    ** Hang Seng Commerce & Industry Index  .HSNC  rises 1.2%
and Hang Seng Composite Index on financials stocks  .HSCIF 
climbs 0.5%
    ** The Hang Seng China Enterprises Index  .HSCE  and the
benchmark Hang Seng Index  .HSI  both gain 0.8%

($1 = 6.7799 yuan)

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