HK-listed China Huarong jumps on estimate of 2021 earnings turning positive

China CITIC Financial Asset Management

21/03/2022 03:06

** Shares of China Huarong Asset Management Co Ltd  2799.HK 
rise as much as 8.3% to HK$0.39, the highest since March 4,
extending gains for the fourth straight session
    ** China Huarong, which counts China's finance ministry as
its largest shareholder, says it expects its 2021 net profit
amounting to 0.37 bln yuan ($58.16 mln) as compared to net loss
of 102.9 bln yuan in 2020  urn:newsml:reuters.com:*:nFWN2VM03B
    ** Says its profit turned positive in 2021 as it adjusted
business strategy for distressed debt assets, revitalised legacy
assets and accelerated cash recovery, making a stable
contribution to revenue 
    ** Hang Seng Composite Index tracking financials stocks
 .HSCIF  eases 0.4%
    ** Hang Seng Composite Index  .HSCI  and the benchmark Hang
Seng Index  .HSI  both climb 0.4



($1 = 6.3621 Chinese yuan renminbi)

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