Chinese state-owned asset manager China Huarong Asset Management (2799.HK) sought on Monday to turn the page on a $16 billion annual loss, as its chairman said it was in talks with potential new strategic investors alongside a CITIC-led consortium.
The logo of China Huarong Asset Management Co is seen at its office in Beijing, China, April 16, 2021. REUTERS/Thomas Petersought on Monday to turn the page on a $16 billion annual loss, as its chairman said it was in talks with potential new strategic investors alongside a CITIC-led consortium.
Earlier this month, the indebted company announced a state-backed rescue plan led by the CITIC Group Corp after it warned investors of a 2020 net loss of 102.9 billion yuan . "We need to turn from quick profits, to long-term profits, to hard-earned profits," Liang Qiang, executive director of Huarong, said on the call, alluding to the company's rapid expansion under its former chairman Lai Xiaomin.Huarong executives emphasised what they said was a more stable outlook for the company focused more on its core business.
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