Shares of China Huarong Asset Management Co Ltd plunged as much as 55% in Hong Kong on Wednesday to a record low, after trading resumed following a nine-month hiatus, even as the bad loan company said its restructuring had paved the way for healthy growth.
The logo of China Huarong Asset Management Co is seen at its office in Beijing, China, April 16, 2021. REUTERS/Thomas Peterplunged as much as 55% in Hong Kong on Wednesday to a record low, after trading resumed following a nine-month hiatus, even as the bad loan company said its restructuring had paved the way for healthy growth.
Huarong shares traded as low as HK$0.46 on Wednesday, more than halving the company's value during its previous trading session on March 31, 2021.The price is also the lowest since Huarong's listing in 2015, and represents a nearly 50% discount to the company's net asset value, reflecting investor pessimism.
Huarong has raised 42 billion yuan from investors led by Citic Group in a state-backed restructuring. In August, Huarong announced a nearly $16 billion annual loss for 2020, and in November, it unveiled its restructuring plan.Huarong said on Wednesday that it had sold shares through private placement to strategic investors at 1.02 yuan apiece, boosting the company's net asset value per share by 60% to 0.75 yuan.
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