by Amruth Sundarkumar | Jan 20, 2023 | China, Investment Grade Bonds
China Cinda Asset Management issued a profit warning in an exchange filing where it said that it expects to see a 40-50% drop in its net income for 2022. It expects a significant unrealized loss in fair value changes due to capital market volatility and the pandemic...
by Amruth Sundarkumar | Sep 22, 2022 | China, Financial Institutions
China’s big-4 asset management companies (AMCs) were downgraded by S&P upon challenging operating conditions due to China’s economic slowdown, market volatility and property sector troubles. Due to this S&P sees weakened earnings prospects. The...
by Amruth Sundarkumar | Aug 30, 2022 | China, Corporates
China’s state-owned distressed debt managers China Huarong and China Cinda posted muted earnings for 1H 2022 on rising credit impairments and the crisis in the real estate sector. Huarong reported a loss of RMB 18.9bn ($2.7bn) vs. a profit of RMB 158.3mn ($22.9mn) in...
by Amruth Sundarkumar | Aug 26, 2022 | China, Corporates, Distressed / Defaulted Bonds, High Yield Bonds
Chinese developer Shimao Group proposed the repayment of its $11.8bn offshore debt over a period of 3-8 years via a two-class restructuring plan, as per a Reuters report. The two classes are known as the Class A and Class B plans. Lucror Analytics mentions the...
by Amruth Sundarkumar | Jun 3, 2021 | China
Bonds of Chinese bad-debt asset management companies (AMCs) China Huarong Asset Management Co (CHAMC), China Cinda Asset Management Co, China Orient Asset Management Co and Great Wall Asset Management dropped further on Wednesday. Ever since Huarong’s delay in filing...
