by Megha Malhotra | Aug 24, 2021 | China, Investment Grade Bonds
China Huarong Asset Management Co. (Huarong AMC) has been downgraded to Baa2 from Baa1 by Moody’s following the company’s announcement last week that the net losses attributable to shareholders in 2020 are expected to be as high as RMB 102.903bn ($16bn). The rating...
by Amruth Sundarkumar | Aug 19, 2021 | China, Investment Grade Bonds
China Huarong came out with a profit warning and a press release on Wednesday, in an update regarding its 2020 financial results that investors have been keenly awaiting since March. Below is a brief of the talking points and details offered by Huarong as mentioned on...
by Megha Malhotra | Aug 18, 2021 | China, Investment Grade Bonds
In the latest update, Huarong is set to receive CNY 50bn ($7.7bn) in fresh capital from state-owned conglomerate Citic Group as part of its recapitalization, as per Bloomberg sources. While details are yet to be finalized, the plan could change, they said. Existing...
by Amruth Sundarkumar | Aug 16, 2021 | Investment Grade Bonds
Citic Group is said to have received State Council approval for a restructuring plan of China Huarong Asset Management Co. that involves Citic becoming the largest shareholder in the distressed state-owned asset manager, as per REDD, reported by Bloomberg. Citing...
by Amruth Sundarkumar | Aug 12, 2021 | China, Investment Grade Bonds
Fitch has downgraded China Huarong’s unit Huarong Industrial Investment & Management Co. to CCC from BB. The downgrade was on account of “an ongoing lack of a refinancing plan for 2022 maturities” and its linkage with China Huarong changing to ‘weak’...
