Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement is not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia). This announcement is for informational purposes only and does not constitute or form a part of an offer to sell or the solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act. No public offering of the securities referred to herein will be made in the United States. None of the Securities will be offered to the public in Hong Kong nor will the Notes be placed to any connected persons of the Company.

中國華融資產管理股份有限公司

China Huarong Asset Management Co., Ltd.

(A joint stock limited liability company incorporated in the People's Republic of China)

(Stock Code: 2799)

VOLUNTARY ANNOUNCEMENT

PROPOSED ISSUE OF U.S. DOLLAR DENOMINATED

GUARANTEED NOTES

UNDER THE

U.S.$5,900,000,000 MEDIUM TERM NOTE PROGRAMME

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The Issuer proposes to conduct an international offering of the Notes to professional investors only.

The Notes are expected to be guaranteed by the Guarantor and supported by a keepwell deed and a deed of equity interest purchase, investment and liquidity support undertaking to be given by the Company. The completion of the Proposed Notes Issue is subject to several factors, including but not limited to, market conditions and investors' interest.

Application will be made by the Issuer to the Stock Exchange for listing of, and permission to deal in, the Notes by way of debt issues to professional investors only.

As no binding agreement in relation to the Proposed Notes Issue has been entered into at the date of this announcement, the Proposed Notes Issue may or may not materialise. Potential investors and shareholders of the Company are urged to exercise caution when dealing in the Securities of the Company. Further announcement(s) in respect of the Proposed Notes Issue will be made by the Company should a subscription agreement in respect thereof be signed.

THE PROPOSED NOTES ISSUE

The Issuer proposes to conduct an international offering of the Notes to professional investors only.

The Notes will be issued under the Medium Term Note Programme of the Issuer. The Notes are expected to be guaranteed by the Guarantor and supported by a keepwell deed and a deed of equity interest purchase, investment and liquidity support undertaking to be given by the Company. The completion of the Proposed Notes Issue is subject to several factors, including but not limited to, market conditions and investors' interest.

The pricing of the Notes, including the aggregate principal amount, the offer price and distribution rate, will be determined through a book building exercise conducted by the Joint Lead Managers. Upon finalisation of the terms of the Notes, the Joint Lead Managers will enter into a subscription agreement with the Company, the Issuer and the Guarantor in relation to the Notes.

PROPOSED USE OF PROCEEDS

The net proceeds from the issue of the Notes will be used for repaying the Guarantor's outstanding debts when due.

LISTING

Application will be made by the Issuer to the Stock Exchange for listing of, and permission to deal in, the Notes by way of debt issue to professional investors only. Admission of the Notes to the Stock Exchange is not to be taken as an indication of the merits of the Company, its subsidiaries or the Notes.

As no binding agreement in relation to the Proposed Notes Issue has been entered into at the date of this announcement, the Proposed Notes Issue may or may not materialise. Potential investors and shareholders of the Company are urged to exercise caution when dealing in the securities of the Company. Further announcement(s) in respect of the Proposed Notes Issue will be made by the Company should a subscription agreement in respect thereof be signed.

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DEFINITIONS

In this announcement, unless the context requires otherwise, the following expressions have the following meanings:

"Board"

"Company"

the board of directors of the Company

China Huarong Asset Management Co., Ltd., a joint stock company incorporated in the PRC with limited liability, whose shares are listed on the Stock Exchange

"Group"

"Guarantor"

the Company and its subsidiaries

China Huarong International Holdings Limited, a wholly-owned subsidiary of the Company, incorporated in Hong Kong with limited liability

"Hong Kong"

"Issuer"

"Joint Lead Managers"

Hong Kong Special Administrative Region of the People's Republic of China

Huarong Finance 2019 Co., Ltd., a wholly-owned subsidiary of the Company, incorporated in the British Virgin Islands with limited liability

Australia and New Zealand Banking Group Limited, Bank of China Limited, Bank of Communications Co., Ltd. Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch, DBS Bank Ltd., Goldman Sachs (Asia) L.L.C., Huarong International Securities Limited, Mizuho Securities Asia Limited, Standard Chartered Bank, ABCI Capital Limited, Bison Bank, S.A., CCB International Capital Limited, China CITIC Bank International Limited, Citigroup Global Markets Limited, CLSA Limited, CMB International Capital Limited, CMB Wing Lung Bank Limited, CMBC Securities Company Limited, Credit Suisse (Hong Kong) Limited, Guotai Junan Securities (Hong Kong) Limited, Industrial and Commercial Bank of China (Asia) Limited, Industrial Bank Co., Ltd. Hong Kong Branch and The Hongkong and Shanghai Banking Corporation Limited

"Medium Term Note

the medium term note programme for the issuance of up to

Programme"

U.S.$5,900,000,000 in aggregate principal amount of notes by the

Issuer and guaranteed by the Guarantor updated on 19 February

2020

"Notes"

guaranteed notes expected to be issued by the Issuer and

guaranteed by the Guarantor

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"PRC" or "China"

"Proposed Notes Issue"

"Stock Exchange"

"subsidiary"

"U.S." or "United States"

Beijing, China

19 February 2020

the People's Republic of China excluding, for the purpose of this announcement, Hong Kong, the Macau Special Administrative Region of the PRC and Taiwan

the proposed issue of the Notes by the Issuer

The Stock Exchange of Hong Kong Limited

has the meaning ascribed to it under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited

the United States of America, its territories and possessions and all areas subject to its jurisdiction

By order of the Board

China Huarong Asset Management Co., Ltd.

WANG Zhanfeng

Chairman

As at the date of this announcement, the Board comprises Mr. WANG Zhanfeng and Ms. LI Xin as executive directors of the Company; Ms. WANG Cong, Ms. DAI Lijia and Mr. ZHOU Langlang as non-executive directors of the Company; Mr. TSE Hau Yin, Mr. LIU Junmin, Mr. SHAO Jingchun and Mr. ZHU Ning as independent non-executive directors of the Company.

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China Huarong Asset Management Co. Ltd. published this content on 19 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 February 2020 13:14:04 UTC