Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Hong Kong
  4. Hong Kong Stock Exchange
  5. China Huarong Asset Management Co., Ltd.
  6. News
  7. Summary
    2799   CNE100002367

CHINA HUARONG ASSET MANAGEMENT CO., LTD.

(2799)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

China Huarong International to redeem perpetual bond Sept. 14

07/16/2021 | 08:34am EDT

SHANGHAI (Reuters) - China Huarong International Holdings Ltd, an offshore arm of Chinese bad debt company China Huarong Asset Management Co Ltd, said Friday that it would redeem a perpetual bond, in what investors said was a strong signal of its creditworthiness.

Worries over China Huarong Asset Management's ability to repay its debts surfaced in April after it missed a deadline for filing its 2020 earnings, sparking a rout in its dollar-denominated bonds that spread to other issuers.

Huarong International said in a Hong Kong Stock Exchange filing that it had decided to redeem the $500 million, 2.875% unsubordinated perpetual bond issued by Huarong Finance II Co on Sept. 14.

The announcement came exactly 60 days before the bond's Sept. 14 call date, the earliest possible notification. A failure to call the bond would have triggered a sharp increase in its coupon.

It sent a market signal that "they really may have abundant liquidity," said a portfolio manager in Hong Kong.

The mid price on the perpetual bond was 82.75 cents as recently as Monday, according to Refinitiv data, having touched a low of 56.25 cents in May.

Some investors worried that a China Huarong default could leave foreigners losing out, while raising broader questions about implicit government backing of state-owned enterprises.

But China Huarong has not missed any bond payments, most recently repaying a maturing $400 million dollar bond last week.

It has said it cannot determine when it will publish its 2020 earnings, but will hold its first extraordinary shareholder meeting for 2021 on Aug. 17.

Amid a regulatory push to sell non-core assets as part of its business revamp, the company announced plans last month to sell stakes in a distressed asset exchange unit.

In a statement on its official WeChat account on Friday, Huarong International said that in the second half it would focus on "the three central tasks of clearing and resolving risks, steady business development and liquidity management."

"This is obviously a nice signal," said Hayden Briscoe, head of Asia Pacific fixed income at UBS Asset Management, noting the company's attempts at shrinking its balance sheet could eventually help to lower the sector risk of China's state-owned asset management companies.

(Reporting by Andrew Galbraith; editing by John Stonestreet)

By Andrew Galbraith


ę Reuters 2021
All news about CHINA HUARONG ASSET MANAGEMENT CO., LTD.
09/24WALL STREET STOCK EXCHANGE : Alarmed by Evergrande, China's lenders hold back on new credi..
RE
09/20CHINA HUARONG ASSET MANAGEMENT CO., : 2799) dropped from S&P Global BMI Index
CI
09/15CHINA HUARONG ASSET MANAGEMENT : Cash-Strapped Huarong Auctions Off Bad Assets
MT
09/12CHINA HUARONG ASSET MANAGEMENT : Huarong Sues Baoneng Unit Jushenghua for $650 Million Unp..
MT
09/01Huarong's Offshore Investment Arm Slumps 8% as Trading Resumes After Five-Month Suspens..
MT
08/30MARKET CHATTER : China Huarong in Talks With Investors as Liabilities Hit $238 Billion
MT
08/30Financials Down With Treasury Yields -- Financials Roundup
DJ
08/30China Huarong in talks with investors after $16 billion loss
RE
08/30CHINA HUARONG ASSET MANAGEMENT : Bad-Debt Manager Huarong Logs Record $16 Billion Loss in ..
MT
08/30SHANGHAI STOCK EXCHANGE B SHARES IND : Chinese Shares End Mixed; GUOMAI Culture Soars 388%..
MT
More news
Financials
Sales 2020 10 752 M 1 663 M 1 663 M
Net income 2020 -102 092 M -15 789 M -15 789 M
Net Debt 2020 785 B 121 B 121 B
P/E ratio 2020 -0,27x
Yield 2020 -
Capitalization 33 006 M 5 119 M 5 104 M
EV / Sales 2019 18,1x
EV / Sales 2020 75,7x
Nbr of Employees 11 013
Free-Float 22,8%
Chart CHINA HUARONG ASSET MANAGEMENT CO., LTD.
Duration : Period :
China Huarong Asset Management Co., Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Managers and Directors
Qiang Liang President & Executive Director
Zhan Feng Wang Chairman
Jian Zhong Hu Chairman-Supervisory Board
Jing Chun Shao Independent Non-Executive Director
Ning Zhu Independent Non-Executive Director
Sector and Competitors