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    1911   KYG212151016


End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 09/24
20.5 HKD   +3.33%
09/13Transcenta Launches Up to $83 Million Hong Kong IPO
08/24CHINA RENAISSANCE : Logs Higher Profit, Revenue in H1
08/24CHINA RENAISSANCE : Announces Unaudited 2021 Interim Results
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

China Renaissance : Announces Positive Profit Update

07/28/2021 | 09:42pm EDT

HONG KONG, July 28, 2021 /PRNewswire/ -- China Renaissance Holdings Limited ("China Renaissance" or the "Company"; stock code: 1911.HK) announced that, based on the preliminary review of the unaudited consolidated management accounts of the Company for the six months ended June 30, 2021, it expects to record approximately RMB1,200 million in profit attributable to owners of the Company, a 194% increase over the prior year period. This positive profit update is largely attributable to China Renaissance's investment banking and investment management segments, combined with China Renaissance Securities' turnaround from loss to profit.

China Renaissance's significant profit increase over the prior year was largely driven by the Company's robust investment banking transaction pipeline utilizing its underwriting capabilities for initial public offerings ("IPOs") in Hong Kong, and continued contribution of investment income from the private equity funds managed under the Company's investment management business.

During the period, China Renaissance worked on a number of high-profile IPOs and follow-on offering transitions, including but not limited to the IPOs of Kuaishou, Baidu and JD Logistics on the Hong Kong Stock Exchange ("HKSE"), as well as the IPOs of Full Truck Alliance, AiHuiShou and Zhihu on the National Association of Securities Dealers Automated Quotations ("NASDAQ").

China Renaissance's investment management business also continued to perform well during the first half of 2021. Huaxing Growth Capital, China Renaissance's flagship PE investment fund, invested in a number of high growth companies such as MGI Tech, Pop Mart, AFIONA, Helios, HiRain Technologies, Insgeek, NYSCPS, WeiNian and Sinopharm Dental. As of December 31, 2020, China Renaissance's investment management business had RMB57.4 billion in assets under management.

The interim results of the Company for the six months ended June 30, 2021 is expected to be announced before the end of August 2021.

A copy of China Renaissance's Profit Update filed with the HKEX is available here: https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0728/2021072800455.pdf

About China Renaissance Holdings Limited

China Renaissance Holdings Limited (stock code: 1911.HK) is a leading financial institution that combines private placement advisory, M&A advisory, direct investment, equity underwriting, sales, trading and brokerage, research, structured products, asset management, wealth management and other financial services. Providing one-stop financial services across mainland China, Hong Kong and the United States, China Renaissance operates a competitive and unique international network that connects China's capital markets with the rest of the world, serving new economy entrepreneurs and investors globally.

China Renaissance has offices in Beijing, Shanghai, Hong Kong and New York, with over 600 employees. As of June 30, 2020, China Renaissance had advised on approximately 980 transactions worth over USD$146 billion since its inception, and the company's private equity funds had AUM of approximately RMB39.0 billion in new economy investments.

China Renaissance's subsidiary Huaxing Securities is one of the first securities firms set up in accordance with 10th Supplementary Agreement of "Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA)". Since its establishment, Huaxing Securities has assembled strong investment banking, fixed income, asset management, wealth management, securities brokerage, and research teams to serve existing and new clients.

Visit the company website for more information http://www.huaxing.com/ 

View original content:https://www.prnewswire.com/news-releases/china-renaissance-announces-positive-profit-update-301343865.html

SOURCE China Renaissance

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