Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

China Huarong says cannot determine when it will publish 2020 earnings

Stock MarketsJun 29, 2021 10:37PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. FILE PHOTO: The logo of China Huarong Asset Management Co is seen at its office in Beijing, China, April 16, 2021. REUTERS/Thomas Peter/File Photo

SHANGHAI (Reuters) -China Huarong Asset Management Co Ltd said it cannot determine when it will publish its 2020 financial results, and proposed delaying its annual shareholder meeting, injecting fresh uncertainty into China's biggest bad-debt manager.

Huarong, in filings to the Hong Kong stock exchange late on Tuesday, also announced plans to sell stakes in a distressed asset exchange unit.

The firm, whose shares have been suspended from trade since April 1, said operations are normal and that it has been providing relevant information to auditors.

"However, given that the relevant transaction of the Company has not been finalised, neither the Company nor the Auditor is currently able to estimate the time required for completion of the 2020 Annual Results or to finalise the expected timetable for the publication," it said, without disclosing the transaction.

As 2020 audit work has not been finished, the board has proposed postponing the firm's 2020 annual general meeting, Huarong said.

Huarong missed the March 31 deadline for filing its 2020 earnings, sparking a rout in its U.S. dollar-denominated bonds that spread to other issuers, amid concern that a default could leave foreign investors losing out.

Its bonds were little changed on Wednesday, Refinitiv data showed. The mid price on its 3.8% Singapore dollar-denominated bond maturing in November 2025 was last quoted at 66.545, versus 66.494 on Tuesday.

Huarong, which counts China's finance ministry as its biggest shareholder, has been hurt by failed investment, aggressive expansion and a corruption case that culminated in the execution of its former chairman, Lai Xiaomin.

In a separate statement late on Tuesday, Huarong said auditors "will need more information and time" and that the delay does not constitute an event of default.

Huarong also said it "has been conducting its business operation on a normal basis. No material change has been found in the Group's business operation" since April 1, when trading of its shares was suspended.

The firm, without elaborating, said it intends to sell its 79.6% stake in Huarong Zhongguancun Distressed Asset Exchange Centre Co.

The sale comes as regulators push Huarong to sell non-core assets as part of a revamp, Reuters reported.

The company has also officially nominated Liang Qiang as president and executive director of its board, showed a separate exchange filing.

China Huarong says cannot determine when it will publish 2020 earnings

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Joel Schwartz
Joel Schwartz Jun 30, 2021 1:03AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email