BEIJING : China Huarong Asset Management Co. Ltd warned investors a net loss of 102.9 billion yuan in 2020 on Wednesday, after delaying its annual report for nearly five months amid restructuring uncertainties.
The Beijing-based company, which counts China's finance ministry as its biggest shareholder, did not elaborate on the amount of the strategic investment, and said the deal was still subject to regulatory approvals. The profit warning mostly reflected a large change in provision for credit impairment, Huarong said in a filing to Hong Kong stock exchange, citing assessments on existing risk assets, and risks of some subsidiaries.
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