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Huarong Denies Media Report of CEFC China Equity Investment

Huarong Ruitong, a unit of China Huarong, holds a 36.2% stake in CEFC Hainan, according to business registration records. Photo: VCG
Huarong Ruitong, a unit of China Huarong, holds a 36.2% stake in CEFC Hainan, according to business registration records. Photo: VCG

China Huarong Asset Management Co. denied a media report that it bought a 36.2% equity stake in a unit of embattled conglomerate CEFC China Energy, saying the transaction was instead part of a debt-to-equity swap deal.

The Beijing News reported on Friday that business records show that China Huarong, the country’s largest distressed-debt manager, invested in CEFC China’s Hainan unit, which then reported an increase in its registered capital.

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