Caixin
Sep 11, 2018 06:30 PM
FINANCE

Asset Manager Huarong Abandons Listing in Wake of Corruption Scandal

China Huarong Asset Management Co. Ltd. postpones plans for a listing on mainland stock markets. Photo: VCG
China Huarong Asset Management Co. Ltd. postpones plans for a listing on mainland stock markets. Photo: VCG

* “Prominent decrease” in the company’s first-half net profit, which fell 95% year-on-year, has created “uncertainty” over Huarong’s planned mainland stock offering, company said

* Shelving of the mainland-market plans suggests that Huarong’s current management is not as bullish about its prospects about a mainland valuation

(Beijing) — China Huarong Asset Management Co. Ltd. announced it is shelving plans for a long-awaited launch on Chinese mainland stock markets as recent poor financial results and a corruption scandal continue to rock the beleaguered bad-asset management company.

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