Huarong’s Strategic Investors Set Up Private Equity Firm

Huarong is to raise as much as 42 billion yuan by selling shares to a group of strategic investors.

China Huarong Asset Management Co.’s 18 strategic investors jointly formed a private equity firm to inject funds to the troubled bad-debt manager.

Zhongbaorongxin Private Equity Fund Co. Ltd. has registered capital of 14.8 billion yuan ($2.32 billion), according to the business registration database Tianyancha. Jia Biao, president of China Insurance Investment Co. Ltd., is listed as representative of the company.

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