Citic to Become Biggest Huarong Shareholder

What’s new: China’s banking regulator approved the transfer of a 3% stake in China Huarong Asset Management Co. from the Ministry of Finance to state-owned investment giant Citic Group, the China Banking and Insurance Regulatory Commission said Thursday.

After the transfer, Citic Group will replace the Ministry of Finance as Huarong’s largest shareholder with 26.46%, marking the latest step in a multibillion-dollar overhaul of the troubled bad-debt manager.