China Huarong Warns of $4 Billion Net Loss in 2022

The company roiled Asian credit markets in 2021 as it failed to release its annual report on time. Photo: Bloomberg

(Bloomberg) — China Huarong Asset Management Co. Ltd. expects to post a net loss of about 27.6 billion yuan ($4 billion) for 2022.

The bad-debt manager cited factors including volatility in the capital market leading to declines in the value of some assets as contributing to the loss, according to a statement to the Hong Kong exchange Sunday.

Huarong trimmed its losses by around 10.1 billion yuan in the second half of 2022, marking “positive momentum” compared to the first half, it said.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: China Celebrates Golden Week

PODCAST

Caixin Deep Dive: Visa-Free Travel, U.S. Tariffs Drive Chinese Companies to Malaysia

00:00

00:00/00:00

MOST POPULAR

1: Cover Story: China Rewrites the Rules of Financial Failure

2: Deadly SU7 Blaze Triggers $10 Billion Rout in Xiaomi Stock

3: In Depth: Chinese Firms Face Shifting Global IPO Landscape

4: Exclusive: Former ICBC Ally of Fallen Finance Czar Yi Huiman Unreachable

5: China Adds High-End Lithium Batteries to Export Control List