SHANGHAI (Reuters) -Chinese state-owned asset manager China Huarong Asset Management sought on Monday to turn the page on a deep annual loss, as its chairman said it was in talks with potential new strategic investors alongside a CITIC-led consortium. Wang Zhanfeng, on an earnings call a day after releasing results, said many investors continue to have faith in Huarong, and that it was speaking with potential new domestic and foreign strategic investors. On Sunday, Huarong announced a first-half 2021 profit of 158.3 million yuan ($24.5 million) and a nearly $16 billion loss for 2020. In its half-year report, China Huarong listed liabilities totalling 1.54 trillion yuan, including 107.5 billion yuan in bond payables falling due within one year, and 577.9 billion yuan in borrowings falling due within one year. The mid-price on 4% perpetual bonds issued by subsidiary Huarong Finance 2017 Co Ltd rose about 1 cent to 94.781 following the call, according to data from Duration Finance, compared with a low of below 53 cents in May.

Source: MetroXpress August 30, 2021 07:52 UTC