Huarong reports US$15.9 billion loss‘HARSH LESSON’: Huarong Asset Management has secured a rescue package from large financial firms and is to apply for temporary tolerance with capital measuresBloombergChina Huarong Asset Management Co’s (中國華融資產管理) long-delayed results for last year showed a record loss, with leverage hitting 1,333 times and capital buffers far short of the regulatory minimum, emphasizing the difficult task ahead for the bad-debt manager that recently secured a government bailout. Huarong reported a 102.9 billion yuan (US$15.9 billion) loss for all of last year, slashing shareholder equity by nearly 85 percent, an exchange filing showed on Sunday. The company booked 107.8 billion yuan in impairments and suffered a 12.5 billion yuan loss on financial assets. The logo of China Huarong Asset Management Co is pictured outside its office building in Beijing on April 16. Photo: ReutersAfter five months of turmoil since it delayed its earnings report in March, China’s biggest bad-debt manager this month secured a rescue package from some of the nation’s biggest financial firms.

Source: Taipei Times August 30, 2021 15:56 UTC