China Huarong Tumbles as Trading Resumes After 9-Month Halt
- China Huarong says it fulfills share resumption guidance
- Bad asset manager received $6.6 billion rescue package
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China Huarong Asset Management Co. slumped as much as 45% in Hong Kong as a nine-month trading suspension was lifted following a $6.6 billion state-orchestrated bailout of the troubled bad asset manager.
The Beijing-based firm fell HK$0.45 to HK$0.57 as of 10:13 a.m. in Hong Kong. More than 190 million Huarong shares changed hands in the first 30 minutes of trading, making it by far the most actively-traded by volume.