China Huarong Returns to Profit in 2021 After State Bailout
- Bad-debt manager reports preliminary profit of $58 million
- Shares down more than 60% after resuming trading in January
The China Huarong Asset Management headquarters in Beijing.
Photographer: Yan Cong/BloombergThis article is for subscribers only.
China Huarong Asset Management Co. said it returned to profit last year after revamping its sprawling businesses and receiving a $6.6 billion government-orchestrated bailout.
The state bad-debt manager reported a preliminary net income of 370 million yuan ($58 million) for 2021, compared with a record loss of 102.9 billion yuan a year earlier, according to an exchange filing Monday. Huarong is scheduled to release audited full-year results next week.