By P.R. Venkat State-owned China Huarong Asset Management has agreed to buy a minority stake in another state-run conglomerate, Citic Ltd., for 13.63 billion Hong Kong dollars . Huarong.
The company, one of China’s largest distressed debt managers, will acquire a 5.01 per cent stake at HK$9.35 per share from Citic Polaris, a wholly owned subsidiary of Citic Group, and change its name to China Citic Financial Asset Management.
(Bloomberg) China Huarong Asset Management Co. returned almost $2 billion back to Citic Group, in a sign of closer ties after the financial conglomerate led a bailout of the bad debt manager two years ago. Most Read from BloombergBiden, Xi Declare Progress After Concluding Four-Hour SummitIsrael Latest: Biden Defends Hospital Raid, Says Hamas UnbowedTrudeau Faces Calls to Exit With His Party Trailing in PollsSpaceX Weighs Spinning Off Starlink Via IPO as Soon as 2024Rolex, Patek Prices Hit Fr
State-owned distressed-asset manager China Huarong Asset Management has agreed to buy a 5.01 per cent stake in Citic Limited for HK$13.6 billion (US$1.7…