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Inside the race to avert disaster at China’s biggest ‘bad bank’, the Huarong Asset Management Co
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Inside the race to avert disaster at China’s biggest ‘bad bank’, the Huarong Asset Management CoBloomberg
Last Updated: May 24, 2021, 11:56 AM IST
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Synopsis
Huarong Asset Management Co has been in full crisis mode ever since it delayed its 2020 earnings results, eroding investor confidence. Executives have come to expect to be summoned by government authorities at a moment’s notice whenever market sentiment sours and the price of Huarong debt sinks anew.
Reuters
Huarong makes good on some $41 billion borrowed on the bond markets, most incurred under Wang’s predecessor before he was ensnared in a sweeping crackdown on corruption. That long-time executive, Lai Xiaomin, was put to death in January his formal presence expunged from Huarong right down to the signature on its stock certificates.
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The China Huarong Asset Management Co. headquarters in Beijing | BLOOMBERG
Bloomberg May 24, 2021
It was past 9 p.m. on Financial Street in Beijing by the time the figure inside Huarong Tower picked up an inkbrush and, with practiced strokes, began to set characters to paper.
Another trying workday was ending for Wang Zhanfeng, corporate chairman, Chinese Communist Party functionary and, less happily, replacement for a man who very recently had been executed.
BusinessWorld
May 25, 2021 | 12:01 am
IT WAS PAST 9 p.m. on Financial Street in Beijing by the time the figure inside Huarong Tower there picked up an inkbrush and, with practiced strokes, began to set characters to paper.
Another trying workday was ending for Wang Zhanfeng, corporate chairman, Chinese Communist Party functionary â and, less happily, replacement for a man who very recently had been executed.
On this April night, Mr. Wang was spotted unwinding as he often does in his office: practicing the art of Chinese calligraphy, a form that expresses the beauty of classical characters and, it is said, the nature of the person who writes them.
Thursday, Apr 15, 2021 - 09:50 PM
By Ling Huawei, managing editor of Caixin Media and Caixin Weekly. Originally published in Caixin,
After
China Huarong Asset Management Co. Ltd. on March 31 decided to suspend its share trading the next day, the market became awash in rumors that the company, one of the country’s four largest bad-asset managers, would be forced into restructuring or might even go bankrupt (as we discussed in This Is A Fatal Event : China s Bond Market Hammered After Huarong Bankruptcy Rumors).
The rumors spooked many institutional investors, sending the company’s
bonds tumbling. Huarong, a product of China’s reform of state-owned banks at the end of last century, has once again found itself at the center of a