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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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