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todayonline - 23 days ago

China Huarong International says it booked profit in first quarter

SHANGHAI - China Huarong International Holdings Ltd, a key offshore subsidiary of bad-loan giant China Huarong Asset Management Co Ltd, has said that it was profitable in the first quarter, as worries over its parent s creditworthiness ease. Huarong International said it had achieved a turnaround from losses to profits in the first quarter, in a statement dated Tuesday on its official WeChat account summarising a first-quarter operations analysis meeting. It did not reveal the size of its profit or other financial information. Huarong International will improve and reduce the size of its balance sheet, and focus on reducing risk exposure and safeguarding liquidity, the statement said. China Huarong International has outstanding bonds worth $21.8 billion, according to Refinitiv data, accounting for nearly all of China Huarong Asset Management s offshore issuance. Investor worries around possible debt contagion involving Huarong and the weakening of implicit government guarantees of large Chinese state-owned enterprises have eased this week following official reassurance and after Huarong made an onshore bond payment. REUTERS


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