China Huarong Asset Management Co., Ltd. 中國華融資產管理股份有限公司

China Huarong (2799): Party like it's 1949
Company announcement, 10-Dec-2018
"The Party Committee shall play the core leadership role...The chairman of the board of directors shall concurrently serve as the secretary of the Party Committee". Good to see the ongoing deepening of market reforms and opening up!
Chairman of Huarong Inv (2277) resigns immediately due to "personal reason"
Company announcement, 27-Nov-2018
This comes hours after 3 resignations at its parent, China Huarong Asset Management (2799).
ED and 2 senior managers of China Huarong (2799) quit immediately due to "change of work arrangement"
Company announcement, 27-Nov-2018
That leaves the firm with just 2 Executive Directors.
China Huarong seeks erasure of Lai Xiaomin
You might want to hang on to a bit of corporate history. (22-Nov-2018)
The Huarong-CMB network: 26 stocks not to own
In our first circuit diagram since the infamous Enigma Network, we examine the overlapping networks, bubbles and funding surrounding 26 HK-listed companies that your portfolio would probably do better without. (19-Oct-2018)
Freeman (0279) renegotiates US$99m convertible held by 51% subsidiary of China Huarong (2799)
Company announcement, 18-Oct-2018
This comes 20 days after they renegotiated the other HK$429m CB held by Huarong Inv (2277) which is also a subsidairy of China Huarong. The conversion price of both is reduced from $0.425 to $0.065.
Huarong and China Singyes Solar Technologies (0750)
CSST, now suspended pending disclosure of its financial position, has failed to disclose in its reports the interest of Huarong Int Fin (0993), which claims to have a 15.09% interest, including 8.04% purchased from an unknown vendor in Dec-2017 and security over a further 7.05% pledged to it, presumably to secure a put option that it claims to have been granted. By whom? (18-Oct-2018)
Lai Xiaomin, ex-Chairman of Huarong (2799) expelled from Party (in Chinese only)
CCP Central Commission for Discipline Inspection, 15-Oct-2018
Next comes the formality of prosecution.
Webb on China Huarong (2799), Landing (0582) and Yang Zhihui (excerpt)
CNBC, 3-Oct-2018
Huarong and the Chung Nam Network
Webb-site can reveal another SFC investigation underway involving dealings in Pak Wing (8316). The manipulation of this GEM bubble reveals another connection between China Huarong (2799) and what we call the "Chung Nam Network". The more we scrutinise Huarong, the worse it looks. Will the State end up bailing out the bailer? (3-Oct-2018)
Breaking: SFC freezes up to HK$10.17bn of assets in 3 brokers
Webb-site has deduced that these are assets of Mr Yang Zhihui, missing Chairman and majority shareholder of Landing (0582), and that he is reasonably suspected of fraud causing losses of HK$10.17bn to China Huarong (2799), the ex-Chairman of which is under a corruption investigation in China. We also turn the spotlight on China Goldjoy (1282) which was an enthusiastic buyer of Landing at prices far higher than its Chairman paid beforehand. (1-Oct-2018)
Freeman (0279) renegotiates convertible bond held by Huarong Inv (2277)Huarong Inv announcement
Company announcement, 28-Sep-2018
The share price having boomed and then bust since the CB was issued, they have agreed to slash the conversion price from $0.425 to $0.065 and boost the coupon from 4% to 7%. As a result, Huarong Inv could end up with 29.63% of Freeman, which also has outstanding US$99m of convertible bonds held by Huarong Macau, a fellow subsidiary of China Huarong Asset Management (2799), also convertible at $0.425.
China Huarong (2799) Chairman quits for "personal reason"
Company announcement, 20-Apr-2018
Mr Lai Xiaomin is under investigation for corruption - surely that is a reason worth mentioning?
Head of China’s biggest bad-debt manager Huarong under investigation for graft
South China Morning Post, 18-Apr-2018
Pak Wing (8316): Chairman borrows against 67% stakeDisclosure of interest
Company announcement, 31-Aug-2017
The lender is not named, but subsequent disclosures of interests show that it is China Huarong Macau (HK) Investment Holdings Ltd, which is ultimately 51% owned by China Huarong Asset Management (2799).
Freeman (0279) issues HK$437m convertible bond to Huarong Investment (2277)Huarong announcement
Company announcement, 24-Aug-2017
The bonds are secured on a 15% stake in Shenyang Securities Co Ltd (PRC). Huarong Investment is a subsidiary of China Huarong (2799). 2 months ago, China Huarong Macau, an unlisted fellow 51% subsidiary, subscribed US$100m for convertible bonds of Freeman.
HongDa Financial (1822) to issue HK$200m CB to China Huarong Macau
Company announcement, 22-Aug-2017
The subscriber is 51% owned by China Huarong Asset Management (2799).
Skyfame (0059) controller pledges 321.86m shares (12.30%) to China Huarong (2799)
Company announcement, 25-Jul-2017
To secure a HK$500m loan to Skyfame.
China Huarong Overseas gets security interest in 1.8bn shares (3.93%) of CMBC Capital (1141)
Disclosure of interest, 5-Jul-2017
China Huarong Overseas is 51% owned by China Huarong Asset Management (2799) and already owns 4.26% of CMBCC. This security interest is probably because it has loaned money against the shares held by China Soft Power (0139) which owns about 7.38% of CMBCC, including the pledged shares.
Freeman (0279) issues US$100m CB to Macau arm of China Huarong (2799)
Company announcement, 6-Jun-2017
The subscriber is a 100% subsidiary of China Huarong (Macau) International Co Ltd, which is 51% owned by China Huarong (2799).
China Minsheng Bank (0245) takes over Skyway Securities (1141)
Company announcement, 8-Mar-2017
Skyway is a company in what we call the "Chung Nam Network" (CNN). Also involved as a smaller purchaser and subscriber in this deal is China Huarong Overseas, a 51% subsidiary of China Huarong Asset Management (2799). Skyway will distribute its holdings of 2 other CNN members: 13.56% of China Soft Power Technology (CSPT, 0139) and 4.87% of Future World Financial (0572). CSPT owns 15.43% of Skyway, so it will receive shares in itself.
China Huarong (2799) subscribes 580m shares @$0.40 of Huarong Investment (1277)
Company announcement, 12-Jan-2017
Huarong Investment is already 27.99% owned by China Huarong, with a stake acquired at up to $1.31 per share, so it will make a general offer at that price. Huarong Investment has already borrowed heavily from China Huarong and made a string of unlisted investments with the cash.
Topsearch (2323) sinks HK$340m into Huarong fund to buy HK$2.23bn of shares in Fullshare (0607)
Company announcement, 23-Dec-2016
Announced late on the last working day before Christmas. The General Partner is owned by China Huarong Asset Management (2799). The current Fullshare price (or is that, "full share-price") is $3.43, implying a target of about 650m shares, or 3.3% of Fullshare. The other 3 limited partners in the fund are not named. 2 LPs rank ahead of Topsearch for capital and a coupon of 7.5-8% p.a., then Topsearch for its capital, then LP4 for its capital, then anything left is split between Topsearch and LP4. So this is a leveraged bet on Fullshare.
China Huarong (2799) lends US$300m to 27.99% associate Chun Sing (2277)
Company announcement, 26-Aug-2016
China Huarong (2799) increases by 8.58% to 27.99% of Chun Sing (2277)
Company announcement, 26-Jul-2016
From matching disclosures of interests, we see that Huarong bought the 106m shares from Anthony Yeung Chun Wai, Chairman of Chun Sing, at $1.31 per share on 20-Jul. 5 days earlier, Mr Yeung purchased 106.08m shares at $0.97, the same day that the founders sold their remaining 332.5m shares at $0.954.
Chun Sing (2277): China Huarong International Holdings Ltd buys 240m shares (19.42%)Disclosure of interest
Company announcement, 7-Jun-2016
The announcement comes 11 days after the 27-May transaction. The price is not mentioned, but a disclosure of interest filed on 31-May puts it at $1.31 per share or HK$314.4m. The buyer is a 100% subsidiary of China Huarong Asset Management Co., Ltd. (2799). There were no disclosures by any sellers.
Emperor Capital (0717) to issue 380m shares @$0.66 to China Huarong Asset Management (2799)
Company announcement, 18-May-2016
This increases Huarong's stake from 4.00% to 9.95%

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