 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 by AFP Staff Writers Beijing (AFP) Jan 5, 2022
Shares in China's state-owned debt collector Huarong Asset Management plummeted 40 percent on Wednesday as trading resumed in Hong Kong after a $6.6 billion state-orchestrated bailout of the embattled company. The company's Hong Kong-traded shares were suspended in April last year after it delayed its annual report, spooking Asian markets. When Huarong published its results in August, it revealed a record $15.9 billion loss for 2020 and outlined a rescue plan. On Wednesday, its share price slid from HK$1.02 ($0.13) to HK$0.61 as markets opened and the group's trading resumed. The plunge follows a filing late Tuesday in which Huarong said it would return to its core business, adjust its structure, cut capital consumption and boost returns. Business operations of the group would continue as usual, it added. Huarong has also completed a recapitalisation of 42 billion yuan from a group of state-backed investors, and started disposals of assets. "The valuation achieved by the disposals will determine its capital buffer... and will be key in absorbing losses," said Fitch Ratings in a report last month. Fitch added that "near-term asset risk at its core business and leverage will stay elevated due to its weak asset quality and business nature". Huarong's shares plummet comes as troubled real estate giant Evergrande was labelled as being in default by a ratings firm last month after failing to make repayments on time. Observers said a state-backed lifeline is not likely for the developer as Beijing looks to rein in excessive debt in the sector. bys/rox/dva
SenseTime the big winner despite flat Asian trade Hong Kong (AFP) Dec 30, 2021 Asian stocks were mostly flat Thursday in cautious holiday trade following a mixed close on Wall Street, though Chinese artificial intelligence start-up SenseTime was a big winner with a 23 percent jump on its Hong Kong debut. Fears of the Omicron coronavirus variant are still weighing on markets, with the United States hitting its highest-ever seven-day average of new Covid cases and the World Health Organization warning that a "tsunami" of infections would push health systems to the brink of colla ... read more
|
|||||||||||||
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |
del.icio.us
Digg
Reddit
Google
