China Huarong Asset Management Co., Ltd. (hereinafter referred to as "China Huarong", stock code: 2799), with its predecessor being China Huarong Asset Management Corporation founded on November 1, 1999, is one of the four major state-owned financial asset management companies established in response to the Asian financial crisis and for mitigating financial risks, promoting the reform of state-owned banks and providing relief support to troubled state-owned enterprises. It was converted into a joint stock limited company on September 28, 2012. On October 30, 2015, China Huarong was listed on the Main Board of the Hong Kong Stock Exchange. In March 2022, China Huarong’s Party Committee was transferred to the Party Committee of CITIC Group Corporation for management. Currently, the shareholders of the Company include the CITIC Group Corporation, the Ministry Of Finance, China Insurance Rongxin Private Equity Fund Co., Ltd. and China Life Insurance (Group) Company.
The Company mainly engages in such business sectors as distressed asset management, financial services, and asset management and investment, with distressed asset management being its core business which covers four functions of “disposal of troubled assets, revitalization of problematic projects, restructuring of struggling enterprises and relief of institutions in crisis”. As of the end of 2022, the total assets of China Huarong amounted to RMB955,326 million. Currently, China Huarong has 33 branches with geographic coverage across 30 provinces, autonomous regions and municipalities in the Chinese mainland as well as in the Hong Kong and Macau Special Administrative Regions. Its subsidiaries include Huarong Financial Leasing, Huarong Rongde, Huarong Industrial and Huarong International.
Looking into the future, China Huarong will adhere to the national orientation of financial asset management companies, undertake the development mission of "practicing national strategies, serving the real economy and mitigating financial risks", and accomplish the development vision of "focusing on the main business of distressed assets and building a first-class financial asset management company". Acting on the overall guideline of “consolidating foundation, seeking progress while maintaining stability, improving quality and efficiency”, the Company will strive to deepen reform and transformation, achieve high-quality development, and realize the “135” strategic goal of getting on the right track in one year, and significantly improving quality and efficiency in three years and becoming industry benchmark in five years.