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Tuesday, December 19, 2000, updated at 18:13(GMT+8) | |||||||||||||
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Huarong Helps Firms ReshuffleChina's largest asset management company, China Huarong Asset Management Co, is to introduce a number of companies that it collected from the commercial banking sector to the equity market next year, said senior officials with the company."There are bound to be several successful listings among the over 50 companies eligible for listing, depending on how well their reshuffles work and their businesses perform," said Yang Kaisheng, president of the China Huarong Asset Management Co, "but so far the listings are still on the drawing board." Huarong has taken over 506 billion yuan(US$61.11 billion) in assets from the Industrial and Commercial Bank of China (ICBC), China's largest commercial bank, since its debut last October, and now controls stakes in over 80,000 enterprises, including 500 large and medium-sized enterprises in China, making it the largest asset management company in the domestic market. "Of the enterprises we collected from ICBC, it is obvious that some will meet requirements designed for would-be listed firms, after their businesses are reshuffled," said Yang, adding that the company is now busy restructuring firms with potential. However, previous speculations claim that most of the assets the asset management companies have gathered from the big four commercial banks are bad debt and non-performing assets. China Huarong Asset Management Co received approval for its licence to underwrite securities from top authorities this September, giving it new powers as a company that can both sell and underwrite shares. Huarong and Haitong Securities, China's second largest securities firm, agreed a deal last Friday whereby the two sides will develop all-round strategic co-operation in a number of areas, including securities underwriting, asset restructuring, fund management, product research and development and other investment banking services. Speaking after the signing ceremony, Yang said the co-operation creates a win-win situation which will bring both firms numerous business opportunities.
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