Buy Or Sell Opportunity • 11h
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.5% to HK$0.76. The fair value is estimated to be HK$0.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 93% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 41% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Announcement • May 07
China CITIC Financial Asset Management Co., Ltd., Annual General Meeting, May 29, 2026 China CITIC Financial Asset Management Co., Ltd., Annual General Meeting, May 29, 2026, at 15:00 China Standard Time. Location: conference room 1221, no. 8 financial street, xicheng district, beijing China Buy Or Sell Opportunity • Apr 09
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to HK$0.72. The fair value is estimated to be HK$0.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 93% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 41% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Reported Earnings • Mar 31
Full year 2025 earnings: Revenues miss analyst expectations Full year 2025 results: Revenue: CN¥33.7b (up 228% from FY 2024). Net income: CN¥11.1b (up 35% from FY 2024). Profit margin: 33% (down from 80% in FY 2024). Revenue missed analyst estimates by 16%. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Capital Markets industry in Hong Kong. Announcement • Mar 18
China CITIC Financial Asset Management Co., Ltd. to Report Fiscal Year 2025 Results on Mar 30, 2026 China CITIC Financial Asset Management Co., Ltd. announced that they will report fiscal year 2025 results on Mar 30, 2026 Announcement • Nov 27
China CITIC Financial Asset Management Co., Ltd. Approves the Election of Xiang Xianchun as Non-Executive Director China CITIC Financial Asset Management Co., Ltd. at the extraordinary general meeting of Shareholders held on 27 November 2025 approved the election of Mr. XIANG Xianchun as a non-executive Director. His appointment shall take effect upon approval of his directorship qualification by the National Financial Regulatory Administration, with a term of office of three years, and is eligible for re-election upon expiry of his term of office. Reported Earnings • Sep 30
First half 2025 earnings released: EPS: CN¥0.067 (vs CN¥0.048 in 1H 2024) First half 2025 results: EPS: CN¥0.067 (up from CN¥0.048 in 1H 2024). Revenue: CN¥19.8b (up 44% from 1H 2024). Net income: CN¥5.34b (up 39% from 1H 2024). Profit margin: 27% (down from 28% in 1H 2024). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 59% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 31
First half 2025 earnings released: EPS: CN¥0.066 (vs CN¥0.047 in 1H 2024) First half 2025 results: EPS: CN¥0.066 (up from CN¥0.047 in 1H 2024). Revenue: CN¥19.8b (up 44% from 1H 2024). Net income: CN¥5.30b (up 40% from 1H 2024). Profit margin: 27% (in line with 1H 2024). Revenue is forecast to grow 47% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 20
Consensus revenue estimates increase by 27% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from CN¥63.0b to CN¥79.8b. EPS estimate increased from CN¥0.12 to CN¥0.14 per share. Net income forecast to grow 39% next year vs 27% growth forecast for Capital Markets industry in Hong Kong. Consensus price target up from HK$0.84 to HK$1.21. Share price was steady at HK$1.17 over the past week. Announcement • Aug 18
China CITIC Financial Asset Management Co., Ltd. to Report First Half, 2025 Results on Aug 29, 2025 China CITIC Financial Asset Management Co., Ltd. announced that they will report first half, 2025 results on Aug 29, 2025 Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$1.28, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 212% over the past three years. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$1.01, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 162% over the past three years. Announcement • May 28
China CITIC Financial Asset Management Co., Ltd. Appoints Yuan Xin as A Non-Executive Director China CITIC Financial Asset Management Co., Ltd. at its annual general meeting held on 28 May 2025, considered and approved the election of Ms. Yuan Xin as a non-executive Director. Her appointment will take effect upon approval of her directorship qualification by the National Financial Regulatory Administration, with a term of three years, and she is eligible for re-election upon expiration of her term of office. Announcement • Apr 24
China CITIC Financial Asset Management Co., Ltd., Annual General Meeting, May 28, 2025 China CITIC Financial Asset Management Co., Ltd., Annual General Meeting, May 28, 2025, at 15:00 China Standard Time. Location: conference room 1221, no. 8 financial street, xicheng district, beijing China Reported Earnings • Mar 30
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: CN¥0.11 (up from CN¥0.022 in FY 2023). Revenue: CN¥75.0b (up CN¥64.3b from FY 2023). Net income: CN¥9.20b (up 421% from FY 2023). Profit margin: 12% (down from 16% in FY 2023). Revenue exceeded analyst estimates by 50%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is expected to decline by 10% p.a. on average during the next 2 years, while revenues in the Capital Markets industry in Hong Kong are expected to grow by 13%. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Announcement • Mar 18
China CITIC Financial Asset Management Co., Ltd. to Report Fiscal Year 2024 Results on Mar 28, 2025 China CITIC Financial Asset Management Co., Ltd. announced that they will report fiscal year 2024 results on Mar 28, 2025 New Risk • Jan 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.1% operating cash flow to total debt). Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Announcement • Dec 06
China CITIC Financial Asset Management Co., Ltd. Announces Executive Changes China CITIC Financial Asset Management Co., Ltd. at its board meeting held on 6 December 2024, announced Mr. WEN Jinxiang recently resigned as the chief risk officer of the Company due to retirement. The Board has resolved to appoint Mr. LIU Zeyun as the chief risk officer of the Company. His term of office shall take effect from the date of approval by the NFRA until change of appointment or dismissal of the chief risk officer made by the Board. Announcement • Oct 18
China Citic Financial Asset Management Co., Ltd. Announces Resignation of Zhu Wenhui as CFO China CITIC Financial Asset Management Co., Ltd. announced that the Board of the Company has received a letter of resignation from Mr. ZHU Wenhui ("Mr. Zhu") recently. Mr. Zhu resigned as the vice president and the chief financial officer of the Company due to work changes. Pursuant to the relevant regulations, the resignation of Mr. Zhu shall take effect from 17 October 2024. Mr. Zhu has confirmed that he has no disagreement with the Board and there are no other matters relating to his resignation that need to be brought to the attention of the shareholders or creditors of the Company. New Risk • Sep 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.1% operating cash flow to total debt). Earnings are forecast to decline by an average of 23% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Major Estimate Revision • Sep 06
Consensus EPS estimates increase by 350% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from CN¥56.5b to CN¥58.4b. EPS estimate increased from CN¥0.02 to CN¥0.09 per share. Net income forecast to shrink 33% next year vs 48% growth forecast for Capital Markets industry in Hong Kong . Consensus price target broadly unchanged at HK$0.36. Share price fell 2.9% to HK$0.34 over the past week. Reported Earnings • Sep 02
First half 2024 earnings released: EPS: CN¥0.047 (vs CN¥0.074 loss in 1H 2023) First half 2024 results: EPS: CN¥0.047 (up from CN¥0.074 loss in 1H 2023). Revenue: CN¥13.7b (down 11% from 1H 2023). Net income: CN¥3.80b (up CN¥9.74b from 1H 2023). Profit margin: 28% (up from net loss in 1H 2023). Revenue is forecast to grow 70% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Capital Markets industry in Hong Kong. Announcement • Aug 20
China CITIC Financial Asset Management Co., Ltd. to Report First Half, 2024 Results on Aug 30, 2024 China CITIC Financial Asset Management Co., Ltd. announced that they will report first half, 2024 results on Aug 30, 2024 Announcement • Jul 24
China Bohai Seeks to Dispose of $4 Billion in Bad Loans China Bohai Bank Co., Ltd. (SEHK:9668) said on July 22, 2024 it is looking to sell CNY 29 billion ($3.99 billion) worth of non performing loans as the faltering Chinese economy and deepening property sector problems pressure lenders to dispose of bad assets. The Tianjin-based bank, 16.2% owned by British lender Standard Chartered (STAN.L) expects a financial hit of CNY 3.9 billion from the sale, the bank said in a statement on the Hong Kong Stock Exchange. It added it should receive no less than CNY 17.7 billion for the transaction. Bohai Bank is looking to get large soured loans off its balance sheet and said there are six potential buyers. The six potential buyers include the local Tianjin branches of China's four major asset management companies (AMCs): China Orient Asset Management Co., Ltd., China Cinda Asset Management Co., Ltd., China Great Wall Asset Management Co., Ltd. and China CITIC Financial Asset Management Co., Ltd. (SEHK:2799), and two local bad loan management firms Tianjin JR Assets Management and Tianjin Binhai Zhengxin Assets Management. Bohai Bank, China Cinda Asset Management and China CITIC Financial Asset Management did not immediately respond to requests for comment. Calls to China Orient Asset Management, China Great Wall Asset Management, Tianjin Binhai Zhengxin and the local state assets supervisor in Tianjin went unanswered. Announcement • May 29
CITIC Group Corporation agreed to acquire 60% stake in China Huarong Financial Leasing Co., Ltd. from China CITIC Financial Asset Management Co., Ltd. (SEHK:2799) for CNY12 billion. CITIC Group Corporation agreed to acquire 60% stake in China Huarong Financial Leasing Co., Ltd. from China CITIC Financial Asset Management Co., Ltd. (SEHK:2799) for CNY12 billion on May 28, 2024. Post completion China CITIC Financial Asset Management Co., Ltd. (SEHK:2799) will retain around 19% stake in China Huarong Financial Leasing Co., Ltd. The transaction is conditional upon the Disposal has been approved by the MOF; the shareholders’ meeting of Financial Leasing Company considered and approved the change of equity and the corresponding amendments to its articles of association; and the NFRA has approved the change in Financial Leasing Company’s equity in relation to the Disposal. An Independent Board Committee has been established in accordance with Chapter 14A of the Listing Rules to advise the Independent Shareholders in relation to the Share Transfer Agreement and the transactions contemplated thereunder. Upon the Completion Date, the proceeds from the Disposal will be used to replenish the China CITIC Financial Asset Management Co., Ltd. (SEHK:2799) capital and general working capital. Zero2IPO Capital has been appointed by China CITIC Financial Asset Management Co., Ltd. (SEHK:2799) as the Independent Financial Adviser. Announcement • Apr 27
China CITIC Financial Asset Management Co., Ltd., Annual General Meeting, May 28, 2024 China CITIC Financial Asset Management Co., Ltd., Annual General Meeting, May 28, 2024, at 15:00 China Standard Time. Location: Conference Room 1221, No. 8 Financial Street Xicheng District, Beijing Province China Agenda: To consider and approve the remuneration settlement plan of Directors for 2022; to consider and approve the remuneration settlement plan of Supervisors for 2022; to consider and approve final financial account plan for 2023; to consider and approve profit distribution plan for 2023; to consider and approve work report of the Board of Supervisors for 2023; and to consider and approve any other matters. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: CN¥0.022 (vs CN¥0.41 loss in FY 2022) Full year 2023 results: EPS: CN¥0.022 (up from CN¥0.41 loss in FY 2022). Net income: CN¥1.84b (up CN¥35.0b from FY 2022). Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Announcement • Mar 19
China CITIC Financial Asset Management Co., Ltd. to Report Fiscal Year 2023 Results on Mar 28, 2024 China CITIC Financial Asset Management Co., Ltd. announced that they will report fiscal year 2023 results on Mar 28, 2024 New Risk • Mar 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Currently unprofitable and not forecast to become profitable next year (CN¥2.7b net loss next year). Announcement • Feb 23
China Citic Financial Asset Management Co., Ltd. Announces Resignation of Hu Jianzhong as Chairman of the Board of Supervisors and the Shareholder Representative Supervisor The board of supervisors of China CITIC Financial Asset Management Co., Ltd. received a letter of resignation from Mr. HU Jianzhong. Mr. Hu resigned as the chairman of the Board of Supervisors and the shareholder representative supervisor due to work adjustment. Pursuant to the relevant regulations, the resignation of Mr. Hu became effective on 23 February 2024. Announcement • Jan 23
China Huarong Asset Management Co., Ltd. Provides Earning Guidance for the Year 2023 China Huarong Asset Management Co., Ltd. provided earning guidance for the year 2023. Based on preliminary calculation, the Group's net profit attributable to equity holders of the Company in 2023 is expected to range from RMB 1 billion to RMB 2 billion (net loss attributable to equity holders of the Company in 2022 was RMB 27.581 billion). In 2023, the Group followed the general ideology of "consolidating foundation, seeking progress while maintaining stability, and improving quality and efficiency", and accelerated risk resolution, transformation and development with a strong momentum of "starting the year with burst of vigor". The Group achieved positive results across various businesses and continued to consolidate and expand the upward momentum, and the operating results in 2023 turned from losses to profits, mainly due to: (i) deepening of business synergy, proactive efforts in market expansion, and strengthening of asset management, coupled with a year-on-year increase in gains and losses from changes in fair value of equity assets due to improving trend in the capital market as compared to a year ago, contributed positively to the Company's profit for the year; (ii) special opportunities in making successful major investments with improved asset structure and optimized asset allocation; (iii) the impact of economic environment and industry as a whole which resulted in the Group recognizing asset impairment losses and unrealized losses on change of fair value of approximately RMB 40 billion in order to further consolidate assets, offsetting the Group's profit for the current period but laying the foundation for sustainable and healthy development in the future. In 2024, the Group will continue to focus on its strategic goals of "one-three-five", adhere to the general ideology of "consolidating foundation, seeking progress while maintaining stability, and improving quality and efficiency", maintain strategic focus, strengthen confidence in development, focus on its core businesses, firmly grasp development opportunities in the distressed assetsindustry, and leverage the CITIC Group's advantages in industry-finance integration to proactively adjust and optimize assets allocation and business structure, so as to continue to enhance quality and efficiency of business operation and achieve high-quality development. Announcement • Jan 08
China Huarong Asset Management Co., Ltd. Announces Resignation of Non-Executive Directorate Changes China Huarong Asset Management Co., Ltd. received a letter of resignation from Mr. ZHENG Jiangping. Mr. Zheng resigned as (1) the non-executive director of the Company; and (2) the member of the Strategy and Development Committee of the Board, the Risk Management Committee of the Board,the Related Party Transaction Committee of the Board and the Nomination and Remuneration Committee of the Board due to change of work. Pursuant to the relevant regulations, the resignation of Mr. Zheng becomes effective on 8 January 2024. The Board resolved at a Board meeting held on 8 January 2024 to appoint Ms. ZHAO Jiangping as a member of the Nomination and Remuneration Committee of the Board. The membership of Ms. Zhao shall become effective from 8 January 2024 and her term of office shall be the same as that of her directorship. New Risk • Oct 28
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: CN¥16b Forecast net loss in 1 year: CN¥2.7b This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. This is currently the only risk that has been identified for the company. Announcement • Sep 23
Wuchan Zhongda (Zhejiang) Industrial Investment Co., Ltd. won the bid to acquire 27.3884% stake in Zhejiang Qixin Alloy Materials Co., Ltd. from China Huarong Asset Management Co., Ltd. (SEHK:2799) for approximately CNY 740 million. Wuchan Zhongda (Zhejiang) Industrial Investment Co., Ltd. won the bid to acquire 27.3884% stake in Zhejiang Qixin Alloy Materials Co., Ltd. from China Huarong Asset Management Co., Ltd. (SEHK:2799) for approximately CNY 740 million on August 18, 2023. The agreement shall come into effect upon signature or seal of the authorized signatories of each party and the official seal. Wuchan Zhongda (Zhejiang) Industrial Investment is determined to be the transferee and has obtained the decision of the Chinese anti-monopoly review agency not to conduct further review (or if the Chinese anti-monopoly review body has attached conditions to the implementation of this acquisition, all parties have accepted such conditions) Afterwards, the bidding deposit CNY 405.7 million paid by it in accordance with the requirements of China Huarong Asset Management and Zhejiang Stock Exchange, after deducting the transaction service fee of CNY 0.90 million and balance CNY 404.8 million was converted into an integral part of the transfer price. Wuchan Zhongda (Zhejiang) Industrial Investment will remit the entire remaining transfer price of CNY 331.4 million as one time payment. Zhejiang Qixin Alloy Materials has reported total assets of CNY and net assets of CNY 3.58 billion and net assets of CNY 3.19 billion at the end of June 2023. The board of Wuchan Zhongda (Zhejiang) Industrial Investment has approved the transaction on August 18, 2023. Reported Earnings • Aug 31
First half 2023 earnings released: CN¥0.061 loss per share (vs CN¥0.27 loss in 1H 2022) First half 2023 results: CN¥0.061 loss per share (improved from CN¥0.27 loss in 1H 2022). Net loss: CN¥4.92b (loss narrowed 77% from 1H 2022). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Revenue is less than US$1m. Announcement • Jul 12
China Huarong Asset Management Co., Ltd. Announces Executive Changes The board of directors of China Huarong Asset Management Co., Ltd. announced that the Board has resolved at the Board meeting held on 11 July 2023 to appoint Mr. Wen Jinxiang as the chief risk officer of the Company, appoint Mr. Yuan Caiping as the assistant to the President of the Company, and appoint Mr. Wang Yongjie as the secretary to the Board and the joint company secretary of the Company, details of which are as follows: Mr. Wen Jinxiang, aged 58, is a senior economist and currently serves as the assistant to the President of the Company. In August 1985, he worked in Jiangsu Commerce College. He worked at Suzhou Branch of CITIC Industrial Bank in February 1993 and successively served as a staff member of Capital Department and deputy manager of the Credit Review Department. He served as the vice president of Suzhou Branch in February 2000, a member of the Party Committee and vice president of Suzhou Branch in January 2005, the deputy secretary of the Party Committee and vice president of Dalian Branch in May 2005, general manager of the Corporate Banking Department of China CITIC Bank in March 2007, during which he also had concurrently served as general manager of the Small-Enterprise Financial Center from June 2009 to May 2010; the secretary of the Party Committee of Suzhou Branch of China CITIC Bank in May 2013; the secretary of the Party Committee as well as the president of Suzhou Branch in August 2013. Since January 2019, Mr. Wen has successively served as general manager of Shanghai Auditing Center of the Auditing Department of China CITIC Bank (general manager level at first-tier department), general manager of Strategic Account Department and general manager of Credit Approval Department, during which he also had concurrently served as general manager of the Legal Security Department from November 2021 to January 2022. Mr. Wen served as general manager of Credit Administration Department from January 2022 to August 2022 and has been serving as the assistant to the President of the Company since August 2022. Mr. Wen obtained his master's degree of Economics in July 1991. Mr. Yuan Caiping, aged 57, is an accountant and currently serves as the secretary of the Party Committee of Jiangsu Branch of the Company. Mr. Yuan started his career in the Tax Bureau of Suqian, Jiangsu Province in July 1986. He participated in the preparation of Suqian Sub-branch of Bank of China in Jiangsu Province in May 1988, and successively served as deputy head of Credit Division and head of Account Division. He successively served as vice president (in charge of work) and president of Shuyang Sub-branch under Suqian Branch of Bank of China from March 1997 to January 2002; member of the Party Committee, member of the Party Committee and vice president of Suqian Branch of Bank of China in Jiangsu Province from March 2002 to June 2007; president of Jiangning Sub-branch of Bank of China in Nanjing, Jiangsu Province, secretary of the Party Committee and president of Xuzhou Branch of Bank of China in Jiangsu Province, secretary of the Party Committee and president of Yangzhou Branch of Bank of China in Jiangsu Province from June 2007 to October 2016; member of the Party Committee and secretary of Committee of Discipline of Hubei Branch of Bank of China in October 2016. He was re-designated as the head of Jiangsu Branch of the Company in July 2020, and served as the secretary of the Party Committee and general manager of Jiangsu Branch of the Company from October 2020 to July 2023. Mr. Yuan obtained an executive master of business administration from Zhongnan University of Economics and Law in June 2009. The Board has resolved to appoint Mr. Wang Yongjie as the secretary to the Board and the joint company secretary of the Company. His term of office shall take effect from the date of approval on the relevant qualifications by the National Administration of Financial Regulation until change of appointment or dismissal made by the Board. Since the date on which Mr. Wang Yongjie takes office, Mr. Xu Yongli will cease to concurrently serve as the secretary to the Board of the Company. Mr. Wang Yongjie, aged 43, is a certified public accountant and started his career at the Department of Finance under the Ministry of Finance in August 2004, successively served as a deputy chief staff member of the Financial Division IV, a deputy chief staff member, chief staff member and deputy director of the Government Loan Division I of the Department of Finance under the Ministry of Finance from August 2005 to February 2012; deputy director in the General Office of the Ministry of Finance from March 2012 to August 2013; deputy director and investigator of the Financial Division II, second grade investigator and first grade investigator of the Financial Property Division of the Department of Finance under the Ministry of Finance from September 2013 to July 2023. Mr. Wang obtained his master's degree of Economics from Central University of Finance and Economics in August 2004, and obtained a master of science from Alliance Manchester Business School, UK in November 2009. Announcement • May 26
China Huarong Asset Management Co., Ltd., Annual General Meeting, Jun 28, 2023 China Huarong Asset Management Co., Ltd., Annual General Meeting, Jun 28, 2023, at 10:00 China Standard Time. Location: Conference Room 1221, No. 8 Financial Street, Xicheng District Beijing Province China Agenda: To consider and approve the general mandate granted to the Board to issue additional shares; to consider and approve the engagement of the accounting firms for 2023; to consider and approve the final financial account plan for 2022; to consider and approve the profit distribution plan for 2022; to consider and approve the work report of the Board for 2022; to consider and approve the work report of the Board of Supervisors for 2022; to consider and approve the external fund donation plan for 2023; to consider and approve the re-election of Ms. Zhao Jiangping as the non-executive Director; to consider and approve the re-election of Mr. Zheng Jiangping as the non-executive Director; to consider and approve the re-election of Mr. Zhu Ning as the independent non-executive Director; and to consider any other matters. Reported Earnings • Mar 30
Full year 2022 earnings released Full year 2022 results: Revenue: CN¥199.5m (down 99% from FY 2021). Net loss: CN¥32.6b (down CN¥32.8b from profit in FY 2021). Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Non-Executive Director Yuanling Chen was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Aug 31
First half 2022 earnings released: EPS: CN¥0 (vs CN¥0.004 in 1H 2021) First half 2022 results: EPS: CN¥0 (down from CN¥0.004 in 1H 2021). Net loss: CN¥21.2b (down CN¥21.4b from profit in 1H 2021). Over the next year, revenue is forecast to grow 420%, compared to a 22% growth forecast for the Capital Markets industry in Hong Kong. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Non-Executive Director Yuanling Chen was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Mar 30
Full year 2021 earnings released Full year 2021 results: Revenue: CN¥22.9b (up 113% from FY 2020). Net income: CN¥1.36b (up CN¥104.3b from FY 2020). Profit margin: 5.9% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Board Change • Jan 06
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Non-Executive Director Yuanling Chen was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity.