China Huarong Asset Management Co. Ltd., the largest financial asset management corporation in China, reported profits of 10.32 billion yuan ($1.68 billion) in the first three quarters, up 56.01 percent from the previous year.
Total profits from the past nine months amounted to 95.58 percent of the company's annual profit target of 10.8 billion yuan ($1.76 billion), according to a report on its website.
Once a state-owned debt clearer, China Huarong became a joint stock company with diverse financial businesses in October 2012. The market-oriented transformation has seen net assets in its parent company grow by 9.45 billion yuan ($1.55 billion), up 32.01 percent by the end of September.
China Huarong is expected to issue financial bonds worth 12 billion yuan ($1.97 billion) in early November and is now in the process of introducing strategic investors. It is also considering setting up a branch in the Shanghai free trade zone. |