China Huarong Asset Management Co., Ltd(zhong guo hua rong zi chan guan li gu fen you xian gong si )

China Huarong Asset Management Co., Ltd

China Huarong Asset Management Co., Ltd., a central financial enterprise, is a non bank financial institution approved by the State Council and initiated by the Ministry of Finance and China Life Insurance Group (company) in Beijing on October 12, 2012. China Huarong has changed from a policy oriented financial institution to a market-oriented financial institution. On October 30, 2015, China Huarong was listed on the main board of Hong Kong stock exchange.

In August 2016, the company ranked 184th in the "2016 top 500 Chinese enterprises list"; on September 1, 2019, the company ranked 72nd in the "2019 top 500 Chinese service enterprises list".

Company development

The registered capital of the company is 25.835 billion yuan, which is controlled by the Ministry of Finance with a shareholding ratio of 98.06%; China Life Insurance (Group) Co., Ltd. is a shareholder with a shareholding ratio of 1.94%.

China Huarong Asset Management Co., Ltd. has formed a modern corporate governance structure composed of shareholders' meeting, board of directors, board of supervisors and management. According to the requirements of the State Council and the Ministry of finance, China Huarong will focus on the development of banking related businesses and strive to build a market-oriented, professional and diversified modern financial service system on the basis of continuing to do a good job in the operation and disposal of non-performing assets.

Company history

China Huarong Asset Management Co., Ltd., formerly known as China Huarong Asset Management Co., Ltd., was founded in 1999. It plays an important role of "safety net" and "stabilizer" in supporting the reform and development of state-owned banks, reducing the debt of state-owned enterprises, resolving systemic financial risks, and maintaining the stable operation of the financial system.

After the successful completion of the task of policy asset disposal entrusted by the state, the commercialization transformation began in 2006. Especially since 2009, the business performance has doubled for three consecutive years, entering a new period of unconventional and leaping development. By the end of June 2012, the total assets of China Huarong group were 246.3 billion yuan, and the owner's equity of the group was 34.4 billion yuan. The company has 10 holding subsidiaries of Huarong Xiangjiang bank, Huarong securities, Huarong Trust, Huarong leasing, Rongde assets, Huarong Yufu equity investment fund, Huarong futures, Huarong real estate, Huarong Zhiyuan investment and Huarong Huitong assets. It has been initially built into a large state-owned financial holding group and can provide asset management, banking, securities, trust and leasing services for customers , funds, futures, investment and other full license, multi-functional, package of comprehensive financial services.

China Huarong is a non bank financial institution approved by the State Council and initiated by the Ministry of Finance and China Life Insurance Group (company). The predecessor of the company is China Huarong Asset Management Company, which was founded in 1999. Headquartered in Beijing, the company has 33 branches nationwide, with service network covering 30 provinces, autonomous regions, municipalities directly under the central government, Hong Kong and Macao special administrative regions. It owns Huarong Xiangjiang bank, Huarong securities, Huarong Trust, Huarong Financial Leasing Co., Ltd., Rongde Asset Management Co., Ltd., Huarong yufu fund, Huarong Futures Co., Ltd. and Huarong real estate Huarong Zhiyuan Investment Management Co., Ltd., Huarong Huitong Asset Management Co., Ltd., Huarong industry, Huarong International Trust Co., Ltd., Huarong Consumer Finance Co., Ltd. and other operating subsidiaries can provide customers with full licenses for non-performing asset management, banking, securities, financial leasing, trust, investment, fund, futures, real estate, etc A comprehensive package of multi-functional financial services.

By the end of June 2020, the total assets of China Huarong will reach RMB 1731.514 billion, the net assets will reach RMB 168.027 billion, and the total revenue will reach RMB 45.688 billion in the first half of 2020.

China Huarong always adheres to the "listen to the party's words, follow the government, and act according to the market rules", and steadily promotes the "five-year three-step" development strategy, namely: first, vigorously promote the implementation of the "big customer" strategy, and thoroughly follow the market-oriented path; second, timely introduce excellent strategic investors, and follow the market-oriented, diversified, and comprehensive development path of modern financial enterprises; third, choose the opportunity to be listed To realize the leap forward development of the company. Under the guidance and support of relevant state departments, since 2009, China Huarong's profit has doubled for three consecutive years, with a total profit of 11.27 billion yuan in three and a half years. In 2011, the profit exceeded 5 billion yuan for the first time, realizing unconventional and leapfrog development.

After the reform, China Huarong will establish a market-oriented corporate governance structure in accordance with the principles of "clear property rights, clear rights and responsibilities, separation of government and enterprise, and scientific management", strive to build a corporate governance structure of "in place Party committee, standardized general meeting of shareholders, healthy board of directors, effective board of supervisors, and responsible management team", and establish a corporate governance structure of "fulfilling their respective responsibilities, accurate positioning, and scientific management" It is a modern financial enterprise operation mechanism with orderly operation, mutual checks and balances, and resultant force. China Huarong will take the market as the guidance, the customer as the center, and the profit as the goal, give full play to the "five advantages" of network advantage, professional advantage, brand advantage, license advantage, and resource advantage, play a good "one body, two wings" business "combination fist, continuously create greater value for shareholders, customers, enterprises, employees, the state and society, and strive to create" dignified, valuable, and valuable " It is a modern financial enterprise with "connotation, strength and responsibility".

Current leader

Party secretary, chairman and executive director: Wang Zhanfeng

Deputy Secretary of the Party committee and Chief Supervisor: Hu Jianzhong

Member of the Party committee and Secretary of the Discipline Inspection Commission: Pang Xuefeng

Member of the Party committee, executive director and vice president (acting as president): Wang Wenjie

Member of the Party committee, vice president and Secretary of the board of directors: Xu Yongli

Member of the Party committee and vice president: Chen Yanqing

Assistant to President: Yang Pei, Gao Gan

Company honor

2019

On July 10, fortune's list of China's top 500 was released, ranking 83rd.

On September 1, the top 500 Chinese enterprises in 2019 were released, ranking 179th; the top 500 Chinese service enterprises in 2019 were released in Jinan, ranking 72nd.

2020

On May 13, Forbes 2020 ranked 1019 in the top 2000 global enterprises.

In July, China's fortune 500 in 2020 ranked 90th.

Major events

On April 17, 2018, Lai Xiaomin, former Secretary of the Party committee and chairman of China Huarong Asset Management Co., Ltd., was suspected of serious violations of discipline and law and was under disciplinary review and supervision investigation; on October 15, he was expelled from the party and public office.

On August 11, 2020, Lai Xiaomin took bribes of nearly 1.8 billion yuan. According to the evening announcement on August 12, China Huarong predicted that the net profit for the six months ending June 30, 2020 would drop by about 90% to 95% compared with the same period in 2019.

In September of the same year, the China Banking and Insurance Regulatory Commission seriously investigated and dealt with a number of illegal cases. In view of Huarong's illegal acquisition of personal loans and non-performing assets of financial institutions, the China Banking and Insurance Regulatory Commission imposed a fine of 20.4 million yuan on the company in accordance with the law, and two responsible persons were given a warning and an administrative penalty of 50000 yuan. The administrative punishment is mainly based on the violations of laws and regulations found by the CIRC in the early stage of the on-site inspection of some commercial businesses of Huarong company. The relevant facts involved in Lai Xiaomin's serious violations of laws and disciplines are handled separately by the competent authorities.

On January 5, 2021, the Tianjin Second Intermediate People's court sentenced Lai Xiaomin to death for the crimes of bribery, corruption and bigamy, depriving him of his political rights for life and confiscating all his property. After Lai Xiaomin appealed, the Tianjin Higher People's court ruled to reject the appeal, upheld the original sentence, and submitted it to the Supreme People's court for approval. On the 29th of the same month, Lai Xiaomin was executed.

Chinese PinYin : Zhong Guo Hua Rong Zi Chan Guan Li Gu Fen You Xian Gong Si