Companies

China's Huarong becoming more market orientated

(Xinhua)
Updated: 2010-07-27 09:51

BEIJING - China Huarong Asset Management Corporation (Huarong), one of China's four State-owned asset management firms, is taking a more market orientated approach.

Huarong co-founded a private equity fund Huarong Yufu with Chongqing Yufu Assets Management Co, Ltd earlier this month, said Lai Xiaomin, president of Huarong, in a statement Monday.

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Further, a Huarong holding futures company will soon be founded after government approval, he said, without providing the exact date.

Huarong aims to attract strategic investment funds and become listed in due time, Liao said.

In the first half of this year, Huarong's total turnover and profit increased 58.19 percent and 76.6 percent year-on-year respectively, said Liao.

The pilot transformation project for the country's four major asset management corporations was kicked off by the establishment of China Cinda Asset Management Co Ltd on July 16 this year.

The four major asset management corporations are Cinda, Huarong, Great Wall and Orient.