China's asset management firms see record profits
Four asset management companies in China saw total pre-provision operation profits, or PPOP, of 37.6 billion yuan ($5.97 billion) in 2013, a record figure, the China Business News reported on Monday.
In 2012, China Cinda Asset Management Co Ltd achieved PPOP of 13.6 billion yuan, ahead of China Huarong Asset Managment Co Ltd's 12 billion yuan.
Both China Great Wall Asset Management Corp and China Orient Asset Management Corp posted PPOP of 6 billion yuan.
A source with an asset management firm said the four companies' profits saw fast growth thanks to their increasing involvement in commercial businesses after they have completed their non-commercial business projects.
The total size of the four companies has been growing at a fast pace too. China Huarong Asset Management's asset size reached 310 billion yuan by the end of 2012, up 42 percent year-on-year.
The four firms were established in 1999. Earlier this month, Cinda and Huarong announced their wishes to launch initial public offerings. No timetable for the IPOs has been decided yet.
