China Huarong Adjusts Stake in Financial Leasing Unit

China Huarong Asset Management Co., Ltd. Class H (HK:2799) has released an update.

China Huarong Asset Management has completed the transfer of 60% of its shares in Financial Leasing Company to CITIC Group, making Financial Leasing Company an associate rather than a subsidiary. This transaction, valued at nearly RMB12 billion, has resulted in Financial Leasing Company becoming a connected person under Hong Kong’s listing rules. As a result, the company must now adhere to more stringent reporting and disclosure requirements for its ongoing transactions with Financial Leasing Company.

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