China Huarong Asset Management Co, one of China’s big four state asset management companies (AMC), is expecting a significant profit drop for the first half this year, it said in a profit warning yesterday. As China continues its deleveraging effort, Huarong is issuing a negative outlook based on increased provisions due to its credit exposure and rising interests as a result of growing external financing. The company also said that the higher market volatility has caused valuations of some of …

China Huarong Expects Profit Decline Amid Former Chief Lai Xiaomin’s Corruption Investigation appeared first on China Money Network.