News Snapshot:
One of China’s big four asset management companies (AMC) is withdrawing from direct investment in banking sector financial institutions, amidst a state-led bailout to rescue it from mounting debt woes. China Huarong Asset Management has announced that it will sell off its 40.53% equity stake in Huarong Xiangjiang Bank (华融湘江银行), after first investment in the lender 11 years ago. Huarong Xiangjiang Bank was established in October 2010, and is based in the central Chinese province of Hunan. The lender was established via the restructuring and merger of several local financial institutions, including municipal commercial banks in the cities of Zhuzhou,...
