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| China investment firm's shares slump after $6.6bn bailout | China investment firm's shares slump after $6.6bn bailout |
| (14 days later) | |
| Shares in scandal-hit China Huarong Asset Management have closed down by 50% after a state-backed bailout of almost $6.6bn (£4.9bn). | Shares in scandal-hit China Huarong Asset Management have closed down by 50% after a state-backed bailout of almost $6.6bn (£4.9bn). |
| The company's shares resumed trading on Wednesday after a nine-month suspension on the Hong Kong Stock Exchange. | The company's shares resumed trading on Wednesday after a nine-month suspension on the Hong Kong Stock Exchange. |
| Huarong rocked Asian stock markets in August last year when it revealed a record loss of close to $16bn. | Huarong rocked Asian stock markets in August last year when it revealed a record loss of close to $16bn. |
| The firm's former chairman Lai Xiaomin was executed last year after being found guilty of corruption. | The firm's former chairman Lai Xiaomin was executed last year after being found guilty of corruption. |
| Huarong, one of four state-owned distressed-debt managers, halted trading in its shares on 1 April last year. | Huarong, one of four state-owned distressed-debt managers, halted trading in its shares on 1 April last year. |
| The move came after the firm missed a deadline at the end of March to file its earnings for 2020. | The move came after the firm missed a deadline at the end of March to file its earnings for 2020. |
| That sparked a rout in Huarong's US dollar-denominated bonds that spread to the bonds of other Chinese companies. | That sparked a rout in Huarong's US dollar-denominated bonds that spread to the bonds of other Chinese companies. |
| In August, Huarong, which counts China's finance ministry as its largest shareholder, announced a profit of $24.5m for the first half of 2021 and an almost $16bn loss for 2020. | In August, Huarong, which counts China's finance ministry as its largest shareholder, announced a profit of $24.5m for the first half of 2021 and an almost $16bn loss for 2020. |
| The company had earlier in November said that it would receive a cash injection of $6.59bn from a group of state-backed investors as part of its rescue plan. | The company had earlier in November said that it would receive a cash injection of $6.59bn from a group of state-backed investors as part of its rescue plan. |
| Huarong, which is majority-owned by China's Ministry of Finance, was set up in 1999 to take bad debts off the country's largest state-owned banks. | Huarong, which is majority-owned by China's Ministry of Finance, was set up in 1999 to take bad debts off the country's largest state-owned banks. |
| During Mr Lai's time as chairman the asset manager expanded far beyond its original remit. | During Mr Lai's time as chairman the asset manager expanded far beyond its original remit. |
| The crisis that engulfed the firm was seen by investors as a test of the Chinese government's approach to corporate failures. | The crisis that engulfed the firm was seen by investors as a test of the Chinese government's approach to corporate failures. |
| China Huarong Asset Management's former chairman Lai Xiaomin was executed last year after being found guilty of corruption | China Huarong Asset Management's former chairman Lai Xiaomin was executed last year after being found guilty of corruption |
| Mr Lai was arrested in 2018 on charges of taking 1.8bn yuan (£210m, $280m) in bribes over a 10-year period. | Mr Lai was arrested in 2018 on charges of taking 1.8bn yuan (£210m, $280m) in bribes over a 10-year period. |
| His death sentence was heavily criticised, with rights group Human Rights Watch saying China was "clearly taking a major step backwards." | His death sentence was heavily criticised, with rights group Human Rights Watch saying China was "clearly taking a major step backwards." |
| It was one of the most severe sentences to stem from President Xi Jinping's anti-corruption drive. | It was one of the most severe sentences to stem from President Xi Jinping's anti-corruption drive. |
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| What China's Evergrande crisis means for the world | What China's Evergrande crisis means for the world |
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