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| Sunday, 21 August 2016, 09:20 HKT/SGT | |
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| Net Profit Surged 18by 9.6% to HK$218 million |
HONG KONG, Aug 21, 2016 - (ACN Newswire) - Huarong International Financial Holdings Ltd ("HRIF"; HK:993) is pleased to announce results for the six months ended 30 June 2016 (the "Period") today. During the Period, benefiting from the brand "China Huarong" and sustained business expansion, the Group recognized a significant growth of the results. The total revenue of the Group surged by 965.9% from Last Period(1) to approximately HK$558 million, and the profit attributable to owners of the Company increased by 189.6% from last Period to approximately HK$218 million. As of 30 June 2016, the Group's total assets reached approximately HK$9.36 billion.
At present, the Group mainly engages in 3 businesses, including securities, corporate finance and asset management and direct investment. The Group provides comprehensive financial products and services to our institutional and corporate clients, retail and high net worth clients, and achieved outstanding earnings results in all segments during the Period.
Securities Business - In the first half of 2016, the securities business segment of the Group achieved rapid and steady growth. The total revenue from securitities business segment soared 476.3% to approximately HK$110.13 million during the Period. In addition, the margin loan receivables net of provision increased from approximately HK$866.52 million as at 31 December 2015 to approximately HK$2.24 billion as at 30 June 2016. Therefore, fee income and interest income from margin loan business increased accordingly.
Corporate Finance Business - In the first half of 2016, the Group stepped up efforts to expand its corporate finance business, successfully obtained the qualification as a sponsor (type 6 license) approved by the SFC, and the corporate finance business segment achieved further development. During the Period, the revenue from corporate finance business segment increased by 87.7% to approximately HK$62.41 million as compared to the Last Period. The Group acted as one of the joint bookrunners and joint lead managers for the global offerings of China Zheshang Bank and Orient Securities, and one of the joint lead managers in the US$2.50 billion MTN Programme of China Huarong.
Asset Management and Direct Investment Business - The Group grasped the market opportunities in the first half of 2016, and continued to develop its asset management and direct investment business, which comprises provision of asset management services, direct investments in equities, bonds, funds, derivative instruments and other financial products and money lending services. Total revenues from asset management and direct investment business segment increased to approximately HK$385.55 million in the Period.
Mr. Liu Xiaodong, Chairman and Executive Director of Huarong International Financial Holdings Limited said, "In the first half of 2016, HRIF further implemented its development strategy, speeded up its business expansion, strengthened its risk control and operational management, as well as achieved rapid and healthy development. Looking forward, there are both opportunities and challenges ahead in the year of 2016. Facing the complicated and changing business environment and increasingly fierce competitions, the Group will keep seeking improvement and enhancing profitability, and take the role of "a professional asset management operator and an excellent comprehensive financial services provider" as the development direction, rely on the strong assets and the brand of "China Huarong", fully utilize the licences (type 1, 2, 4, 6 and 9 licences) and the interconnection between its financing and investment business and licence business, actively grasp the opportunities of Shenzhen-Hong Kong Stock Connect, internationalization of RMB and "the Belt and Road" strategy to propel the development of platforms regarding the three major businesses "Securities", "Investment Banking" and "Asset Management", to build an "international, specialized and diversified" comphensive financial enterprises with strong management and control capability, high return of investment, rich variety of business and a good brand image, and continuously enhance core competitiveness and comprehensive profitability of the Group, striving to create greater value for shareholders."
About Huarong International Financial Holdings Limited
HRIF is the listed company on the Main Board of the Stock Exchange of Hong Kong Limited controlled by China Huarong Asset Management Co., Ltd. ("China Huarong", 2799.HK). The Group possesses the licences (type 1, 2, 4, 6 and 9 licences) issued under the SFO. Leveraging on the corporate culture of the China Huarong in terms of its stability, innovation, harmony, and development, as well as its five advantages in terms of its resources, brands, network, specialties and licences, the Group endeavors to continuously develop platforms which strengthen the three major businesses of the Group including "Securities", "Corporate Finance" and "Asset Management and Direct Investment". The Group will continue to develop various businesses based on the licences that have been possessed and will extend its business to other financial sectors, in order to establish an "international, specialized and divsersified" comphensive financial services system, striving to become a professional asset management operator and an excellent comprehensive financial services provider.
HRIF has been included by Morgan Stanley Capital International (MSCI) as a constituent of the MSCI Global Small Cap Indexes - Hong Kong effective on 31 May 2016, representing the strong recognition from the capital market on the Group's business outlook.
(1) For the six months ended 31 October 2015
Topic: Press release summary
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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