On Breakingviews: China Huarong Asset Management's bailout provides some lessons for investors, but only up to a point, writes petesweeneypro
China Huarong Asset Management Co Chairman Lai Xiaomin listens to a question from a reporter during the debut of the company at the Hong Kong Exchanges in Hong Kong, China October 30, 2015. Shares in China Huarong Asset Management Co are set to open flat in their Hong Kong stock market debut on Friday after China's biggest distressed debt manager raised $2.3 billion in the island city's largest initial public offering in 2015.
A capital injection also would help backstop efforts to sell assets. CITIC hardly ranks on a par with the current Ministry of Finance backer – indeed the agency might sell its stake to the consortium – but signals that the government is stepping in to help. Huarong said on WeChat it wouldn’t need to restructure debt.
Huarong’s unique nature as a bad bank in a country with a bad debt problem makes it hard to extrapolate too much from the proposed workout. It clears the way for Beijing to focus on embattled Evergrande
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