Bad-debt manager China Huarong plans $3 billion IPO in H2 2015: IFR
Wed, Jan 14
HONG KONG (Reuters) - China Huarong Asset Management Co Ltd, the country's biggest bad-debt manager, plans to raise $3 billion in a Hong Kong initial public offering in the second half of 2015, IFR reported on Wednesday, citing people familiar with the transaction.
Huarong's deal would be the second IPO by one of China's so-called asset management companies (AMCs), following on the footsteps of China Cinda Asset Management Co Ltd, which raised $2.8 billion in a Hong Kong listing in December 2013.
Citigroup, Goldman Sachs, HSBC and ICBC International were named sponsors of the proposed IPO, IFR said. The roster of banks will likely grow, as more firms are added to the deal later.
Huarong's media relations department in Beijing was not available for comment on the IPO plans.
The state-owned company last year sold a stake of about 20 percent to investors including Goldman and private equity firm Warburg Pincus [WP.UL] for about $2 billion.
(Additional reporting by Alice Du; Reporting by Fiona Lau; Writing by Elzio Barreto; Editing by Muralikumar Anantharaman)
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화룡자산관리공사( China Huarong Asset Management Co., Ltd.)는 현재 글로벌 투자자들을 대상으로 기업공개(IPO)를 추진 중이다.
내년 상반기, 홍콩이 유력하다. FT는 화룡이 신탁상품의 구제를 애써 침묵하려는 이유라고 전했다. 이 같이 명백하게 정치적인 구제에 관여한 것은 "정부 기관에서 순수하게 시장의 원리에 의해 작동하는 기업으로 탈바꿈 할 것"이란 약속과 배치될 수 있는 부분이다.
지난주 화룡자산운용은 골드만삭스와 워버그핀커스, 말레이시아 카자난 국부펀드를 포함한 8개 투자자들에게 지분 21%를 24억 달러에 매각했다고 밝혔다. 화룡의 IPO와 중국의 대규모 그림자금융 상품 구제는 중국의 배드뱅크의 역할이 다시 주목 받고 있음을 시사한다.
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백소명 연구원 | 공개 2014-09-04.더벨
중국 배드뱅크, 4대 자산관리공사의 역할이 다시 주목 받고 있다. 역사적으로 가장 거대한 신용거품을 막 지난 중국 은행들이 쏟아낼 부실자산에 관심이 쏠리는 가운데 자산관리공사는 글로벌 투자자들을 대상으로 대규모 채권 및 주식 발행에 나섰다.
연초 '차이나크레딧이퀄스골드(China Credit Equals Gold #1)'로 명명된 30억 위안 규모 자산관리상품(WMP)의 부도 가능성은 중국 전체 금융시스템의 안정성에 의구심을 불러일으켰다. 그러나 예정된 디폴트 직전에 알 수 없는 '손'이 구원자로 나섰다. 덕분에 투자자들은 원금과 대부분의 이자를 돌려 받을 수 있었다.
파이낸셜타임즈(FT)에 따르면, 아직까지 시장에 알려지지 않았던 구원의 손길은 화룡자산관리공사의 손이었다. 1990년 후반 1조 4000억 위안에 달하는 중국 금융시스템의 막대한 부실자산을 흡수하기 위해 설립됐던 화룡과 신다, 장성, 동방 등 중국 4대 자산관리공사 중 한 곳이다. 당시 부실대출이 전체 은행 대출 자산의 40%였던 중국의 은행 섹터는 사실상 지급 불능에 처했었다.
중국 은행들은 또 다시 부실채권 증가에 직면해 있다. 일부 전문가들은 1990년 후반 자산관리공사의 설립을 낳았던 중국의 신용 붕괴가 재현될 수 있다고 본다. 글로벌 금융위기 이후 중국 정부의 부양책은 경기를 살리는 데는 성공했지만 역사적으로 가장 빠르고 거대한 신용팽창을 동반했기 때문이다.
상반기 중국 대형 은행들의 부실대출은 급증했다. 월스트리트저널(WSJ)에 따르면, 중국 공상은행과 건설은행, 농업은행, 중국은행, 교통은행 등 5대 대형은행은 상반기 469억 달러를 상각했다고 밝혔다. 이 중 중국은행의 상각 규모는 94억 위안으로 지난해 연간 91억 달러보다 더 많았다. 5대 은행의 무수익여신은 4235억 위안, 전년동기비 21% 증가한 것으로 집계됐다. 공식적인 중국 은행들의 무수익여신 비율은 2011년 3월 이후 최고치다. 절대적인 수치는 여전히 낮다. 전체 대출 자산의 평균 1.08%에 그친다. 그러나 앞으로 얼마나 많은 부실채권이 나올지는 불분명하다.
화룡자산운용과 같은 중국의 배드뱅크가 다시 부각되는 이유다. 신용평가사 스탠다드앤푸어스(S&P)는 "중국 경기가 둔화되면서 추가적인 무수익자산의 증가가 기대된다"고 분석했다. 4대 배드뱅크가 바빠질 것이란 전망이다.
FT는 많은 고금리 신탁상품에서 이미 문제의 조짐이 나타나고 있다고 보도했다. 신탁상품의 디폴트만은 피하기 위해 정부가 개입하면서 올 들어 약 60여건의 신탁 상품 구제가 보고됐지만 뱅크오브아메리카는 지난달 보고서에서 "보고되지 않는 구제의 경우가 더 있다"고 언급했다.
'크레딧이퀄스골드'의 경우에는 연율 10% 이자를 지급하는 고금리 상품으로 공상은행에 의해 판매됐다. 기술적으로는 공상은행이 손실에 대한 책임은 없지만 정부와 투자자들로부터 손실을 보전하라는 큰 압박을 받았다. FT는 디폴트를 앞두고 막판에 이를 구제하기 위해 ICBC가 화룡자산운용에 30억 위안을 대출해 줬으며, 화룡자산관리공사은 신탁상품의 기초자산인 대출을 1위안당 95펀에 매입했다고 지적했다. 투자자들이 대부분의 원금을 돌려받았고 중국 그림자금융에 대한 신뢰도는 회복됐지만 모럴헤저드는 계속되는 문제로 남는다.
화룡자산관리공사는 현재 글로벌 투자자들을 대상으로 기업공개(IPO)를 추진 중이다. 내년 상반기, 홍콩이 유력하다. FT는 화룡이 신탁상품의 구제를 애써 침묵하려는 이유라고 전했다. 이 같이 명백하게 정치적인 구제에 관여한 것은 "정부 기관에서 순수하게 시장의 원리에 의해 작동하는 기업으로 탈바꿈 할 것"이란 약속과 배치될 수 있는 부분이다.
지난주 화룡자산운용은 골드만삭스와 워버그핀커스, 말레이시아 카자난 국부펀드를 포함한 8개 투자자들에게 지분 21%를 24억 달러에 매각했다고 밝혔다. 화룡의 IPO와 중국의 대규모 그림자금융 상품 구제는 중국의 배드뱅크의 역할이 다시 주목 받고 있음을 시사한다.
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재 및 재
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Bloomberg the Company & Products Bloomberg
August 01, 2015
Company Overview of China Huarong Asset Management Co., Ltd.
Company Overview
China Huarong Asset Management Co., Ltd. is a state owned investment manager. The firm primarily provides its services to individuals. It manages equity and fixed income portfolios. The firm invests in the public equity and fixed income markets across the globe. China Huarong Asset Management Co., Ltd. was founded in 1999 and is based in Beijing, China.
No. 8, Financial Street
Xicheng District
Beijing, 100033
China
Founded in 1999
Phone:
86 10 5961 8888
Fax:
86 10 5961 8000
www.chamc.com.cn
Key Executives For China Huarong Asset Management Co., Ltd.
Mr. Ding Zhongchi
President and General Manager
Dr. Zu Liu Hu
Consultant
Age: 52
Compensation as of Fiscal Year 2015.
China Huarong Asset Management Co., Ltd. Key Developments
China Huarong Asset Management Reportedly Mulls IPO
Jun 30 15
China Huarong Asset Management Co., Ltd. reportedly is seeking IPO. China Huarong Asset Management Co could file for its Hong Kong initial public offering as soon as next Tuesday, IFR reported, citing sources familiar with the plans. The IPO will take place in September, added IFR, a Thomson Reuters publication. The deal could reach as much as HKD 3 billion. A China Huarong Asset Management spokeswoman in Beijing declined to comment.
China Huarong Asset Management Co., Ltd. Presents at Credit Suisse 18th Annual Asian Investment Conference 2015, Mar-23-2015
Mar 16 15
China Huarong Asset Management Co., Ltd. Presents at Credit Suisse 18th Annual Asian Investment Conference 2015, Mar-23-2015 . Venue: Conrad Hotel, Pacific Place, 88 Queensway, Hong Kong, Hong Kong.
China Huarong Reportedly Plans IPO
Jan 14 15
China Huarong Asset Management Co., Ltd. plans to launch a Hong Kong initial public offering (IPO) in the third quarter or second half of 2015 in order to raise upto $3 billion, people with knowledge of the matter said. one of the people stated that it could raise more than $2 billion if it sells a 20% stake. The people added that China Huarong hasn’t yet sought Hong Kong stock exchange approval or finalized the exact size of the offering. Citigroup Inc., Goldman Sachs Group Inc., ICBC International Holdings Ltd. and HSBC Holdings Plc are working on Huarong’s share sale, the people said.
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Asset management in China
The Ministry of Finance of China has established four financial asset management companies (AMCs), one for each of the four commercial state-owned banks.
They are:
Great Wall AMC [1] - for the Agricultural Bank of China
Orient AMC [2] - for the Bank of China
Huarong AMC [3] - for the Industrial and Commercial Bank of China
Cinda AMC [4] - for the China Construction Bank
See also Edit
ChinaAMC
Chinese financial system
Insurance companies in China
Economy of China
state-owned enterprise
References Edit
^ ":::财通天下 智融长城——中国长城资产管理公司:::". Gwamcc.com. Retrieved 2013-08-21.
^ "中国东方资产管理公司". Coamc.com.cn. Retrieved 2013-08-21.
^ "华融首页". Chamc.com.cn. Retrieved 2013-08-21.
^ http://www.cindamc.com.cn/
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Warburg Pincus to invest US$700m in Huarong Asset Management
Warburg Pincus is paying almost US$700m for the biggest chunk of a stake in the bad-loan manager sold to an investor group, sources say
PUBLISHED : Thursday, 04 September, 2014, 1:09am
UPDATED : Thursday, 04 September, 2014, 1:09am
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Chairman Lai Xiaomin says Huarong is considering buying the bad assets of companies outside the financial industry. Photo: Bloomberg
Warburg Pincus will invest close to US$700 million in China Huarong Asset Management, people with knowledge of the matter said, in the biggest investment in the nation's financial industry by a foreign buyout firm.
Warburg Pincus bought the largest portion of a 21 per cent stake that the mainland's biggest bad-loan manager sold to a group of investors for 14.5 billion yuan (HK$18.2 billion), said one of the people, who asked not to be identified because it is private.
Rising loan delinquencies in the mainland are adding to opportunities for the country's asset management companies, set up in 1999 to buy bad debt from state lenders.
Warburg Pincus, whose president is former US Treasury secretary Tim Geithner, raised US$11.2 billion last year for its most recent private-equity fund.
"Huarong is attracting interest because it is one of the largest AMCs in China," Ming Tan, a Hong Kong-based analyst at Jefferies, said yesterday. "It's getting rarer to find such large deals to invest in, especially at a pre-IPO stage where the valuation is more attractive and there's a clear exit timing."
Li Mingxia, a Beijing-based spokeswoman for Warburg Pincus, declined to comment on the investment amount.
Huarong said last week it sold a stake to eight investors including Goldman Sachs Group and Malaysian sovereign fund Khazanah Nasional.
They were joined by domestic buyers China Life Insurance (Group), Fosun International, China International Capital, Cofco and a unit of Citic Securities.
The Beijing-based company plans to conduct an initial public offering in Hong Kong before the end of next year, chairman Lai Xiaomin said recently.
Overseas private-equity firms have been involved in US$10.9 billion of mainland acquisitions so far in 2014, more than eight times that of the year-ago period. KKR agreed last month to acquire a minority stake in Fujian Sunner Development, the nation's largest chicken breeder and processor, for about US$400 million.
Warburg Pincus' investment will be the biggest by an overseas private-equity firm in the mainland's financial industry, surpassing Carlyle Group's US$410 million stake in China Pacific Insurance Group in 2005.
The purchase of the Huarong stake is Warburg Pincus' largest single investment in the mainland, it said.
"The diversified financial channels and healthy debt structure of China Huarong provides itself stable and low-cost capital, laying a solid foundation for achieving sustainable profit growth," Warburg Pincus said.
Huarong is considering buying the bad assets of companies outside the financial industry, Lai said last week. It also has the opportunity to acquire non-performing loans from Chinese trust companies, said Erin Lee, a Shanghai-based analyst at Yuanta Securities Hong Kong.
Newbridge Capital, the former Asia unit of TPG Capital, paid about US$145 million for a Shenzhen Development Bank stake in 2004, becoming the first foreign investor to control a Chinese lender. Carlyle and Newbridge later sold their investments.
Shares of China Cinda Asset Management, another of the nation's four national asset-management companies, have risen 10.6 per cent since they began trading in December in Hong Kong. Cinda raised US$2.8 billion in its IPO.
Huarong was set up to manage bad assets from Industrial & Commercial Bank of China, the nation's largest lender.
This article appeared in the South China
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Rating Action: Moody's assigns A3/P-2 ratings to China Huarong Asset Management
Global Credit Research - 04 Jul 2014
NOTE: on July 16, 2014, the press release was revised as follows: The fourth sentence of the second paragraph of the RATINGS RATIONALE section was amended and now reads as follows: "China Life Insurance (Group) Company currently owns the remaining 1.94% in the company.". Revised release follows:
Hong Kong, July 04, 2014 -- Moody's Investors Service, ("Moody's") has assigned first-time A3/P-2 long-term and short-term issuer ratings to China Huarong Asset Management Co., Ltd. (China Huarong).
Moody's has also assigned a Baa1 rating to the proposed bonds to be issued by Huarong Finance Co., Ltd.
The outlook on all ratings is stable.
RATINGS RATIONALE
"China Huarong's A3 rating incorporates its ba3 stand-alone baseline credit assessment (BCA) and a six-notch uplift based on very strong likelihood of support from the Chinese government (Aa3 stable) in a stress situation," says Sonny Hsu, a Moody's Vice President and Senior Analyst.
China's Ministry of Finance is currently the largest shareholder in China Huarong with a 98.06% stake. The Ministry of Finance's ownership stake will likely be diluted by the company's plans to raise equity from large institutional investors in 2014, and obtain public listing in 2015. Nevertheless, Moody's expects the government to retain majority ownership in the company following the latter's capital raising exercises. China Life Insurance (Group) Company currently owns the remaining 1.94% in the company.
China Huarong has an important policy role as one of four asset management companies established by the Ministry of Finance in 1999. These four companies assisted the government with the removal of problem loans from China's four major commercial banks prior to their listings, and have restructured many state-owned and private enterprises.
Moody's expects China Huarong's policy importance to increase as China's economy rebalances, with slower economic growth and tighter credit conditions likely to lead to more distressed firms in need of restructuring.
"China Huarong's BCA recognizes the company's leading and entrenched position in China's distressed assets market and its extensive experience in dealing with distressed borrowers and projects. Moreover, as a government-related entity, the company has strong access to funds in the domestic market," says Hsu.
At the same time, China Huarong's BCA takes into account the impact of expected rapid growth on the company's risk management and asset quality, and pressure on its balance sheet leverage. The company has relatively high standalone balance sheet leverage in terms of its unconsolidated equity/asset ratio, taking into account its majority-controlled bank and financial leasing subsidiaries.
The BCA also takes into account the company's reliance on wholesale funding and its relatively concentrated credit exposure to the real estate sector.
What Could Change the Rating - Up
China Huarong's ratings could be adjusted higher if (1) the company maintains low delinquency ratio on its distressed assets while strengthening its funding profile and reducing its balance sheet leverage; (2) the process of China's economic rebalancing proceeds smoothly without producing significant financial or growth shocks; (3) the likelihood of support from the government increases.
Successful equity raising exercises through the introduction of strategic investors and public offering of shares that result in improved capitalization could positively impact the company's BCA. However, if rapid increases in assets partially offset the impact of increases in shareholders' equity on the company's balance sheet leverage, the positive impact on its ratings will be mitigated.
What Could Change the Rating - Down
China Huarong's ratings could be adjusted lower if there are signs of weakened government support. The ratings could also be lowered if (1) a material slowdown in economic growth leads to sizable losses on its assets; (2) there is a major correction in China's property markets, reducing the recovery prospects on the company's property-related exposures; (3) China Huarong pursues aggressive asset growth or major acquisitions that pressure its capital, risk management and liquidity profiles.
The proposed bond to be issued by Huarong Finance Co., Ltd.
The Baa1 bond rating reflects China Huarong's ability and very high willingness to support the bond obligations.
Huarong Finance Co., Ltd. is wholly owned by Hong Kong-based Huarong (Hong Kong) International Holdings Ltd. (Huarong Hong Kong, unrated), which is in turn wholly owned by China Huarong.
The bond is guaranteed by Huarong Hong Kong and supported by a keepwell deed and a deed of equity interest purchase, investment and liquidity support undertaking (the deeds) between Huarong Finance Co., Ltd., Huarong Hong Kong, China Huarong and the bond trustee.
Moody's believes that a failure for China Huarong to support Huarong Finance Co., Ltd.'s bond would result in significant reputational risk, which would negatively affect China Huarong's ability to access the onshore and offshore bond and bank loan markets. In addition, it could damage the reputation of the Ministry of Finance and have wider repercussion in offshore and onshore debt markets if a majority-owned entity by the Ministry of Finance was allowed to default.
China Huarong's willingness to support the bond is reinforced by its undertakings in the deeds, according to which China Huarong is committed to:
(1) maintain 100% ownership in Huarong Finance Co., Ltd. and Huarong Hong Kong, the guarantor;
(2) maintain the guarantor as its primary overseas subsidiary for investment holdings and fund raising platform;
(3) ensure that Huarong Finance Co., Ltd. and the guarantor are solvent; and
(4) help the guarantor meet their payment obligations by granting USD cross-border loans, making investments and/or acquiring equity interests held by the guarantor and/or China Huarong's subsidiaries outside the PRC, in the event of a default.
The one-notch difference between China Huarong's long-term issuer rating and the bond rating reflects uncertainty in the priority of claims for the bond investors -- relative to China Huarong's senior unsecured creditors -- in the absence of a guarantee from China Huarong to the bond.
In Moody's view, while the deeds demonstrate China Huarong's willingness to support its overseas subsidiaries and the bond, they are different from an explicit guarantee in terms of the nature of judgment and procedures of enforcement. The final result of such a legal claim is unclear given a lack of precedent litigation against Chinese corporations on such agreements.
An upgrade of China Huarong's issuer rating, or the provision of a direct guarantee, could trigger an upgrade in the bond rating.
The bond rating could be downgraded if (1)China Huarong's issuer rating is downgraded; (2) China Huarong's ability and willingness to support the bond weakens; or (3) there is a material adverse change in capital account regulations, which limits China Huarong's ability to provide timely cross-border support to the meet the bond payment obligations.
The methodologies used in these ratings were Finance Company Global Rating Methodology published in March 2012, and Government-Related Issuers: Methodology Update published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.
China Huarong Asset Management Co., Ltd. is one of four major asset management companies in China. Headquartered in Beijing, it reported consolidated assets of RMB408.7 billion at end-2013.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.
The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.
Sonny Hsu, CFA
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
24/F one Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
Stephen Long
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F one Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
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본 회사에서는 아래와 같은 세개 북경기업채권자산에 대해 공개 양도를 진행한다. 현재 내자기업과 자연인을 대상으로 하여 양도인을 모집한다.
1. 중국양식무역회사 대출채권3,603,496,953.16원(대출원금635,878,600.00원), 그 중 저당대출채권원금은 9,860,000.00원, 저당물은 토지이고 15,011평방미터이며 이미 저당등기수속을 하였다. 보증대출채권원금은 635,878,600.00원, 보증인은 국가양식비축국재무회계사이고 소송을 개시하지 않았다.
2. 북경홍태투자관리유한회사 대출채권 389,601,937.10원(대출원금 170,000,000.00원), 그 중 보증금 대출채권원금은 170,000,000.00원, 보증인은 중국신시대회사이다. 이미 8500만원의 원금 및 이자를 소송하였고 소송에서 이겨 강제집행을 신청하였다. 법에 의거하여 채무인의 조양구 고비점향 흥륭호별장(아름다운아세아휴일화원) 2동을 압류 봉쇄하였고 건축면적은 약700평방미터이다.
3. 북경경정빌딩유한회사(북경경정호텔유한회사) 대출채권304，832，767.38원(대출원금 175，630，667.52원), 그 중 담보대출채권원금은 165，660，000.00원이고 보증인은 중국중해직총회사이다. 저당대출채권원금은 9，970，667.52원 (미화 1，232，346.31달러), 저당물은 경정호텔건설후의 부동산을 저당잡혔다. 이미 소송하였으며 2006년8월에 계속하여 중신해직상장회사 1.27국유법인주식을 봉하였다.
① 대출원금1，232，346.31달러 및 이자는 이미 소송을 하여 이겼다. 지금은 집행기간중이다.
② 대출원금165，660，000.00원 및 이자는 이미 소송하여 이겼다. 보증이 유효하다.
본 공고일부터 30일 근무일내 채무상환능력이 있거나 채무절충수요가 있거나 채무재조합수요가 있거나 기타 양수인은 이 채권자산에 관한 유관서류를 가져갈 수 있고 동시에 거래가격, 거래방식, 거래조건에 대한 상담, 자문을 환영한다. 무릇 이의 혹은 상관인원이 배척, 방해, 모르게 조작하는데 대해서 고발할 수 있다. 본 초상공고는 하나의 요약을 구성하지 못한다.
※ 중국부실채권 인수관련 상담 및 문의처
北京金陽園時代國際投資顧問有限公司
(Golden Sun Park Times of Beijing Int'l Invest Advisory Co.,Ltd)
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