China Huarong withdraws IPO application

China Huarong Asset Management Co Ltd has announced the withdrawal of its A share IPO application, citing a significant decline in financial performance in the first half and uncertainty surrounding disciplinary investigations relating to its former chairman.

One of the mainland's four largest State-owned asset management companies, it made the announcement in a post on Hong Kong Exchanges and Clearing Ltd's website on Tuesday night.

"In light of the reasons that the company recorded a prominent decrease in the interim results ... while the former chairman of the company is currently under disciplinary review and supervision investigations by relevant authorities ... After careful studies and discussion with the professional parties involved in the A share offering ... the company decided to withdraw the application for the A share offering," China Huarong said in a statement.