China Huarong returns to profit in 2021

BEIJING -- China Huarong Asset Management Co Ltd said it has returned to profit in 2021 amid efforts to defuse risks and adjust its business strategy.

The State-owned asset management company reported a revenue of 93.1 billion yuan ($14.7 billion) for 2021, up 23.4 percent year-on-year.

The net profit of the company came in at about 2 billion yuan, compared with a loss of 102.9 billion yuan a year earlier. The net profit attributable to shareholders of the company stood at 378 million yuan in 2021.

The company said its accelerated adjustment of business strategy and enhanced risk-defusing measures helped boost revenue last year.