|Bid||1.010 x 0|
|Ask||1.020 x 0|
|Day's Range||1.010 - 1.050|
|52 Week Range||0.760 - 1.130|
|Beta (5Y Monthly)||0.62|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug. 30, 2021 - Sep. 03, 2021|
|Forward Dividend & Yield||0.01 (1.22%)|
|Ex-Dividend Date||Jul. 03, 2020|
|1y Target Est||2.37|
(Bloomberg) -- Ant Group Co.’s most lucrative business of consumer lending is likely to become less profitable as the financial juggernaut emerges from a six-month regulatory crackdown aimed at curbing its influence.While the writing has been on the wall for months, the approval of its consumer finance unit on Thursday with a capital base of 8 billion yuan ($1.3 billion) limits Ant’s ability to lend on its own and in partnership with banks. At the same time, the firm might not need to raise more
(Bloomberg) -- China Huarong Asset Management Co. made the biggest bond payment since confidence in its financial health began plunging two months ago, adding to signs that the company still has access to near-term liquidity.Huarong wired funds for a $900 million dollar bond due June 3, a person familiar with the matter said, asking not to be identified discussing private information. One of the company’s onshore units also paid a 500 million yuan ($78 million) bond that matured Sunday, people familiar said.While Huarong’s longer-dated bonds still trade at levels that imply a high risk of default, the state-owned company has yet to miss a payment since it spooked investors by failing to report annual results at the end of March. Huarong has reached funding agreements with state-owned banks to ensure it can repay debt through at least the end of August, by which time the company aims to have completed its 2020 financial statements, people familiar with the matter said earlier this month.The firm’s dollar notes were largely unchanged Monday. Its 3.75% bond maturing 2022 is indicated at 76 cents on the dollar, while the firm’s 4% perpetual bond is at 57 cents, Bloomberg-compiled prices show as of 6:15 p.m. in Hong Kong.China’s biggest bad-debt manager is trying to overhaul its business after an ill-fated expansion under former Chairman Lai Xiaomin, who was executed for crimes including bribery in January. The company has become a closely watched proxy for Beijing’s willingness to backstop government-owned borrowers amid a record wave of corporate defaults.Senior Chinese officials have so far been silent about whether the government will help Huarong meet its obligations, fueling concern among bondholders that the company will be allowed to default as part of a campaign to rein in moral hazard. Yet even if a default is part of Beijing’s long-term plan, authorities may be keen to avoid any major market disruptions around the politically sensitive 100th anniversary of the ruling Communist Party on July 1.Huarong has to repay or refinance about $6.2 billion of local and offshore bonds this year, including the domestic note that matured Sunday and the dollar bond due June 3, Bloomberg-compiled data show. The company declined to comment on its debt payments.(Adds dollar bond prices in the fourth paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- China Huarong Asset Management Co. has transferred funds to repay a $900 million bond maturing June 3, according to a person familiar with the matter.The asset management company wired funds for the principal and interest of the 3.25% bond to a trustee account, said the person, who asked not to be identified as the matter is private.That follows payment on a 500 million yuan ($78 million) local bond maturing Sunday reported by Bloomberg earlier, citing people familiar with the matter. The 4.45% note was sold by unit Huarong Jinshang Asset Management Co., Bloomberg-compiled data show.Huarong declined to comment on both bond payments, the local AMC had no immediate comment and a call to the clearing house went unanswered.There have been wild swings in onshore and offshore debt sold by the state-run firm and its units over the past two weeks as investors grapple with a spate of conflicting reports over the possibility of losses for bondholders. There was also confusion over the nomination of Liang Qiang as president of Huarong. His appointment to the debt manager remains on track, people familiar with the matter have said. Caixin reported earlier this week that Liang didn’t accept the appointment.Huarong has been servicing its debt obligations since the firm delayed the release of its 2020 results at the end of March. The company has also reached funding agreements with state-owned banks to ensure it can repay the equivalent of $2.5 billion coming due through August.The firm has some $6.2 billion of local and offshore notes it needs to repay or refinance this year, including the domestic note maturing Sunday, Bloomberg-compiled data show. Huarong’s next bond maturity is a $900 million note due June 3, which is trading at about 99 cents on the dollar.(Adds $900 million bond to headline, first and second paragraphs)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.