HONG KONG -- Embattled state-owned debt buyer China Huarong Asset Management received shareholder approval on Tuesday to exit a unit, restructure another and appoint a new executive director as it confronts its own default deadline.
The moves are intended to shore up Huarong's finances and refocus the company on its core business of buying and managing distressed debt from Chinese banks. The asset manager's shares in Hong Kong have been suspended since it failed to report its 2020 results at the end of March, which also sparked a rout of its bonds
