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China debt crunch

China Huarong warns of further delay to annual results

Distressed asset manager seeks to delay shareholders meeting as debt fears mount

HONG KONG -- China Huarong Asset Management has said it cannot estimate when it will publish its 2020 financial results and has proposed delaying its annual shareholders meeting, sparking fresh fears over the fate of the nation's biggest distressed asset manager and the risk it poses to China's financial system.

Huarong, which has more than $43 billion in bonds outstanding, said business operations were continuing as normal and it was continuing with auditors to finalize the accounts for 2020. It separately said it plans to sell its 79.6% stake in Huarong Zhongguancun Distressed Asset Exchange Center. It did not provide any other details.

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