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China debt crunch

China's Huarong posts $24.5m first-half profit after annual loss

'Focus on the core business' in the second half, it says

The logo of China Huarong Asset Management is seen at its office in Beijing, China.    © Reuters

BEIJING (Reuters) - China Huarong Asset Management posted a 158.3 million yuan ($24.46 million) first-half profit following a deep 2020 loss and outlined plans to shore up its balance sheet in a Hong Kong exchange filing on Sunday.

In the second half of 2021, Huarong would actively "focus on the core business" and plans in the near future to dispose of subsidiaries with non-core business, it said.

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