China Renaissance Announces Positive Profit Update

    Expects to Record a 130% YoY Increase in Profit Attributable to Owners of the Company for the Six-Month Period Ended June 30, 2020

    HONG KONG, Aug. 5, 2020 /PRNewswire/ -- China Renaissance Holdings Limited ("China Renaissance" or the "Company"; stock code: 1911.HK) announced today that, based on the preliminary review of the unaudited consolidated management accounts of the Company for the six months ended June 30, 2020, the Company expects to record a profit attributable to owners of the Company of RMB407.4 million, a 130% increase over the corresponding period of 2019. This positive profit update is largely attributable to an increase in operating profit from China Renaissance's fast-growing investment management business segment, combined with the Company's continued focus on controlling operating expenses and other costs.

    During the first half of 2020, China Renaissance's core businesses – Investment Banking, Investment Management and Huajing Securities – delivered steady performance despite the ongoing global macroeconomic uncertainties and challenging market conditions:

    • Investment Banking: China Renaissance advised on a number of private placement and M&A transactions for leading companies across a number of sectors, including MGI Tech (Huada Zhizao), NIO, MiningLamp Technology, Gome, Sohu, MissFresh, Yimidida and Baibu. The Company also supported the initial public offerings ("IPOs") of, I-Mab Biopharma and Kintor Pharmaceutical.
    • Investment Management: Huaxing Growth Capital, China Renaissance's flagship PE investment fund, invested in a number of high growth companies such as MGI Tech (Huada Zhizao), Popmart, AFIONA, Helios and HiRain Technologies. In addition, Li Auto, a portfolio company of Huaxing Growth Capital, had a successful IPO on Nasdaq Global Select Market last month.
    • Huajing Securities: Huajing Securities, one of the first underwriters and sponsors for listed companies on the STAR market of the Shanghai Stock Exchange, currently has three STAR board IPO projects underway.

    A copy of China Renaissance's Profit Update filed with the HKEX is available here:

    Caishen.Co - Primary Data for China Secondary Investment and Stock Markets
    PR Newswire
    PR Newswire is the premier global provider of news release distribution and multimedia platforms that enable marketers, corporate communicators, sustainability officers, public affairs and investor relations officers to leverage content to engage with all their key audiences. Having pioneered the commercial news distribution industry since 1954, PR Newswire today provides end-to-end solutions to produce, optimize and target content – from rich media to online video to multimedia – and then distribute content and measure results across traditional, digital, mobile and social channels. Combining the world's largest multi-channel distribution and optimization network with comprehensive workflow tools and platforms, PR Newswire powers the stories of organizations around the world. PR Newswire serves tens of thousands of clients from offices in the Americas, Europe, Middle East, Africa and the Asia-Pacific region, and is a Cision company.