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 JD.com, 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: https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0805/2020080501430.pdf