Huarong Q1 profits up by 75%

China Huarong Asset Management Co reported a 75 percent increase in first-quarter profits to 5.09 billion yuan ($82.3 million) on Tuesday as it quickens steps to introduce strategic investors in preparation for a listing.

Huarong, one of four asset management companies the government set up in 1999 to absorb toxic assets held by China's four biggest banks, said total assets and net assets were 432.9 billion yuan and 56.7 billion yuan, respectively, at the end of March.

Chairman Lai Xiaomin said Huarong will complete work as soon as possible on introducing strategic investors ahead of a public listing.

Reuters reported on April 9 that Goldman Sachs Group and US private equity firm Warburg Pincus are among the companies that have advanced to the next round of the sales process to buy a stake in Huarong. The report said Huarong is planning to sell a 15 to 20 percent stake to strategic investors.

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