China Renaissance Announces Positive Profit Update
HONG KONG,Aug. 5,2020 --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
