China's distressed-asset managers see profits tumble amid coronavirus

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China's largest state-owned distressed-asset managers saw net profits plunge in the first half of the year due to the impact of the coronavirus outbreak and their move to shrink non-core business.

China Huarong Asset Management Co. Ltd warned that its net profits attributable to shareholders is expected to have tumbled by 90 - 95 per cent in the first six months of this year compared to a year earlier, according to a filing to the Hong Kong stock exchange on Wednesday.

That marks a sharp deterioration from the same period in 2019 . . .

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