{"id":446511,"date":"2021-02-28T21:08:03","date_gmt":"2021-03-01T02:08:03","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=446511"},"modified":"2021-02-28T21:08:03","modified_gmt":"2021-03-01T02:08:03","slug":"china-renaissance-announces-positive-profit-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/china-renaissance-announces-positive-profit-update\/","title":{"rendered":"China Renaissance Announces Positive Profit Update"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n Expects to Record a 310.8% YoY Increase in Profit Attributable to Owners of the Company for the Year Ended December 31, 2020<\/span><\/i>\n <\/p>\n

\n HONG KONG<\/span>, March 1, 2021<\/span> \/PRNewswire\/ —\u00a0China Renaissance Holdings Limited<\/b> (“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 December 31, 2020<\/span>, the Company expects to record full-year 2020 profit attributable to owners of the Company of RMB1,013.8 million<\/span>, a 310.8% increase over the year ended December 31, 2019<\/span>. This positive profit update is largely attributable to an increase in operating profit from China Renaissance’s investment banking and investment management segments, combined with the Company’s effective control of operating expenses. <\/p>\n

2020 marked a groundbreaking year for China Renaissance, despite ongoing global macroeconomic uncertainty and challenging market conditions. China Renaissance’s strong profit increase over the prior year was largely driven by the increased profitability of the investment management business, which recorded robust investment gains and grew assets under management (“AUM”), and growth in the investment banking business due to increased activity and advisory fees. China Renaissance increased the number and significance of roles it held within the underwriting syndicate for landmark Hong Kong<\/span> and U.S. Initial Public Offerings (“IPOs”) during the year.\u00a0<\/p>\n

High-profile IPOs and follow-on offering transactions led by China Renaissance through December 31, 2020<\/span> include JD.com’s secondary listing on the Hong Kong Stock Exchange (“HKSE”), Beike Zhaofang’s IPO on the New York Stock Exchange (“NYSE”) and follow-on offering, Kuaishou Technology’s IPO on the HKSE, JD Health’s IPO on the HKSE, Pinduoduo’s latest ADR share issuance, Lufax’s IPO on the NYSE, ZTO Express’s secondary listing on the HKSE, and Pop Mart’s IPO on the HKSE. China Renaissance played a key role in 17 overseas IPOs and follow-on offering transactions for Chinese New Economy companies, with a total underwriting value of more than US$23.6 billion<\/span>. China Renaissance also advised on a number of private placement and M&A transactions for leading New Economy companies, including MGI Tech, NIO, MiningLamp Technology, Gome, Sohu, MissFresh, Zhenkunhan, XtalPi, Changyou, and Sougou.<\/p>\n

China Renaissance’s investment management business delivered solid performance in 2020. Huaxing Growth Capital, China Renaissance’s flagship PE investment fund, invested in a number of high growth companies such as MGI Tech, Pop Mart, Jiangxiaobai, AFIONA, Helios, HiRain Technologies and Insgeek. A number of portfolio companies of Huaxing Growth Capital completed IPOs over the past year, including Kuaishou Technology, Beike Zhaofang, Li Auto, Pop Mart, MicroPort CardioFlow Medtech, 17 Education and Technology, Dada Group and Ucloud. In addition, Huaxing Growth Capital closed its third USD fund of more than US$600 million<\/span>. As of December 31, 2020<\/span>, the total AUM of China Renaissance’s private equity investment management business had reached RMB39.0 billion<\/span>. <\/p>\n

A copy of China Renaissance’s Profit Update filed with the HKEX is available here: https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2021\/0301\/2021030100033.pdf<\/a><\/p>\n

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/china-renaissance-announces-positive-profit-update-301236989.html<\/a><\/p>\n

SOURCE China Renaissance Holdings Limited<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire Expects to Record a 310.8% YoY Increase in Profit Attributable to Owners of the Company for the Year Ended December 31, 2020 HONG KONG, March 1, 2021 \/PRNewswire\/ —\u00a0China 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 December 31, 2020, the Company expects to record full-year 2020 profit attributable to owners of the Company of RMB1,013.8 million, a 310.8% increase over the year ended December 31, 2019. This positive profit update is largely attributable to an increase in operating profit from China Renaissance’s investment banking and investment management segments, combined with the Company’s … <\/p>\n

Continue reading “China Renaissance Announces Positive Profit Update”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-446511","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nChina Renaissance Announces Positive Profit Update - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/china-renaissance-announces-positive-profit-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China Renaissance Announces Positive Profit Update - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire Expects to Record a 310.8% YoY Increase in Profit Attributable to Owners of the Company for the Year Ended December 31, 2020 HONG KONG, March 1, 2021 \/PRNewswire\/ —\u00a0China 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 December 31, 2020, the Company expects to record full-year 2020 profit attributable to owners of the Company of RMB1,013.8 million, a 310.8% increase over the year ended December 31, 2019. 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