China Huarong Asset Management Co., Ltd., China Construction Bank Corporation, China Great Wall Asset Management Corporation, and China Cinda Asset Management Co., Ltd. cancelled acquisition of 5.34% stake in AVIC Aero-Engine Controls Co., Ltd. from Guizhou Gaic Aviation Eletromechanism Co., Ltd.
January 04, 2018
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China Huarong Asset Management Co., Ltd. (SEHK:2799), China Construction Bank Corporation (SEHK:939), China Great Wall Asset Management Corporation, and China Cinda Asset Management Co., Ltd. (SEHK:1359) agreed to acquire 5.34% stake in AVIC Aero-Engine Controls Co., Ltd. (SZSE:000738) from Guizhou Gaic Aviation Eletromechanism Co., Ltd. for CNY 1.4 billion on January 5, 2017. Under the terms of the transaction, China Huarong Asset Management Co., Ltd. will acquire 28.37 million shares, China Cinda Asset Management Co., Ltd will acquire 20.17 million shares, China Construction Bank Corporation will acquire 10.67 million shares, and China Great Wall Asset Management Corporation will acquire 1.87 million shares. Guizhou Gaic Aviation Eletromechanism Co., Ltd. will sell 61 million shares in AVIC Aero-Engine Controls Co., Ltd. at the price of CNY 22.75 per share and reduce holding to 5% stake. State-owned Assets Supervision and Administration Commission of the State Council approved the transaction.
China Huarong Asset Management Co., Ltd. (SEHK:2799), China Construction Bank Corporation (SEHK:939), China Great Wall Asset Management Corporation, and China Cinda Asset Management Co., Ltd. (SEHK:1359) cancelled acquisition of 5.34% stake in AVIC Aero-Engine Controls Co., Ltd. (SZSE:000738) from Guizhou Gaic Aviation Eletromechanism Co., Ltd. on January 5, 2018.
China CITIC Financial Asset Management Co Ltd, formerly China Huarong Asset Management Co Ltd, is a China-based company mainly engaged in asset management business. The Company operates through three segments. Distressed Asset Management Operations segment is engaged in distressed asset management, debt equity swap asset management, the management of non-performing assets carried out by subsidiaries distressed asset management business conducted by its subsidiaries, distressed asset-based special situations investments business and distressed asset-based property development business. Financial Services segment is mainly engaged in financial leasing business. Asset Management and Investment Operations segment is mainly engaged in private equity funds business, financial investments business, international business, and other businesses.
China Huarong Asset Management Co., Ltd., China Construction Bank Corporation, China Great Wall Asset Management Corporation, and China Cinda Asset Management Co., Ltd. cancelled acquisition of 5.34% stake in AVIC Aero-Engine Controls Co., Ltd. from Guizhou Gaic Aviation Eletromechanism Co., Ltd.
CHINA CITIC FINANCIAL ASSET MANAGEMENT CO., LTD. 
