China Great Wall Asset Management missed a second deadline to publish its 2021 annual report, renewing concerns about the health of the nation’s state-controlled bad debt managers, which roiled the Asian credit market a year ago, reports Bloomberg.
The company failed to finalize valuation of some unspecified transactions before Thursday’s deadline, Great Wall said in a statement to the National Interbank Funding Center. The Beijing-based firm previously missed an April 30 deadline set by China’s regulators for onshore bond issuers, citing the need to confirm figures for some projects. The firm reiterated on Thursday that operations are normal.
The situation is reminiscent of a crisis at bigger rival China Huarong Asset Management Co., where an unexpected delay in publishing its annual report last year spooked global investors and sent Chinese government-owned borrowers’ bonds tumbling. Huarong eventually received a RMB 42 billion ($6.3 billion) state-orchestrated bailout after revealing a record loss of RMB 102.9 billion for 2020.
You must log in to post a comment.