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The exact nature of the allegations against Lai remain unknown, but sources with knowledge of the matter said the investigation had slowed down operations at China’s largest asset management firm and forced it to be cautious about taking on new business. When a firm comes under investigation, “it’s possible that the efficiency of business will fall, which leads to a liquidity squeeze,” said Meng Shen, director of Chanson & Co, a boutique investment bank. Shortly after the investigation became public, Huarong asked one fund to return millions of dollars it invested only a few months earlier, citing liquidity issues, one person with knowledge of the matter said. The fund is trying to negotiate early payment of management fees in return for the early termination, the source said.
And a multi-year loan of just under 2 billion yuan ($296 million) to a medium-sized developer made by Huarong via a Shanghai branch of a trust firm this year is another deal the bad debt manager is trying to exit, said a second person with direct knowledge, Huarong has approached the developer directly and is currently trying to negotiate an early exit, citing liquidity issues, said the person, Since the investigation, the trust firm, which usually receives regular business from Huarong, has received red lighter cufflinks no new deals from the asset manager, he added..
In another instance, Huarong has been trying to offload some loans in Hong Kong, including its portion in a two-year HK$5.81 billion syndicated loan to Huge Group Holdings Limited, a major shareholder of China Grand Auto’s (600297.SS), again citing liquidity concerns, said two separate people with direct knowledge who have been approached as buyers. The loan was drawn down in August last year, the people added. Two other people have also been informed of Huarong’s liquidity concerns.
Huge Group did not respond to requests for comment, The sources declined to be named because they were not authorized to speak to the media, The investigation by China’s anti-corruption watchdog into Huarong’s ex-chairman Lai is expected to finish this month, two people said, Senior bank regulatory official Wang red lighter cufflinks Zhanfeng was confirmed as Huarong’s new chairman last month, At least two Huarong units in Hong Kong are seeking to reduce staff costs by cutting some employees’ pay by between 20 percent and 65 percent and not paying bonuses, said two people..
And many mainland employees have been asked to take an 18 to 20 percent pay hit and what was a monthly bonus will become a quarterly one, said two other people with knowledge of the issue. In June, Huarong said it would refocus on its core bad-debt business in a shift after years of overseas acquisitions ranging from a Hong Kong broker to a Chicago hotel. Divestments have already begun. In May, Chinese firm Northeast Pharmaceutical Group (000597.SZ) said that Huarong planned to unload a stake of up to 6 percent in the firm within six months.
(This story corrects company description in paragraph 3 in July 22 story.), By Noel Randewich, SAN FRANCISCO (Reuters) - Tariffs are starting to bite big manufacturers and Wall Street could get another bout of caution and uncertainty from major industrial companies when a swath of reports comes in over the next week, Investors are worried about the impact on earnings should the United States’ trade war with China and other major trading partners escalate, Deutsche Bank in June estimated that red lighter cufflinks an escalation of the dispute to include $200 billion of imports would hit earnings growth by 1-1.5 percent..
“If today’s political rhetoric intensifies and translates into actual protectionist policies, it will be a negative for all businesses in the U.S. and abroad, including ours,” Hamid Moghadam, chief executive of real estate investment trust Prologis, warned on a conference call on Tuesday. Manufacturers across the country are concerned about Washington’s recent trade policies, with some saying that uncertainty related to tariffs was already hitting them, according to anecdotes collected by the U.S. Federal Reserve in its Beige Book, released on Wednesday.
That is starting to show up in early reports by companies, Earnings from Honeywell International (HON.N), General Electric (GE.N) and Stanley Black & Decker (SWK.N) show companies facing higher costs due to already enacted tariffs, and uncertainty about tariffs on as much as $500 billion in Chinese goods threatened by Trump, GE said it expects tariffs on its imports from China to raise its costs by up to $400 million and Alcoa (AA.N) said the tariffs led to an extra $15 million in costs, Second-quarter corporate earnings seasons kicks into gear starting on Monday, with results on tap from companies including Corning (GLW.N), Ford Motor (F.N), 3M Co (MMM.N) and Boeing (BA.N), red lighter cufflinks which has fallen nearly 2 percent since the start of March..