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Huarong's 2010 net profit surges 146%

(Xinhua)
Updated: 2011-01-27 10:14

BEIJING -- China Huarong Asset Management Corp (Huarong) announced Wednesday that its 2010 net profit soared 146 percent year on year.

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Huarong's net profit hit 2.018 billion yuan ($306.22 million) last year, said Lai Xiaomin, president of the company, at its annual meeting.

Lai mainly attributed Huarong's robust profit growth to its businesses with 800 major clients, which contributed 80 percent of its profits.

Founded in October 1999, Huarong is one of China's four state-owned asset management firms, including Cinda, Huarong, Great Wall and Orient.