China Cinda Asset Management Co (HK:1359) has released an update.
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China Cinda Asset Management Co., Ltd., a major player in financial asset management, has issued a profit warning, anticipating a 40-50% decrease in net profit for the first half of 2024 compared to the previous year. This decline is attributed to challenging market conditions affecting income from distressed debt assets and increased provisions for credit risk. The company is focusing on high-quality development and risk management in key areas such as financial institutions, local government debt, and real estate, while highlighting that this information is based on unaudited accounts and subject to potential revision.
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