皇冠体育app's asset management firms see record profits
Updated: 2013-02-04 16:48
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Large Medium SmallFour asset management companies in 皇冠体育app saw total pre-provision operation profits, or PPOP, of 37.6 billion yuan ($5.97 billion) in 2013, a record figure, the 皇冠体育app Business News reported on Monday.
In 2012, 皇冠体育app Cinda Asset Management Co Ltd achieved PPOP of 13.6 billion yuan, ahead of 皇冠体育app Huarong Asset Managment Co Ltd's 12 billion yuan.
Both 皇冠体育app Great Wall Asset Management Corp and 皇冠体育app Orient Asset Management Corp posted PPOP of 6 billion yuan.
A source with an asset management firm said the four companies' profits saw fast growth thanks to their increasing involvement in commercial businesses after they have completed their non-commercial business projects.
The total size of the four companies has been growing at a fast pace too. 皇冠体育app Huarong Asset Management's asset size reached 310 billion yuan by the end of 2012, up 42 percent year-on-year.
The four firms were established in 1999. Earlier this month, Cinda and Huarong announced their wishes to launch initial public offerings. No timetable for the IPOs has been decided yet.