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in february last year, the disappearance of bao fan, the founder of huaxing capital, caused a sensation. the company later confirmed that bao fan was cooperating with the investigation of relevant chinese authorities, and huaxing capital’s shares have been suspended since march 31, 2023.

bao fan's wife becomes non-executive director; company resumes trading on monday

on the evening of september 6, china renaissance capital holdings announced on the hong kong stock exchange that, given that the board of directors believes that the company has met all the requirements of the resumption of trading guidelines, the company has applied to the hong kong stock exchange for the resumption of trading of the company's common shares from 9:00 a.m. on september 9, 2024.

china renaissance capital said that the company has published the audited 2022 annual results, 2023 annual results and unaudited 2024 interim results on september 5, 2024 in accordance with the requirements of the listing rules. the group has no unpublished financial results. as of the announcement date, the company has not received any notice that it is under investigation, nor has it been involved in any litigation proceedings related to these events.

the company has engaged hui yi international accounting company limited to carry out an agreed-upon process to assist the audit committee in assessing the impact of matters relating to the group’s audited financial statements for fy2022 and fy2023 on the group’s business operations and financial position. the board and the audit committee believe that the process has adequately addressed all issues relating to the matter.

on the same evening, huaxing capital also issued an announcement to replace non-executive directors: bao fan's wife xu yanqing was appointed as non-executive director, and sun qianhong resigned as non-executive director. the above changes will take effect from september 6, 2024.

loss of 73.822 million yuan in the first half of this year

according to the latest performance report released by huaxing capital on the evening of september 5, the company achieved total revenue and net investment income of 329 million yuan (rmb, the same below) in the first half of this year, a year-on-year decrease of 38.7%; the loss attributable to the owners of the company was 73.822 million yuan, a year-on-year narrowing of 59.02%; the basic loss per share was 0.15 yuan.

in the first half of 2024, the company's investment management business accounted for 37% of total revenue. the investment management team focuses on project exit and post-investment management, actively promoting mergers and acquisitions, old stock transactions and repurchases of investment projects; for projects with good development momentum, actively cooperate with the company in equity reform and declaration. during the period, the company managed funds withdrew a total of rmb 893 million. the company's fund return on investment (dpi) further increased with the continuous exit of projects. the rmb phase i, rmb phase ii, us dollar phase i, us dollar phase ii and medical phase i funds reported dpi of more than 100% at the end of the interim period in 2024. the total asset management scale at the end of the period was rmb 34.8 billion, of which the asset management scale that generated management fees was approximately rmb 17.4 billion. carried interest continued to be included in the table in the first half of 2024, continuing to support the company's performance. at the end of the reporting period, the cumulative unrealized carried interest was rmb 2.4 billion (unrealized net carried interest was rmb 700 million), of which more than half came from funds raised from 2013 to 2015, and it is expected to provide continuous support for future asset management business income and group performance.

during the reporting period, the fund's investment projects robosense, auto street and jingtai technology were successfully listed. in addition, during the reporting period, the company and rmb iv fund signed a settlement agreement, according to which rmb iv fund agreed to transfer the equity of 8 projects totaling rmb 790 million to the company to repay the outstanding investment amount owed by rmb iv fund to the company. according to the settlement agreement, the company can independently dispose of the equity of the project.

in 2024, the company's investment banking business will continue to face great market pressure. in line with the current environment, the investment banking business will adhere to the path of high-quality products, continue to cultivate and harvest the top customers in key tracks, and actively expand new business directions and products. the private equity financing business continues to maintain its advantages in agi-related fields, assisting top companies to complete multiple rounds of financing, while continuing to successfully capture the latest hot spots, and promoting multiple star projects in the fields of embodied intelligence and low-altitude economy to continue to complete financing. the merger and acquisition business, as a key business focus, has also achieved some results, and many projects are in the process of promotion and delivery. as the overseas ipo market of chinese concept stocks continued to be sluggish in the first half of 2024, the company's hong kong and us stock businesses actively expanded diversified capital market products, including atm additional issuance, de-spac listing, rto backdoor listing, private credit, convertible bonds, etc., so as to assist customers in successfully completing listing or financing in a severe market environment. at the same time, the investment banking team also maintains close communication with potential ipo customers in order to seize project opportunities when the market recovers.