Uncertainty continues to loom large for Huarong which has seen conflicting reports about the appointment of its president.
China Huarong Asset Management is on track to receive Liang Qiang as its new president, according to a «Bloomberg» report citing unnamed regulatory officials.
Liang’s recent promotion to president at rival bad debt manager Great Wall Asset Management doesn’t affect plans for his appointment at Huarong, the officials added.
Liang’s promotion was announced in January and approved this month.
Rejected Appointment?
The latest report contradicts previous reports by «Caixin» that Liang had not accepted the appointment to become Huarong’s president.
The role has remained vacant since former president Li Xin retired in November last year.
Ex-Huarong chairman Lai Xiaomin was executed in January this year over criminal charges including bribery. He was replaced in 2018 by Wang Zhanfeng.
Bad Debt Vet
Should Huarong’s appointment succeed, the troubled firm will welcome a bad debt veteran who has worked in three out of China’s four original players in the space.
In addition to Great Wall, he previously worked for China Orient Asset Management, China Cinda Asset Management alongside China Construction Bank.
