BUZZ-China Cinda Asset Management hits all-time low on weak earnings outlook

Reuters07-25

** Shares of Chinese distressed asset management and financial services group China Cinda Asset Management fall 6.1% to HK$0.62, their all-time low since debut in December 2013

** Stock on track for biggest one-day pct decline since November 2022 if current losses hold; top pct loser in the Hang Seng Composite Index tracking financials stocks , which slips 0.6%

** Co expects its H1 net profit to drop 40%-50% Y/Y due to a decrease in its income from distressed debt assets at amortized cost amid changes in market conditions

** Co has also increased provision for credit risk amid changes in macroeconomic situation

** The Hang Seng Composite Index and the Hang Seng Index both fall 1.1%

** Stock down 19.2% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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