[ET Net News Agency, 22 October 2018] China Goldjoy Group Limited (01282) said it has
no fund transactions or business relationships with China Huarong Asset Management Co.,
Ltd. (02799) and its affiliates.
In addition, the company said its operating conditions remain normal with sufficient
cash flow and stable business development. In recent years, China Goldjoy has been
achieving steady development and a proven operating record in the areas of financial
services, automation, manufacturing, property investment and development.
Moreover in the first half of 2018, the group's turnover was HK$914 million, while net
profit was up 171% year-on-year to HK$244 million. As at 30 June 2018, the gearing ratio
was 28%.
Retired investment banker David Webb published an article on Friday, titled "The
Huarong-CMB network: 26 stocks not to own", which said China Goldjoy Chairman Yao
Jianhui's investments have been partly funded by an HK$800m loan from Huarong
International Financial Holdings Ltd (00993) and a US$62.3m loan from Huarong Investment
Stock Corp Ltd (02277). (KL)