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China Huarong Asset Management Co., Ltd. (A Joint Stock Limited Liability Company Incorporated in the People’S Republic of China) (Stock Code: 2799)

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China Huarong Asset Management Co., Ltd. (A Joint Stock Limited Liability Company Incorporated in the People’S Republic of China) (Stock Code: 2799) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. China Huarong Asset Management Co., Ltd. (A joint stock limited liability company incorporated in the People’s Republic of China) (Stock Code: 2799) 2018 Interim Results Announcement The board of directors (the “Board”) of China Huarong Asset Management Co., Ltd. (the “Company”) is pleased to announce the unaudited results of the Company and its subsidiaries for the six months ended June 30, 2018. The Audit Committee of the Board has reviewed the interim results. This results announcement complies with the relevant content requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to the preliminary announcements of interim results. The printed version of the 2018 interim report of the Company will be published and delivered to the holders of the H Shares of the Company and will be available for viewing on the websites of The Stock Exchange of Hong Kong Limited (www. hkexnews.hk) and the Company (www.chamc.com.cn) in September 2018. 1 Contents 1 Definitions 3 2 Corporate Information 7 3 Financial Summary 9 4 Management Discussion and Analysis 12 4.1 Economic, Financial and Regulatory Environment 12 4.2 Analysis of Financial Statements 14 4.3 Business Overview 32 4.4 Risk Management 35 4.5 Capital Management 40 4.6 Outlook 41 5 Changes in Share Capital and Information on Substantial Shareholders 42 6 Directors, Supervisors and Senior Management 45 7 Significant Events 47 8 Review Report and Condensed Consolidated Financial Statements 55 2 1 Definitions In this results announcement, unless the context otherwise requires, the following expressions have the following meanings: A Share(s) ordinary share(s) proposed to be issued by the Company under the A Share Offering and subscribed for in RMB A Share Offering the proposed initial public offering in the PRC and listing on the Shanghai Stock Exchange of not more than 6,894,742,669 A Shares of the Company AMC(s) the four asset management companies approved for establishment by the State Council, namely the Company, China Great Wall Asset Management Co., Ltd., China Orient Asset Management Co., Ltd. and China Cinda Asset Management Co., Ltd. Articles of Association or the articles of association of China Huarong Asset Articles Management Co., Ltd. as amended from time to time Board or Board of Directors the board of directors of the Company Board of Supervisors the board of supervisors of the Company CBIRC China Banking and Insurance Regulatory Commission CCDI and NSC Communist Party of China Central Commission for Discipline Inspection and the National Supervisory Commission China or PRC the People’s Republic of China, for the purpose of this results announcement, excluding Hong Kong, Macau Special Administrative Region of the People’s Republic of China and Taiwan Company China Huarong Asset Management Co., Ltd. debt-to-equity swap(s) or DES the practice of converting indebtedness owed by the obligors to equity 3 DES Assets (1) the equity assets that the Company acquired as a result of equity swaps of distressed debt assets of a number of medium and large state-owned enterprises according to national policy prior to its restructuring; (2) additional equities of the aforementioned enterprises the Company subsequently acquired as part of asset packages it purchased; (3) additional investments by the Company in the aforementioned companies; (4) equities the Company received in satisfaction of debt and assets the Company acquired through distressed asset management; and (5) the equity portfolio the Company received as part of its share capital when it was established in 1999 DES Companies the companies and enterprises whose distressed indebtedness held by the AMCs were swapped for equity Director(s) director(s) of the Company Domestic Share(s) ordinary shares in the share capital of the Company, with a nominal value of RMB1.00 each, which are subscribed for or credited as fully paid in Renminbi Excluded DES Companies has the meaning as defined in the Prospectus EURO the lawful currency of European Union Group or our Group or China Huarong Asset Management Co., Ltd. and its China Huarong subsidiaries H Share(s) ordinary shares in the share capital of the Company with a nominal value of RMB1.00 each, which are subscribed for and traded in Hong Kong dollars and listed on the Main Board of the Hong Kong Stock Exchange HK$ or HKD Hong Kong dollars, the lawful currency of Hong Kong Hong Kong or HK the Hong Kong Special Administrative Region of the PRC Hong Kong Stock Exchange or The Stock Exchange of Hong Kong Limited HKEX IFRS the International Accounting Standards (IAS), the International Financial Reporting Standards, amendments and the related interpretations issued by the International Accounting Standards Board 4 Listing Rules the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (as amended from time to time) MOF the Ministry of Finance of the PRC ( 中華人民共和國財政部 ) non-performing loan(s) or loan(s) classified as substandard, doubtful and loss under the NPL(s) five-category loan classification system (as applicable) adopted by financial institutions pursuant to applicable PRC guidelines OFAC the Office of Foreign Assets Control of U.S. Offshore Preference Shares has the meaning as defined in the circular of the Company Issuance Plan dated June 23, 2017 Offshore Preference Share the not more than 200 million (inclusive) preference shares Issuance of an aggregate amount of not more than RMB20 billion (inclusive) or its equivalent, proposed to be issued by the Company in the offshore market pursuant to the Offshore Preference Share Issuance Plan Central Bank the People’s Bank of China ( 中國人民銀行 ), the central bank of the PRC PRC GAAP generally accepted accounting principles in the PRC Prospectus the prospectus for the Company’s listing in Hong Kong dated October 16, 2015 Protection of State Secret Laws Protection of State Secret Law of the PRC (《中華人民共 和國保守國家秘密法》), Implementation Measures for the Protection of State Secret Law of the PRC (《中華人民共和國 保守國家秘密法實施條例》) and related laws and regulations Relevant Persons has the meaning as defined in the Prospectus Reporting Period the six months ended June 30, 2018 RMB or Renminbi Renminbi, the lawful currency of the PRC ROAA return on average assets ROAE return on average equity attributable to equity holders Securities and Futures Ordinance the Securities and Futures Ordinance (Chapter 571 of the Laws or SFO of Hong Kong) as amended from time to time 5 Share(s) ordinary shares in the share capital of the Company with a nominal value of RMB1.00 each, including H Shares and Domestic Shares Shareholder(s) holder(s) of the Share(s) State Council the State Council of the PRC ( 中華人民共和國國務院 ) Subject Companies has the meaning as defined in the Prospectus Supervisor(s) supervisor(s) of the Company U.S. or United States the United States of America US$ or U.S. dollar or USD United States dollars, the lawful currency of the United States Value Calculation has the meaning as defined in the Prospectus 6 2 Corporate Information Official Chinese name 中國華融資產管理股份有限公司 Chinese abbreviation 中國華融 Official English name China Huarong Asset Management Co., Ltd. English abbreviation China Huarong Legal representative Wang Cong (performing functions of the legal representative of the Company) Authorized representatives Wang Lihua, Li Yingchun Secretary to the Board Li Yingchun Joint company secretaries Li Yingchun, Ngai Wai Fung Registration address No. 8 Financial Street, Xicheng District, Beijing, China Postal code of place of registration 100033 Website www.chamc.com.cn Principal place of business in 40/F, Sunlight Tower, 248 Queen's Road East, Wanchai, Hong Kong Hong Kong Website of Hong Kong Stock www.hkexnews.hk Exchange for publishing the H Shares interim report Place for maintaining interim reports Board office of the Company available for inspection Place of listing of H Shares The Stock Exchange of Hong Kong Limited Stock name China Huarong Stock code 2799 H Share registrar Computershare Hong Kong Investor Services Limited (Address: Rooms 1712–1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong) Registration number of financial license J0001H111000001 7 Social Credit Code 911100007109255774 Legal advisor as to PRC Haiwen & Partners Law and place of business 20/F, Fortune Financial Center, 5 Dong San Huan Central Road, Chaoyang District, Beijing, China Legal advisor as to Hong Kong Kirkland & Ellis law and place of business 26/F, Gloucester Tower, The Landmark, 15 Queen’s Road Central, Hong Kong International accounting firm and Deloitte Touche Tohmatsu office address 35/F, One Pacific Place, 88 Queensway, Hong Kong Domestic accounting firm and Deloitte Touche Tohmatsu Certified Public Accountants LLP office address 30/F, Bund Center, 222 Yan An Road East, Shanghai, China 8 3 Financial Summary The financial information contained in this results announcement was prepared in accordance with IFRSs. Unless otherwise specified, the financial information herein is the consolidated financial data of the Group and denominated in RMB. For the six months ended June 30, 2018 2017 (unaudited) (unaudited)
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