Citic Group picks up 60% stake in China Huarong Financial Leasing for $1.65b

Citic Group picks up 60% stake in China Huarong Financial Leasing for $1.65b

The logo of China Huarong Asset Management Co is seen at its office in Beijing, China, April 16, 2021. REUTERS/Thomas Peter/File photo

Citic Group Corp. agreed to acquire a 60% stake in China Huarong Financial Leasing Co. Ltd. from China Citic Financial Asset Management Co. Ltd. for 12 billion yuan ($1.65 billion).