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HONG KONG, March 31, 2025 /PRNewswire/ -- China Renaissance Holdings Limited ("China Renaissance" or the "Group", stock code: 1911.HK) today announced its annual results for the year ended December 31, 2024 (the "Reporting Period"). Despite a challenging macroeconomic environment and a prolonged capital market downturn, the Group remained steadfast in its strategic direction, leveraging core business strengths. Through asset optimization, business transformation, and a focus on technology, China Renaissance achieved a significant rebound in operating performance. Total revenue and net investment gains were RMB 840 million for the year ended December 31, 2024, a year-on-year increase of 5.2%. Loss for the year attributable to owners of the Company narrowed to RMB 180 million, a decrease of 62.1% compared to the previous year. Meanwhile, the Group successfully repaid all external debt and maintained ample cash reserves, providing a solid financial foundation to support its future diversification strategy.
In October 2024, Ms. Hui Yin Ching was appointed Chairperson of the Board, leading China Renaissance's new management team on its "Renaissance 2.0" journey. Following the leadership reshuffle, the core team remained stable, the company's governance framework was further strengthened, and the organizational structure was optimized. This resulted in significantly improved strategic execution efficiency. Since the fourth quarter of 2024, the Group's revenue and operating profit have increased substantially compared to the first three quarters, with fourth-quarter total revenue accounting for 46% of the full-year revenue.
In 2024, China Renaissance's investment banking business recorded segment revenue and net investment gains of RMB 220 million, representing a year-on-year increase of 16.8%. The core growth drivers were the expansion of private placement advisory fees and breakthroughs in equity underwriting.
China Renaissance has maintained a leading position in private equity financing, with a strong presence in the broader technology sector. The Group has actively expanded into emerging fields such as embodied intelligence, low-altitude economy, advanced manufacturing, and hard technology, securing a dominant position in the AGI sector. During the reporting period, the Group successfully completed projects including Zhipu, ROBOTERA, Shengshu Technology, Fourier, and Galaxea. Amid a sluggish IPO market in Hong KongSAR and the U.S., China Renaissance Investment Banking proactively diversified its capital market product offerings, helping clients complete listings or financing deals despite the challenging environment. Revenue from the Hong KongSAR and U.S. equity businesses more than doubled year-on-year. During the reporting period, the Group acted as a joint sponsor for the Hong Kong IPO of RoboSense, a flagship project showcasing the synergy between China Renaissance and investment banks. The Group's M&A business also advanced in parallel with its investment banking operations, completing several landmark industry acquisition deals.
Investment Management Seizes Exit Opportunities and Drives New Fundraising Initiatives
During the reporting period, China Renaissance's investment management business achieved a significant breakthrough, recording an operating profit of RMB 126 million and contributing 38% of the Group's total revenue. In 2024, China Renaissance New Economy Fund was also recognized as an A-Class Fund Manager by the Insurance Asset Management Association of China.
By seizing market exit opportunities, China Renaissance actively advanced project exits and post-investment management, with total fund exit proceeds reaching RMB 3.2 billion. As exits continued, the fund's Distributions to Paid-in Capital (DPI) further improved. As of now, six out of ten flagship funds, along with several project funds, have achieved a DPI of over 100%. In 2023 and 2024, portfolio companies including Fenbi, Smarter Micro, RoboSense, and Autostreets successfully went public, demonstrating the high quality of China Renaissance's investment portfolio, which focuses on smart industries and innovative economy sectors. The Group also actively explored non-IPO exit strategies, further expanding its investment footprint. On the fundraising front, China Renaissance maintained strong relationships with Limited Partners (LPs) and steadily advanced new fund fundraising initiatives.
China Renaissance Securities Achieves Significant Efficiency Gains with Strong Retail Growth
During the reporting period, China Renaissance Securities maintained steady operations, recording segment revenue and net investment gains of RMB 250 million, accounting for 30% of the Group's total revenue and net investment gains.
The Huaxing Duoduojin App, the Group's flagship retail platform, saw 390 thousand registered users, marking a 95% increase from the end of 2023. The number of new clients grew rapidly, rising by 208% year-on-year, while total client assets increased by 146% compared to the end of 2023. Despite a tightening market environment, China Renaissance Securities continued to strengthen its industry position by driving several leading hard technology projects, providing consistent financing services to "Specialized, Refined, Differentiated, and Innovative" (SRDI) enterprises. During the reporting period, China Renaissance Securities successfully completed projects including Wanchen Group's private placement, Golden Phoenix's NEEQ listing, and private equity financing for Calterah Semiconductor and Kunlunxin.
Hui Yin Ching, Chairperson of the Board of China Renaissance, commented: "2024 marked the first year of China Renaissance's deep strategic realignment. By focusing on three key pillars- technology enablement, business matrix restructuring, and organizational efficiency enhancement- we have established a foundation for sustainable growth in financial health, client quality, and innovation reserves. Currently, our investment banking business maintains a leading edge in the innovation economy, while our investment management business continues to break through with its profitable model. The synergistic effect of China Renaissance Securities' diversified business matrix has further strengthened our differentiated competitive advantage. Looking ahead, we will continue to focus on the 'Technology + Industry' strategy, deepening our presence in the AGI and embodied intelligence sectors, while expanding our M&A and cross-border business. While consolidating our existing businesses, we will actively explore the Web 3.0 and cryptocurrency asset sectors to lead the development of innovative technologies. At the same time, we will continue to enhance post-investment management and risk control, improving asset operation efficiency. With a solid financial structure, innovative business models, and professional service capabilities, the Group is committed to seizing market opportunities and creating long-term value for our shareholders."
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