Huaxing Capital (01911) total revenue and net investment income for the first half of 2024 amounted to 360 million yuan.

CR Holdings Limited (hereinafter referred to as "CICC," stock code: 01911) announced its unaudited interim results for the six months ended June 30, 2024 ("the period"). During the period, the company systematically exited fund investment projects to recover cash and strengthen the group's cash flow. CICC's total income and net investment income for the first half of 2024 amounted to 360 million yuan. At the same time, CICC actively repaid syndicated loans and essentially cleared all external debts, resulting in a relatively low overall debt level, with interest-bearing debts accounting for only 6.5% of the group's total assets. This not only reduces CICC's financial costs but also provides support for its future business expansion. In terms of investment management business, the asset management scale for the first half of 2024 was 34.8 billion yuan, with approximately 17.4 billion yuan in assets under management generating management fees. During the period, CICC focused on project exits and post-investment management, actively advancing mergers and acquisitions, secondary market transactions, and repurchases of investment projects. The total amount of fund exits managed by CICC during the period was 893 million yuan. Among them, RMB Fund I, RMB Fund II, USD Fund I, USD Fund II, and Medical Fund I all achieved a Distributed to Paid-In (DPI) ratio of over 100%. Excess returns continued to contribute to performance in the first half of 2024. During the period, accumulated unrealized carried interest amounted to 2.4 billion yuan, including 700 million yuan in net carried interest, with over half coming from funds raised between 2013 and 2015. On the other hand, CICC's asset management business has strategically positioned itself in the innovative economy, focusing on sectors such as technology, new energy, advanced manufacturing, healthcare, and new consumerism. Projects like ROBOSENSE, AUTOSTREETS, and JingTai Technology successfully went public in the first half of 2024. In addition, over ten investee companies of CICC are planning to go public by 2025 or earlier. In terms of investment banking business, the total revenue for investment banking in the first half of 2024 was 97.57 million yuan. During the period, CICC actively explored new business directions and products, successfully shifting its focus towards the tech sector, particularly in new energy, advanced manufacturing, and hard tech fields. CICC continues to lead in its advantageous areas of AI, providing financing services for top-tier enterprises. Moreover, the company is capturing emerging trends such as embodied intelligence and low-altitude economy, advancing multiple flagship projects continuous financing. CICC actively expanded diverse capital market products during the period, including ATM issuance, De-SPAC listing, reverse takeover listing, private credit, and convertible bonds, to assist clients in successful listings or financings. CICC Securities achieved stable operations during the period, with total revenue and net investment income for the first half of 2024 reaching 103 million yuan, accounting for 29% of the group's total revenue and net investment income. The company successfully attracted and executed several top projects in the hard tech sector. Institutional research revenue rose by 63% year-on-year in the first half of 2024, with proprietary investment income growing by 19%. Additionally, retail business revenue increased by 117%. The company's Huaxing Duoduo Jin APP has accumulated 130,000 registered clients, a 58% increase from the end of 2023. Chairman and Chief Executive Officer of CICC, Xie Yi Jing, stated: "Despite facing various difficulties and challenges, the overall business and operating conditions of the group remain stable, with a stable core team, steady core resources, and solid core assets. Looking ahead, CICC will not forget its original intention to serve new economy enterprises, anchor its main businesses in investment management and investment banking, continuously explore and discover excellent innovative economic projects with the ability to uncover the value of high-quality innovative economic assets, and support the growth and development of strategic emerging industries." Given that CICC has also simultaneously released the audited annual results for 2022 and 2023 today, the company will apply for resumption of trading on the Hong Kong Stock Exchange in the near future.