Citic-led consortium to invest $6.6bn in China Huarong Asset Management.

Citic, a provider of financial services, advanced intelligent manufacturing, advanced materials, new consumption and new-type urbanisation, China Cinda Asset Management, a merchant bank and asset management company, and China Life Insurance, a provider of long-term individual and group life insurance policies, agreed to invest $6.6bn in China Huarong Asset Management, an asset manager. "It is of the view that the issuance is the only practical measure to solve the capital insufficiency difficulty of the company and to satisfy the regulatory requirement," Huarong.