Zhitong Financial APP learned that on August 31, 2023, China Renaissance Holdings Ltd. Co., Ltd. (01911) announced its interim results for the period ended June 30, 2023. The group's business bottomed out and its financial performance improved steadily. Total income and net investment income in the first half of 2023 were 610 million yuan (RMB, the same below), an increase of 19.3% over the same period last year, and losses during the period further narrowed compared with the same period last year.

The group has a sound balance sheet, actively maintains sufficient highly liquid assets and keeps its debt at a low level, so that it can flexibly cope with future market risks. By the end of the period, the group's cash and other highly liquid assets were as high as 4.04 billion yuan, and interest-paying debts accounted for only 6.9% of the total assets, providing protection for continued business operation and business opportunity expansion.

Investment management businessOn the other hand, the segment income and net investment income in the first half of 2023 were 330 million yuan, an increase of 77.1% over the same period last year. During the period, carried interest reached nearly 100 million yuan and net carried interest exceeded 25 million yuan, which continued to support the Group's financial performance. In the first half of 2023, the carried interest of the group continued to be included in the statement, laying a solid profit base. At the end of the period, the net carried interest of 900 million yuan has not yet been included in the statement, and it is expected to become one of the important sources of income from the asset management business in the future.

In the first half of 2023, the successful listing of Chalk Technology and Huizhiwei, the invested enterprises of the investment management business, provided a good exit opportunity for the group's funds, and further confirmed that the group's investment management business has the strong strength of going through the cycle and fighting risks.

Investment banking businessIn terms of the first half of 2023, thanks to the group's strategic positioning and layout in important areas of the new economy in previous years, the team made breakthroughs in the fields of new energy, hard science and technology, and advanced manufacturing. It completed financing projects such as Daqin Digital Energy, Tai Lan New Energy and Kuntian New Energy, and reaped bumper harvests in the field of general artificial intelligence. In hot areas such as pedestal model, AGI application, multimode, embodied intelligence and so on, there are a number of market leading companies' financing projects completed or in progress, and the new track layout shows results. In the first half of 2023, revenue from new energy, new materials and advanced industrial tracks accounted for 49% of the group's private equity business revenue, up from 3% in the same period last year, becoming a new source of income.

Huaxing SecuritiesSegment income and net investment income reached 120 million yuan in the first half of 2023, an increase of 217% over the same period last year. During the period, completed the Sanfang Lane convertible bond project and core love, momentum, Kunlun core and other hard science and technology financial consultant projects. In addition, the innovative securities brokerage business has also developed steadily, and the retail business has been strategically transformed. Duojin APP has more than 160000 registered users and customer assets of nearly 900 million yuan, a nearly three-fold increase over the end of 2022. Retail business is constantly exploring and improving the monetization model, and revenue is rising month by month, reflecting the trend of new revenue pillars.