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McLaughlin & Stern Signs Memorandum of Understanding with China Huarong Asset Management Corporation

Mon 10 December 2012 News Releases

On December 5, 2012, in Beijing, China, Qian Hu, the Partner and Chair of China Practice¬†for McLaughlin and Stern on the behalf of the firm, signed a Memorandum of Understanding with China Huarong Asset Management Corporation (“Huarong AMC”), one of four state-owned asset management corporations in China. Huarong AMC had a profit of 5 billion yuan (approximately $900 million US dollars) in 2011 and expects to produce a profit of 10 billion yuan (approximately $1.5 billion US dollars) in 2012. Huarong AMC’s total asset was approximately 246.3 billion yuan (approximately $40 billion US dollars) by June 2012.

By signing this Memorandum, Huarong AMC intends to develop a close and harmonious relationship that may lead to McLaughlin & Stern providing legal services to Huarong AMC as it develops businesses in the United States and Hong Kong area.