Chinese bad-debt assets management company Huarong just showed the world how the Beijing authorities save troubled state-run companies that it deems too big to fail. China’s top distressed assets manager, state-owned China Huarong Asset Management Co., said on Aug. 19 that five state-owned financial institutions would invest in it after the company announced a net loss in 2020 of 102.9 billion yuan ($15.84 billion) late Wednesday. In the same announcement, the Beijing-based company listed its debt-to-assets ratio as 90.3 percent at the end of June 2020, with total assets valued at 1.73 trillion yuan ($266.6 billion) and total debt at 1.56 trillion yuan ($240.7 billion). Despite being in such a poor financial status, Huarong said it has no plans to restructure its debt. It said the bailout was from five state-run financial companies: CITIC Group, China Insurance Investment Co., China Life Insurance Assets Management Co., China Cinda Asset Management Co., …