Type state-owned enterprise Area served China Total assets 193 billion CNY (2012) Revenue 12.7 billion CNY (2012) Net income 3.8 billion CNY (2012) | Industry Financial services Operating income Headquarters Beijing Founded 1999 Subsidiaries Dongxing Securities | |
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Formerly called China Orient Asset Management Corporation Services merchant bank
asset management Owners Ministry of Finance of the People's Republic of China, National Council for Social Security Fund | ||
China Orient Asset Management Co., Ltd. is a Chinese state-owned enterprise. The company is an asset management company and a merchant bank originated as a bad bank for Bank of China. The bank received shares from debt-to-equity swap of non-performing loans.
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The corporation runs in two major business units since 2006, one for general commercial activities (Chinese: 商业化业务), one for the management of the shares that converted from non-performing loans (Chinese: 政策性不良资产处置业务), which was classified as assets under management.
In 2016 the corporation was re-incorporated as a joint-stock company with limited liabilities (Chinese: 股份有限公司): China Orient Asset Management Co., Ltd. (Chinese: 中国东方资产管理股份有限公司) from China Orient Asset Management Corporation (COAMC, Chinese: 中国东方资产管理公司). the National Social Security Fund and the Ministry of Finance were the shareholders. According to the company, as at 30 June 2016 the net assets stood at CN¥55.6 billion. The former non-performing assets under management were converted to share capital, raising from CN¥10 billion to CN¥55.363 billion.
History
Founded as a bad bank of Bank of China, Orient Asset also received Bank of China's asset management subsidiary Bangxin Asset Management in 2000, which itself was incorporated in 1994 as a subsidiary of BoC Shenzhen branch.