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Approved by the State Council and the People’s Bank of China, and registered with the State Administration for Industry and Commerce as a wholly state-owned financial institution, COAMC was founded on October 15, 1999. COAMC has 25 branches and the registered capital is 10 billion RMB.
Business is to purchase, manage and dispose of the non-performing loans (NPLs) from the financial institutions and it also engages in investment banking business.
Over past years, COAMC has played an important role in many areas, including NPLs management and disposition, debt-to-equity swap, entrustment of risky financial institutions, etc. We also have |
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Through entrustment of risky financial institutions, we have addressed financial risk of Minfa Securities Co. Ltd, Qingtai Trust Investment Co. Ltd and Pan Asia Trust Co. Ltd, and solved many historical problems by liquidating Chinese enterprises operating overseas. We firmly remember our social responsibility and attach importance to maintaining social stability and constructing a harmonious society. We have supported corporate-system reform and restructuring of state-owned enterprises, and assisted them to settle down hundred thousands of employees. Both the speed and efficiency are enhanced in our NPLs disposal and we have tried every means to maximize the recovery and minimize the disposal cost.
There are 95% of employees in COAMC have the education level with college degree or above, nearly 500 employees own the professional certification such as CPA, lawyer, and so on, 30 of them have the qualification for higher management of securities company. Through our exploring practices in asset pricing and resolution strategies, we have built up a strong work team accomplished in NPLs’ operation and management, investment banking operations, which built a stable basement for commercial transformation and sustainable development.
Facing the new situation of transforming to commercial operation, surrounded concept transformation, mechanism transformation and operation transformation, COAMC establishes efficient-centered operational idea and the guideline of enterprise quality control management which is “scientific management, stable operation, knight service, innovative development”. We establish the incentive system of performance-guided, optimize organizational distribution, integrate operational process, and rationally distributeion. resources. We implement scientific and efficient internal control system and reinforce risk management to ensure stable operation.
To speed up the business transformation, COAMC initiatively turns to market, vigorously develops commercial business, and actively but also prudentially explores financial services with market demand. Recently, we have commercially purchased 250 billion NPLs from CCB, ICBC and BOC. Entrusted by the Ministry of Finance, we have taken 140-billion loss loans from BOC. At present, the asset size of COAMC is the largest among AMCs. The new securities company has been approved to establish and its future is promising. The layering structure trustees are successfully on the market, which are located in Guangzhou, Beijing, Tianjin and Nanjing. On Dec 18, 2006, COAMC issued the first asset backed securities in China, which named “Dongyuan No. 1” and based on NPLs in Liaoning Province. As a strategic investor, COAMC holds A-share stocks of ICBC and Bank of Communications, and has invested in shares of Jiangsu Bank. The book value of these investments has increased significantly.
Currently, we are aiming to achieve the expected operational goals by concentrating our strength on disposition of commercial purchased NPLs and operation of value-added projects. We will get start from commercial operation of NPLs, integrate resources according to areas with advantage, carry out investment banking business and other financial services with high market demand, gradually transform from business focus on NPLs to both of NPLs operation and other financial services. We continue improving our core competitiveness and strive to realize the transformation to a modern financial enterprise with strong and comprehensive operational capability.
With the most sincere attitudes, serious work styles and excellent services, we are expecting to create bright future together with partners from both domestic and overseas. |
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