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Time flies like an arrow. Since been approved by the State Council, China Orient Asset Management Corporation has born for nine years. In the past nine years, COAMC has been growing up from groping and gotten achievements by hard work. We have taken measures to fulfill the mission and successfully completed the task of policy-purchased NPLs cash recovery. Currently, we are pushing forward the transformation confidently and to welcome the new era of reform and development.
Over nine years, COAMC has played an important role in management and disposition of NPLs, debt to equity swap, entrustment of risky financial institutions, etc. We have explored in developing commercial business and accumulated rich experience in this field.
By acquiring NPLs, COAMC has supported shareholding reform of Bank of China, |
China Construction Bank, Industrial and Commercial Bank of China; through entrustment of risky financial institutions, we have address 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 the Chinese enterprises which operated overseas. We always remember our social responsibility, and attach importance to maintaining social stability and constructing a harmonious society; we support corporate-system reform and restructuring of state-owned enterprises and assist them to settle down hundred thousands of employees.
Through debt-to-equity swap, COAMC helps hundreds of state-owned enterprises reduce debts, make up the deficits and get surpluses; through dispatching director, supervisor and CFO, we promote the reform and development of state-owned enterprises, and also bring up a enterprise management team with rich experience.
Through NPLs disposal, COAMC has fulfilled the policy NPLs recovery target set by the government in advance by the end of June 2006. The recovery rate is satisfactory and the cost per 100 cash recovery is the lowest among AMCs. In recent years, the size of NPLs disposition and cash recovery of COAMC is increasing year by year. In 2006, total cash recovery has reached to 24-billion RMB and broke the historical record again.
Facing the new situation of transforming to commercial operation, surrounded concept transformation, mechanism transformation and operation transformation, COAMC has established efficient-centered operational idea and the guideline of enterprise quality control management which is “scientific management, stable operation, knight service, innovative development”. We have established the incentive system of performance-guided, optimize organizational distribution, integrate operational process, and rational distribute 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 turn to market, vigorously develop commercial business, actively and prudentially explore market demanded financial services business. Recently, we 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 amount 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 has issued the first asset backed securities in China, which named “Dongyuan No. 1” and based on the NPLs in Liaoning Province. As strategic investor, COAMC holds A-share stocks of ICBC and Bank of Communications, and invested in shares of Jiangsu Bank. The book value of these investments has increased significantly.
Currently, we are concentrating our strength on the disposition of commercial purchased NPLs and the operation of value-added projects, to ensure that the expectant operational goal could be successfully achieved. According to practice, we start from commercial operation of NPLs, integrate resources based on area with advantage, carry out investment banking business and other financial services with high market demand, transform from business mainly in NPLs management to both of NPLs management and development of other financial services, boost the core competitiveness, aim at transforming the entire company to modern financial enterprise with strong comprehensive operational power.
Just as an old Chinese saying that luck is always from orient, Orient Asset (COAMC) is a promising company with wide vision and great creativity, preparing to help you realize your dreams! We have sincere attitude, serious style of work and excellent service, expecting to create bright future with partners from domestic and overseas. Welcome more and more people of vision to cooperate with COAMC, and we will create glorious future in our lives. |
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