China Great Wall Asset Management (Great Wall; Chinese: 中国长城资产):is a Chinese state-owned enterprise. The company is an asset management company that originated as a bad bank for the Agricultural Bank of China. It was one of the four asset management companies that the Government of China established in 1999 in response to the 1997 Asian financial crisis.
 | |
Native name | 中国长城资产管理股份有限公司 |
|---|---|
| Company type | State-owned enterprise |
| Industry | Financial services |
| Founded | 2 November 1999 |
| Headquarters | Beijing, China |
Key people | Li Junfeng (President) |
 CN¥22.7 billion (2021) | |
| CN¥−8.2 billion (2021) | |
| Total assets |  CN¥642.9 billion (2021) |
| Total equity | CN¥64.7 billion (2021) |
| Parent | Ministry of Finance National Council for Social Security Fund China Life Insurance Company |
| Subsidiaries | Great Wall Pan Asia Holdings |
| Website | www |
Background
editOn 2 November 1999, Great Wall was established by the Ministry of Finance to manage and process the non-performing loans of Agricultural Bank of China.[1][2][3][4][5][6][7]
In August 2016, Great wall acquired Armada Holdings from Kerry Media for HK$1.57 billion in cash. The company was renamed to Great Wall Pan Asia Holdings.[2][8]
In December 2015, Great Wall expressed interest in holding an initial public offering on the Hong Kong Stock Exchange.[9][3][4] However to this date, it has not progressed with the listing.
On 11 December 2016, Great Wall underwent restructuring to become a joint-stock company.[3][4][5]
In November 2017, Great Wall was part of a consortium that paid HK$23 billion to buy 17 shopping malls in Hong Kong from Link REIT.[2]
In July 2018, Great Wall received a capital injection of 12 billion yuan from National Council for Social Security Fund, two subsidiaries of China Re and China Life Insurance Company.[10]
In January 2021, Great Wall was fined 46.9 million yuan by the China Banking and Insurance Regulatory Commission for illegally providing external guarantees, inflating book profits and issuing too many performance awards.[11]
In April 2021, Great Wall put its 70% of its stake in Changsheng Life Insurance up for sale on the Shanghai United Assets and Equity Exchange. It had previously acquired the company in September 2009.[7]
In June 2022, Great Wall missed a second deadline to publish its 2021 annual report after it missed its original deadline on 30 April.[6]
In January 2024, Xinhua News Agency released a report stating there was a proposal to merge Great Wall, China Cinda Asset Management and China Orient Asset Management with China Investment Corporation. However this report was later removed.[12]
References
edit- ^ "Great Wall recovers 6.6b yuan of bad debt". South China Morning Post. 6 January 2007. Retrieved 24 June 2023.
- ^ a b c "Exclusive: Chinese bad debt processor among buyers of Link Reit's HK malls". South China Morning Post. 29 November 2017. Retrieved 24 June 2023.
- ^ a b c "China Great Wall, seeking IPO, enters 'new era' as a joint-stock firm". Reuters. 11 December 2016. Retrieved 24 June 2023.
- ^ a b c Weinland, Don (28 November 2017). "Banks invited to work on Great Wall's $2bn Hong Kong float". Financial Times. Retrieved 24 June 2023.
- ^ a b "China Great Wall Asset Management restructured as joint-stock company - Business - Chinadaily.com.cn". www.chinadaily.com.cn. Retrieved 24 June 2023.
- ^ a b "China Bad Bank Great Wall Misses Deadline to Report 2021 Result". Bloomberg.com. 30 June 2022. Retrieved 24 June 2023.
- ^ a b "Great Wall Offloads Insurance Unit as Asset Managers Ordered to 'Get Back to Basics' - Caixin Global". www.caixinglobal.com. Retrieved 24 June 2023.
- ^ "Armada bought by state investment firm China Great Wall Asset Management for HK$1.57b". South China Morning Post. 14 August 2016. Retrieved 24 June 2023.
- ^ "UPDATE 1-China Great Wall Asset Management plans to go public in 2017". Reuters. 24 December 2015. Retrieved 24 June 2023.
- ^ "Great Wall Asset Management Gets $1.79 Billion Investment - Caixin Global". www.caixinglobal.com. Retrieved 24 June 2023.
- ^ "China fines 7 state-owned financial institutions 199.5M yuan for violations". www.spglobal.com. Retrieved 24 June 2023.
- ^ Tan, Clement (29 January 2024). "China removes state media article on plans to merge bad debt asset managers with sovereign wealth fund". CNBC. Retrieved 1 June 2024.