Bangxin Asset Management Co., Ltd., founded in 1994, is first the wholly-owned subsidiary of Bank of China, and then becomes its wholly-owned subsidiary after non-performing assets are delivered to COAMC. Moreover, Bangxin Asset is the only non-financial investment subsidiary of COAMC within the borders.
In order to further give play to the complementary advantages between financial function and non-financial platform of COAMC, Bangxin Asset removed to Beijing from Shenzhen in 2010, and its registered capital increased to 1.131 billion Yuan. In addition, it also ushered in the period of innovation and transformation in the strategic layout that COAMC comprehensively promoted business integration and commercialized transformation of all areas under its jurisdiction.
COAMC disposed a lot of non-performing assets and increased superior assets after receiving Bangxin Asset. Especially since removal to Beijing, Bangxin Asset actively seized opportunities, bravely accepted challenges, and continuously conducted effective reform, innovation as well as adjustment. Its network construction and internal control gradually improved, its workforce tended to be younger, special and market-oriented, its business type and asset size rapidly developed, and its profitability significantly enhanced. Therefore, Bangxin Asset has become one of the main profit contributors of COAMC.
Bangxin Asset Management Co., Ltd. (Bangxin Asset) is a wholly-owned subsidiary of China Orient Asset Management Corporation (COAMC). COAMC, founded in 1999, approved by the State Council and the People’s Bank of China and injected by the Ministry of Finance with an initial start-up capital of 10 billion RMB, is a wholly state-owned financial firm with independent corporate capacity. COAMC is one of China’s four asset management companies in the late 1990s, and belongs to the non-bank financial institution of central company with a mission of preserving state-owned assets, guarding again and resolving financial risks and promoting the reform of state-owned enterprises. Till the end of 2006, COAMC finished policy-related disposal task, and has begun commercialized transformation. At present, COAMC has successfully transformed from the policy-related financial institution that disposes the non-performing assets of bank singly to the comprehensive commercialized financial services group that operates independently, takes full responsibility for its own profits and losses and achieves sustainable development. It has a variety of financial services licence such as insurance, securities, trust, leasing, credit rating and asset management.
The service network of COAMC covers the whole country. It has set up 26 offices in capital cities of China, owns many companies within our borders including China United Insurance Holding Company, DONGXING SECURIRIES CO., LTD., DAYE TRUST CO., LTD., China National Foreign Trade Financial & Leasing CO., LTD., Bangxin Asset Management Co., Ltd., GLODEN CREDIT RATING INTERNATIONAL Co., Ltd., Bangxin Huirong Investment Holding Co., Ltd., and China Orient Bangxin Management Corporation, and has 10 holding companies outside our borders such as China Orient Asset Management (International) Holding Limited and DONG YIN DEVELOPMENT (HOLDINGS) Limited. COAMC distributes its agency networks in the insurance business networks of 24 provincial branches and more than 2000 branch offices, the securities trader agency networks of over 60 branch offices, the 22 small and micro-financial services networks of 20 capital cities, and the credit rating networks of 26 capital cities. Its business refers to non-performing asset management, investment bank, financial services, equity investment, private equity investment, industrial investment, credit enhancement and financial advisor, and it can provide financial services in different stages of growth of lifecycle for customers.