China Great Wall Asset Management Co., Ltd. is a Chinese distressed asset management company headquartered in Beijing. It is a

state-owned enterprise A state-owned enterprise (SOE) is a business entity created or owned by a national or local government, either through an executive order or legislation. SOEs aim to generate profit for the government, prevent private sector monopolies, provide goo ...

. The company is an

asset management Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastr ...

company that originated as a

bad bank A bad bank is a corporate structure which isolates illiquid and high risk assets (typically non-performing loans) held by a bank or a financial organisation, or perhaps a group of banks or financial organisations. A bank may accumulate a large p ...

for the

Agricultural Bank of China The Agricultural Bank of China (ABC), also known as AgBank, is a Chinese partially state-owned multinational banking and financial services corporation headquartered in Beijing, China. It is one of the " big four" banks in China, and the second ...

. It was one of the four asset management companies that the

Government of China The government of the People's Republic of China is based on a system of people's congress within the parameters of a unitary communist state, in which the ruling Chinese Communist Party (CCP) enacts its policies through people's congresses. ...

established in 1999 in response to the

1997 Asian financial crisis The 1997 Asian financial crisis gripped much of East Asia, East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide eco ...

Background

On 2 November 1999, Great Wall was established by the

Ministry of Finance A ministry of finance is a ministry or other government agency in charge of government finance, fiscal policy, and financial regulation. It is headed by a finance minister, an executive or cabinet position . A ministry of finance's portfoli ...

to manage and process the

non-performing loan A non-performing loan (NPL) is a bank loan that is subject to late repayment or is unlikely to be repaid by the borrower in full. Non-performing loans represent a major challenge for the banking sector, as they reduce profitability. They are ofte ...

s of

. 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. In December 2015, Great Wall expressed interest in holding an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

on the

Hong Kong Stock Exchange The Stock Exchange of Hong Kong (, SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. It is one of the largest stock exchanges in Asia and the List of major stock exchanges, 9th largest globally by market ...

. 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 A joint-stock company (JSC) is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareho ...

. 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 Link Real Estate Investment Trust (, or ), previously known as The Link Real Estate Investment Trust (, or ), is a wholly-owned private real estate investment trust managed by Link Asset Management Limited. It is the first real estate investme ...

. In July 2018, Great Wall received a capital injection of 12 billion yuan from

National Council for Social Security Fund National may refer to: Common uses * Nation or country ** Nationality – a ''national'' is a person who is subject to a nation, regardless of whether the person has full rights as a citizen Places in the United States * National, Maryland, ...

, two subsidiaries of

China Re China Reinsurance (Group) Corporation () ("China RE") is one of the largest reinsurance groups in China. History and Company Background China Reinsurance Group, which is commonly referred to as China Re originated from the People's Insurance Co ...

and

China Life Insurance Company China Life Insurance Company Limited (short China Life, ) is a Beijing-headquartered China-incorporated company that provides life insurance and annuity products. China Life is ranked No. 94 on Fortune 2015 Global 500 Company list. and is China' ...

. In January 2021, Great Wall was fined 46.9 million yuan by the

China Banking and Insurance Regulatory Commission The China Banking and Insurance Regulatory Commission (CBIRC) was an agency of the State Council of China authorised to * Supervise the establishment and ongoing business activities of banking and insurance institutions. * Take enforcement action ...

for illegally providing external guarantees, inflating book profits and issuing too many performance awards. 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. In June 2022, Great Wall missed a second deadline to publish its 2021 annual report after it missed its original deadline on 30 April. In January 2024,

Xinhua News Agency Xinhua News Agency (English pronunciation: ),J. C. Wells: Longman Pronunciation Dictionary, 3rd ed., for both British and American English or New China News Agency, is the official state news agency of the People's Republic of China. It is a ...

released a report stating there was a proposal to merge Great Wall,

China Cinda Asset Management China Cinda Asset Management Co., Ltd., doing business as Cinda or China Cinda, is a Chinese distressed asset management company headquartered in Beijing. The corporation was founded as a state-owned enterprise and a bad bank for China Constru ...

and

China Orient Asset Management China Orient Asset Management Co., Ltd. is a . The company is an asset management company and a merchant bank originated as a bad bank for the Bank of China. The bank received shares from debt-to-equity swap of non-performing loans. It is a sta ...

with

China Investment Corporation China Investment Corporation (CIC) is a sovereign wealth fund that manages part of China's foreign exchange reserves. China's largest sovereign fund, CIC was established in 2007 with about US$200 billion of assets under management. In Mar ...

. However this report was later removed.

References

External links

* {{authority control Chinese companies established in 1999 Companies based in Beijing Financial services companies established in 1999 Government-owned companies of China Investment management companies of China 1999 in Beijing Asset management companies