With the accelerated opening-up of our financial sector and the gradual improvement of the establishment of AMC industry system in recent years, it is urgent to increase the two-way opening-up of AMC industry. The COVID-19 pandemic has brought great challenges to all aspects of the global economy and society. The global economy is facing negative growth and the asset quality is further deteriorating. Meanwhile, the rising number of non-performing assets also presents unprecedented opportunities for the asset management industry.
The theme salon of Opening-up of the AMC Industry and Investment Opportunities of the AMC Industry under the New Situation was successfully held from June 20 to June 21, 2020. This salon was jointly sponsored by the Qingtian County People’s Government, the Board of Directors of China AMC Development 50 Forum, Beijing Orient Bohai Asset Management Co., Ltd. and Beijing Guorong Orient Enterprise Management Consulting Co., Ltd.
Jointly initiated by four major financial asset management companies and 50 local asset management companies in July 2018, China AMC Development 50 Forum is one of the most influential non-government communication platforms in the AMC industry in China.
For more than one year since its establishment, the Forum has been shouldering the mission of resolving financial risks. The Council of the Forum has established cooperation with a number of overseas financial institutions and academic institutions, built an international training and exchange platform, organized multiple special seminars on non-performing assets, established private fund management companies for the investment and disposal of non-performing assets, and expanded the internationalization process of the non-performing asset industry. DongJu United Capital attended this salon as one of the Council members of China AMC Development 50 Forum.
This salon invited about 70 AMC industry elites from all over the country, including general managers of selected financial asset management companies and their provincial branches, local asset management companies, and social investment institutions, to gather in Qingtian to seek common development, discuss cooperation and create a future together.
At the salon, Chen Jianxiong, former executive director and vice president of China Orient Asset Management Co., Ltd., delivered a speech.
Mr. Chen first elaborated on the current situation of the NPA industry in China, especially after the outbreak of COVID-19; he then put forward policy suggestions on the four aspects involved in China’s AMC opening-up policy and the access conditions for foreign investment, and analyzed the regulatory thinking of China Banking and Insurance Regulatory Commission on the AMC industry; he concluded by pointing out the issues that need to be focused on in the process of opening up asset management companies to the outside world and sharing his own thoughts.
Next Li Weida, general manager of Zhejiang Zheshang Asset Management Co., Ltd., Kang Long, secretary of CPC Everbright AMC Committee and chairman of Everbright AMC, and other institutional representatives present, shared their ideas on and discussed a variety of topics from different perspectives. Among these topics were Major Problems Facing the Opening-up of AMC Industry and Relevant Policy Suggestions, Post-pandemic Investment Opportunities of the AMC Industry, Sharing and Discussion of AMC Industry Cases, Current Situation, Impact and Countermeasures of Foreign Institutions investing in non-performing assets.
Meanwhile, the delegates inspected the Qianxia Lake Health Care and Age Care Project and the World Intangible Cultural Heritage Project. According to the unanimous proposal of the institutional participants, the establishment of Qianxia Lake Asset Management Forum was proposed to provide a platform for the regular exchange, cooperation and communication of local asset management companies, as well as the exchange and service of practitioners.
At the initiation ceremony of Qianxia Lake Asset Management Forum, the conference participants signed the Initiative of Establishing Qianxia Lake Asset Management Forum, and said, “We are convinced that by establishing an effective cooperation mechanism, we can create a new win-win cooperation model for the local asset management industry and promote its sound and orderly development.”
DongJu United Capital has always upheld the development view of Openness, Self-discipline, Innovation and Mutual Learning, the cooperation view of Joint Discussion, Creation, Sharing and Win-win Cooperation, and the profit view of Compliance, Integration, Mutual Benefit and Inclusiveness promoted by the China AMC Development 50 Forum. Actively involved in the exchange and cooperation in the industry, DongJu United Capital has worked hard to embrace the new era, practice new ideas, and score new achievements with the industry players.
This salon has allowed DongJu United Capital to further understand the post-COVID-19 new situation, new challenges and new opportunities of the Chinese AMC industry amidst its opening-up, and gain more ideas for its subsequent corporate strategic layout. DongJu United Capital will continue to strengthen communication and consultation with the industry players to help build a sound and benign NPA industry ecosystem involving multiple participants.