There are two different definitions of asset divestiture in foreign academic circles:
One is a narrow method, which thinks that asset divestiture refers to a commercial behavior in which an enterprise sells its assets, product lines, operating departments and subsidiaries to a third party in order to obtain returns in the form of cash or stock or a mixture of cash and stock.
Broadly speaking, an asset management company replaces its high-quality assets with the non-performing assets of the parent company's headquarters and its subsidiaries, so that the good and non-performing assets are completely separated, but the premise is that the non-performing asset management company must have good assets that can be replaced, which requires the parent company to make overall arrangements on internal policies and enterprise resources.