Previously, after the dissolution of Jilin assets, Jilin Province became the only province in China without licensed AMC, and this situation will soon change.
According to the announcement of the local finance bureau of Jilin Province, the Jilin provincial government has approved the establishment of Jilin Rong Sheng Asset Management Co., Ltd. (hereinafter referred to as Rong Sheng Assets), which is jointly funded by Jilin Jisheng Asset Management Co., Ltd. (hereinafter referred to as Jisheng Company) and Changchun Financial Holding Group Co., Ltd. (hereinafter referred to as Changchun Jinkong).
Rong Sheng Assets is located in Changchun City, Jilin Province, with a registered capital of 654.38 billion yuan. Among them, Jisheng Company paid 550 million yuan, accounting for 55% of the registered capital; Changchun Financial Holdings paid in RMB 450 million, accounting for 45% of the registered capital. Jisheng Company and Changchun Financial Holdings make capital contributions in cash, and the proportion of capital contributions is the paid-in amount.
According to the announcement, the business scope of Rong Sheng Assets is: acquisition, management and disposal of non-performing assets of financial enterprises; Acquisition, management and disposal of non-performing assets of other types of enterprises; Integrate, reorganize and operate the purchased non-performing assets; Operating, managing and disposing of entrusted assets; Converting creditor's rights into equity, and holding enterprise shares in stages; Raising and managing non-performing assets investment funds, restructuring funds and equity investment funds; Foreign equity investment and financial investment; Issuing bonds and borrowing from financial institutions; Asset securitization approved by relevant departments; Consulting and consultancy in finance, investment, law and risk management; Providing bankruptcy management and liquidation services; Other businesses approved by the provincial local financial supervision bureau.
It is worth noting that among the two major shareholders of Rong Sheng Assets, Jisheng Company is an unlicensed local AMC, which was established on 20 16, with a registered capital of 10 billion yuan and a main credit rating of AAA. According to public information, by the end of 20 19, Jisheng Company's total assets exceeded 300 billion yuan and its total operating income was about 4.5 billion yuan.
In addition, Jisheng Company has started to set up local AMC.
On July 13 this year, Jisheng Company announced that the Jilin Provincial Party Committee included Jisheng Company's efforts to obtain a financial asset management license in its annual work.
On July 15, Jisheng Company announced again that Jinsheng Assets recently held the first general meeting of shareholders and the first meeting of the first board of directors. The meeting reviewed and approved the establishment of Jilin Jinsheng Asset Management Co., Ltd. (hereinafter referred to as Jinsheng Assets). Kaixinbao information shows that the registered capital and shareholding structure of Jinsheng Assets are the same as those of Rong Sheng Assets.
Previously, after the dissolution of the first local AMC in Jilin Province, Jilin Province became the only province in China without a licensed AMC.
Things can be traced back to April this year, when the Supreme People's Court ruled that the retrial applications of Jilin Financial Assets Management Co., Ltd. (hereinafter referred to as "Jilin Assets") and Hongyun Group Co., Ltd. (hereinafter referred to as "Hongyun Group") were rejected and ordered to dissolve Jilin Assets.
Jilin Assets was established on 20 15, initiated by Jilin Financial Holding Group Co., Ltd. and Hongyun Group, with a registered capital of 10 billion yuan. Among them, Jilin Jinkong invested 200 million yuan, accounting for 20% of the registered capital; Hongyun Group invested 800 million yuan, accounting for 80% of the registered capital.
As for the reasons for the dissolution, the civil ruling stated that the Supreme People's Court believed that it was not improper for the first and second instance judgments to determine that Jilin had serious difficulties in asset management, which met the conditions for judicial dissolution.
Specifically, in terms of the company's operation, because the operating funds of Jilin Assets were unilaterally changed into loans by Hongyun Group Company and could not be recovered for a long time, the company's main business of bulk acquisition and disposal of non-performing assets could not be carried out normally, which also frustrated the purpose of the company's establishment and caused serious difficulties in the company's operation; In terms of the operation of the company's management mechanism, although there are contradictions between shareholders and serious difficulties in the company's operation, the wealth management company failed to convene a general meeting of shareholders and the board of directors to properly solve the existing problems, and the contradictions between shareholders and directors intensified, making it impossible to reconcile themselves. The mechanism of shareholders' meeting and board of directors has been unable to function normally.
In recent years, with the increasing downward pressure on the economy, the scale of non-performing assets in some areas has increased, and the number of local AMC has also surged. According to incomplete statistics, up to now, more than 60 local asset management companies have been established nationwide.
Some analysts pointed out that there are two major chaos behind the surge:
First, the business scope is not clear enough. Previously, the CBRC described the business scope of local AMC as "bulk acquisition and disposal of non-performing assets of financial enterprises", but did not elaborate on the specific business content;
Second, there is a lack of effective supervision. On the one hand, there are more and more local AMCs, but on the other hand, the specific supervision function of local AMCs is in the local financial supervision bureau, which lacks unified supervision regulations.
Since last year, local AMC has entered the rectification period. From July 2065438 to July 2009, the CBRC issued the Notice on Strengthening the Supervision and Management of Local Asset Management Companies, which made detailed provisions on local AMC from the aspects of registered capital, controlling shareholders and business scope, and set the risk bottom line for local AMC supervision.
In March, 2020, Sichuan Financial Supervision Bureau issued a notice saying that Sichuan regulators met with the main leaders and team members of Chengdu Yihang Asset Management Co., Ltd., an asset management company in the province, to conduct supervision talks.
In April, 2020, Beijing Financial Supervision Bureau issued "Guidelines for Supervision and Management of Local Asset Management Companies in Beijing (Trial)", which strengthened the requirements of entry threshold and business scope, and put forward requirements such as "the core Tier 1 capital adequacy ratio shall not be lower than 9%" in risk control.
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