19 March 2020

The Fifth Nation-wide Asset Management Company in China

The CBIRC announced on 5 March 2020 in its website its approval on the conversion of Jiantou Citic Asset Management Company into a nation-wide financial asset management company with the new name of China Galaxy Asset Management Co., Ltd (“China Galaxy”). According to the approval, China Galaxy will complete its conversion and apply for business commencement within 6 months thereafter, making itself the fifth asset management company after over 20 years since the establishment of the big four nation-wide financial asset management companies in 1999. 

The recent years have witnessed a lot more diversification of players in the Chinese non-performing loan market, including more provincial or local financial asset management companies, the debut of financial asset investment companies owned by commercial banks, and the likely foreign invested asset management companies as committed by China in its trade dialogue with the US at the beginning of this year. The fifth nation-wide financial asset management company, although not one of its type, would change the Chinese non-performing loan market over time.

KWM acted as legal counsel of Jiantou Citic Asset Management Company in this matter and has provided full range of legal support to the client.

This project leads by Zhou Jie and Jiang Zhihui

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