China Great Wall Asset Management

China Great Wall Asset Management (Great Wall; Chinese: 中国长城资产):is a Chinese state-owned enterprise. The company is an asset management company that originated as a bad bank for the Agricultural Bank of China. It was one of the four asset management companies that the Government of China established in 1999 in response to the 1997 Asian financial crisis.

China Great Wall Asset Management Co., Ltd.
Native name
中国长城资产管理股份有限公司
TypeState-owned enterprise
IndustryFinancial services
Founded2 November 1999 (1999-11-02)
HeadquartersBeijing, China
Key people
Li Junfeng (President)
Decrease CN¥22.7 billion (2021)
Decrease CN¥−8.2 billion (2021)
Total assetsIncrease CN¥642.9 billion (2021)
Total equityIncrease CN¥64.7 billion (2021)
ParentMinistry of Finance
National Council for Social Security Fund
China Life Insurance Company
SubsidiariesGreat Wall Pan Asia Holdings
Websitewww.gwamcc.com

Background

On 2 November 1999, Great Wall was established by the Ministry of Finance to manage and process the non-performing loans of Agricultural Bank of China.[1][2][3][4][5][6][7]

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.[2][8]

In December 2015, Great Wall expressed interest in holding an initial public offering on the Hong Kong Stock Exchange.[9][3][4] 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.[3][4][5]

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.[2]

In July 2018, Great Wall received a capital injection of 12 billion yuan from National Council for Social Security Fund, two subsidiaries of China Re and China Life Insurance Company.[10]

In January 2021, Great Wall was fined 46.9 million yuan by the China Banking and Insurance Regulatory Commission for illegally providing external guarantees, inflating book profits and issuing too many performance awards.[11]

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.[7]

In June 2022, Great Wall missed a second deadline to publish its 2021 annual report after it missed its original deadline on April 30.[6]

References
  1. "Great Wall recovers 6.6b yuan of bad debt". South China Morning Post. 2007-01-06. Retrieved 2023-06-24.
  2. "Exclusive: Chinese bad debt processor among buyers of Link Reit's HK malls". South China Morning Post. 2017-11-29. Retrieved 2023-06-24.
  3. "China Great Wall, seeking IPO, enters 'new era' as a joint-stock firm". Reuters. 2016-12-11. Retrieved 2023-06-24.
  4. Weinland, Don (2017-11-28). "Banks invited to work on Great Wall's $2bn Hong Kong float". Financial Times. Retrieved 2023-06-24.
  5. "China Great Wall Asset Management restructured as joint-stock company - Business - Chinadaily.com.cn". www.chinadaily.com.cn. Retrieved 2023-06-24.
  6. "China Bad Bank Great Wall Misses Deadline to Report 2021 Result". Bloomberg.com. 2022-06-30. Retrieved 2023-06-24.
  7. "Great Wall Offloads Insurance Unit as Asset Managers Ordered to 'Get Back to Basics' - Caixin Global". www.caixinglobal.com. Retrieved 2023-06-24.
  8. "Armada bought by state investment firm China Great Wall Asset Management for HK$1.57b". South China Morning Post. 2016-08-14. Retrieved 2023-06-24.
  9. "UPDATE 1-China Great Wall Asset Management plans to go public in 2017". Reuters. 2015-12-24. Retrieved 2023-06-24.
  10. "Great Wall Asset Management Gets $1.79 Billion Investment - Caixin Global". www.caixinglobal.com. Retrieved 2023-06-24.
  11. "China fines 7 state-owned financial institutions 199.5M yuan for violations". www.spglobal.com. Retrieved 2023-06-24.
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