According to the news on March 6, the introduction of strategic investors by Cinda Asset Management Co., Ltd. (hereinafter referred to as "Cinda") was finally settled, and the total investment amount exceeded 10 billion yuan.
A person close to the investment said that Cinda is close to closing the investment. In addition to the social security fund investment, UBS, CITIC Capital and Standard Chartered Bank also invested in Cinda.
"Investment has been approved by the State Council and is going through the industrial and commercial procedures, and then the funds will be completed." The above-mentioned personage said.
Another person close to the transaction said that with this capital injection of Cinda, the social security fund contributed 8% of Cinda's valuation after the investment, and the three foreign companies accounted for 7% -8% of Cinda's valuation after the investment. After completing the capital injection, Cinda will launch the listing of A + H shares.
Because of its leading performance among asset management companies, Xinda is the first asset management company approved by the State Council to start commercial transformation, and is positioned as a modern financial services company that mainly disposes of non-performing assets. In June 2010, Cinda Corporation was established, and the Ministry of Finance became the sole shareholder of Cinda, and its registered capital was changed to 25.1 billion yuan.
Cinda ’s main business is the disposal of non-performing assets. Since its establishment more than ten years ago, its accumulated debt and equity (debt-to-equity) assets of resource companies and financial companies have provided Cinda with a stable dividend / interest income. "This part of income can reach 6 to 7 billion yuan per year." A person familiar with Cinda's business revealed.
In addition, Cinda acquired Jingu Trust through strategic reorganization and strategically invested in Xi'an City Commercial Bank, and gradually obtained a “full license†for finance. Cinda currently owns Huajian International Investment Co., Ltd., Cinda Investment Co., Ltd., Zhongrun Economic Development Co., Ltd., Cinda Australia Bank Fund Management Co., Ltd., Cinda Securities Co., Ltd., Happiness Life Insurance Co., Ltd. Direct subsidiaries such as Dada Property Insurance Co., Ltd., Golden Valley International Trust Co., Ltd. and Cinda Financial Leasing Co., Ltd.
"Investment institutions investing in Cinda mainly focus on the sustainability of their future non-performing asset disposal business, and it still takes time to nurture financial assets whose current ranking and scale are not high enough," said the person close to attracting investment.
Cinda was established in 1999, and is in parallel with Huarong, Great Wall and Dongfang four major asset management companies (AMC). These four companies have undertaken a huge amount of 1.4 trillion yuan of non-performing assets of the four state-owned banks of industry, agriculture, China, and construction in the form of central bank refinancing and targeted issuance of financial bonds. At the time of establishment, each AMC had a capital of 10 billion yuan, and the Ministry of Finance was the sole shareholder.
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