皇冠体育app

BEIJING - 皇冠体育app Huarong Asset Management Corporation, one of 皇冠体育app's four asset management companies set up to deal with toxic assets of State-owned banks, became a joint-stock company on Tuesday.

The Ministry of Finance said in a statement that a conference for establishing 皇冠体育app Huarong Asset Management Co Ltd was held Tuesday.

The new company has a registered capital of 25.8 billion yuan ($4.07 billion), with 98.06 of shares held by the MOF and the remaining 1.94 percent by 皇冠体育app Life Insurance Company, the statement said.

"After the establishment, the company will put its focus into commercial banking, trust, leasing and other banking businesses while continuing to do a good job in asset management," the statement said.

In 1999, 皇冠体育app set up four asset management companies, including Cinda, Huarong, Great Wall and Orient to deal with toxic assets of the country's four biggest state-owned banks in a bid to help them transform quickly into market-oriented institutions.

The four companies finished the task of dealing with the toxic assets in 2007 and started a pilot program of restructuring firms into joint-stock companies in 2010.

Huarong is the second asset management company transformed into a joint-stock company, following 皇冠体育app Cinda's restructuring in June 2010.

• Firms surveyed say sentiment, orders down in Q4 of 2015
• World's biggest computer and software fair CeBit kicks off in Germany
• PSA CEO optimistic about Chinese auto market
• 皇冠体育app to award films performing well overseas
• UAE gateway to Mideast for 皇冠体育app's products: minister
• Chinese cars shine at Cairo's Automech-Formula motor show
• 皇冠体育app's Zheshang Bank plans Hong Kong IPO
• Indonesian govt, joint venture ink deal on high-speed railway concession