|
|
|
|
|
HONG KONG, July 22, 2010 - (ACN Newswire) - Cinda International Holdings Limited's ("Cinda International" or the "Company"; stock code: 111) parent company, China Cinda Asset Management Corporation, formally completed their transformation and changed their name to China Cinda Asset Management Co., Ltd ("China Cinda") on July 16. As a trial to the transformation of shareholding structure of financial asset management Company, China Cinda was changed to a company limited by shares from the former state-owned limited liability company upon completion of the transformation. It will introduce domestic and overseas strategic investors in due course to issue and to seek listing of its shares in domestic and overseas markets when appropriate.
China Cinda was approved by the State Council and the Ministry of Finance act as the exclusive promoter in the formation of the limited company. China Cinda has achieved good profit since its inception and as a result the company's registered capital has increased to RMB25.1 billion, which is an increase of 1.5 times compared to the original RMB10 billion. As a wholly-owned company, the Ministry of Finance legally exercises the rights and obligations in China Cinda on behalf of the state.
China Cinda was the first financial assets management company established by the Chinese government in April 1999 with the aim to defend the Asia financial crisis, to reduce the risks of non-performing assets and to safeguard the stability of the financial system. During the past ten years, China Cinda has contributed significantly in providing support in the transformation and listing of state-owned commercial banks, mitigating financial risks and preserving market order. China Cinda has been assigned and acquired non-performing assets accumulating to RMB1,400 billion (including principal and interest), representing a 40% market share. It has recovered RMB234.6 billion in dealing with the non-performing assets, recording a cash recovery rate of 29% and took lead in terms of major operating indexes among peers. China Cinda recorded total profit of over RMB3 billion in the year 2009. The non-performing assets came from China Development Bank, China Construction Bank, Bank of China, Industrial and Commercial Bank of China and Bank of Communications.
China Cinda's subsidiaries are located across 29 major cities in China. China Cinda has also gradually developed a diversified business portfolio with business on non-performing assets as its core and coupled with business in securities, fund, insurance, custody and financial leasing, consequentially a platform of diversified business each having it synergy with others are operative.
After completing the transformation, China Cinda will strengthen its assets management and financial services businesses, enlarge its business scope, enhance its management and operation transparency, and further improve risk management without losing focus of non-performing assets business. With non-performing assets as its core business, China Cinda is committed to grow into an integrated and international financial group featuring financial services and assets management as its major business developments.
After the restructuring is completed, China Cinda will bring in strategic investors to enhance its shareholding structure, strengthen the development of its business platforms, diversify its existing business and increase competitiveness. Cinda International, as the major arm of China Cinda outside the Mainland, shoulders the mission of contributing in worldwide finance industry by working as a gangway to the global market for China Cinda. With the strong background of our parent company, Cinda International will strive to expand our business around the world to maximize the synergy effect, focus on providing comprehensive financial services.
Through successful acquisition by China Cinda Asset Management Corporation on 27 November 2008, Hantec Investment Holdings Limited was renamed Cinda International Holdings Limited (HKEx Stock code: 111). In August 2009, Cinda International raised net funds of approximately HKD164 million for general working capital purposes through share placements. In the same year in December, Cinda International successfully acquired 40% interest in Sino-Rock Investment Management Company Limited to lay the foundation for fund management. The performance in 2009 had improved to positive from the loss in 2008. After the successful transformation, China Cinda will have plenty room for development and will also help Cinda International to build up a good international base.
Contact:
Wonderful Sky Financial Group Limited
Cherry Qiu
E-mail: cherryqiu@wsfg.hk
Erica Liu
E-mail：ericaliu@wsfg.hk
Olivia Davidson
E-mail：oliviadavidson@wsfg.hk
Tel: +852 2851 1038
Fax: +852 2815 1352
Topic: Shareholders Meeting
Source: Cinda International
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
|
