Core Viewpoint - The article discusses the appointment of Xiang Dang as the new chairman of China Great Wall Asset Management Co., Ltd., highlighting his extensive experience and risk management approach in the asset management industry [1][2]. Group 1: Leadership Transition - Xiang Dang will officially take over the chairman position after the retirement of the previous chairman, Li Junfeng, in December 2024, leading an asset management company with over 600 billion yuan in assets [1]. - Xiang Dang holds a Ph.D. in Technology Economics and Management from Chongqing University and has over 26 years of experience in the financial asset management sector [1]. Group 2: Professional Background - Xiang Dang began his career in 1999 at China Cinda, where he held various positions, accumulating significant frontline experience [1]. - From 2010 to 2019, he progressively advanced within the China Cinda system, eventually becoming the president assistant before joining Great Wall Asset Management as vice president in 2020 [1]. Group 3: Management Style and Team - Xiang Dang is known for his stable and pragmatic work style, focusing on business quality and recovery effectiveness rather than merely pursuing scale and profit [2]. - The management team of Great Wall Asset has been clarified post-adjustment, including key figures such as Hu Yongkang and Wang Chengwei [2]. Group 4: Company Overview - Great Wall Asset is one of the five national financial asset management companies, established in December 2016 with a registered capital of 46.8 billion yuan [3]. - The company has a service network across 30 provinces, autonomous regions, municipalities, and Hong Kong, with 32 subsidiaries and 8 holding companies [3].

Core Viewpoint - China Great Wall Asset Management Co., Ltd. has appointed a new chairman, Xiang Dang, who will take over from the retiring chairman Li Junfeng in December 2024, overseeing an asset management company with over 600 billion yuan in assets [1][2]. Group 1: Leadership Transition - Xiang Dang, with a PhD in Technology Economics and Management from Chongqing University, has over 26 years of experience in the financial asset management industry [1]. - His career began in 1999 at China Cinda, where he held various positions, gaining extensive frontline experience [1]. - Xiang has progressively advanced within the China Cinda system before joining Great Wall Asset in 2020 as Vice President and later becoming President in 2022 [1]. Group 2: Management Style and Philosophy - Xiang is known for his stable and pragmatic work style, emphasizing quality and recovery effectiveness over mere scale and profit [2]. - His risk awareness and cautious approach have been instrumental in managing high-risk operations without incidents during his tenure in Chongqing [2]. - Since joining Great Wall Asset, he has integrated his risk philosophy into the company's operations and management, leading to a more cohesive and mature management style [2]. Group 3: Company Overview - Great Wall Asset is one of the five national financial asset management companies, established in December 2016 with a registered capital of 46.8 billion yuan [2]. - The company was formed from the former China Great Wall Asset Management Company, which was approved by the State Council in 1999 [2]. - Great Wall Asset has a nationwide service network covering 30 provinces, autonomous regions, municipalities, and Hong Kong, with 32 branches and 8 holding companies [3].

Core Viewpoint - The article discusses the recent personnel changes within the China Investment Corporation (CIC) system, particularly focusing on the appointment of Liu Yuanzhang to key positions in China Orient and China Insurance Group, highlighting the implications for the insurance industry and the management of state-owned financial assets [1][2][5]. Group 1: Personnel Changes - Liu Yuanzhang has been appointed as a member of the Party Committee and is set to become the Vice President of China Orient, while also taking on the role of Party Secretary and proposed Chairman of China Insurance Group [2][5]. - Prior to this appointment, Liu Yuanzhang had a long tenure at China Reinsurance, where he held various senior positions, including Assistant President and Secretary of the Board [3][4]. Group 2: Company Background - China Reinsurance is a central financial enterprise, with the Ministry of Finance holding 11.45% and Central Huijin holding 71.56% of its shares [4]. - China Orient has recently become part of the CIC system, with Central Huijin acquiring all shares held by the Ministry of Finance, resulting in a 71.55% ownership stake [4]. Group 3: China Insurance Group - China Insurance Group, founded in July 1986, is one of the 13 major insurance holding companies in China, with China Orient holding a 51.746% stake [5]. - The actual controller of China Insurance Group has shifted from the Ministry of Finance to Central Huijin, but the company maintains its status as a state-controlled insurance group [5]. - As of the end of 2024, China Insurance Group has a registered capital of 15.31 billion and total assets of 119.46 billion, with a stable market share and original premium income of 73.37 billion [5][6].

Core Viewpoint - Recently, Shanghai Pudong Development Bank (SPDB) has received increased shareholding from China Orient Asset Management Co., Ltd. (Orient Asset), which may position Orient Asset among the top five shareholders of SPDB and secure a board seat for them [2][4]. Group 1: Shareholding Details - Orient Asset acquired shares through the secondary market, increasing its ordinary shares from 93,865.40 million shares (3.03% of total ordinary shares) as of September 19 to 107,299.96 million shares (3.44%) by September 29, along with holding 860 million convertible bonds [4]. - The current major shareholders of SPDB include Shanghai International Group (29.09%), Fude Life Insurance (20.04%), and China Mobile Guangdong (17.63%), with Orient Asset potentially surpassing the 3.03% stake held by Xinda Asset [4][9]. Group 2: Board Appointment - The SPDB board has agreed to nominate Ms. Ji Hongmei, recommended by Orient Asset, as a candidate for the board, pending regulatory approval for her qualifications [4]. Group 3: Recent Trends in AMC Investments - The trend of Asset Management Companies (AMCs) increasing their stakes in banks has been notable, with Xinda Asset previously investing over 10 billion yuan in SPDB through convertible bonds, also securing a board seat [2][8]. - Other AMCs, such as Great Wall Asset, have similarly increased their holdings in banks like Minsheng Bank and China Construction Bank, indicating a broader strategy among AMCs to invest in undervalued state-owned bank stocks [11][12]. Group 4: Financial Implications - AMCs are attracted to bank shares due to their potential for significant contributions to current and future profits, as well as the ability to improve financial statements through equity method accounting [13]. - The stable operations and dividend policies of bank stocks, combined with their low valuations, enhance their appeal for asset allocation amid a backdrop of "asset scarcity" [13].

Core Viewpoint - Asset Management Companies (AMCs) are actively increasing their stakes in banks, indicating confidence in the banking sector's future performance and a strategic move to enhance their influence within these institutions [1][4]. Group 1: AMC Activities - China Orient Asset Management Co., Ltd. has increased its stake in Shanghai Pudong Development Bank (SPDB) through the purchase of common shares and convertible bonds, raising its ownership from approximately 3.03% to 3.44% [2]. - China Cinda Asset Management Co., Ltd. has also increased its stake in SPDB via convertible bonds, entering the top ten shareholders with a holding of about 3.01% [2]. - Other banks, such as China Everbright Bank and Bank of China, have also seen similar stake increases from AMCs this year [1]. Group 2: Board Representation - Following the increase in shareholding, China Orient Asset has sought a board seat at SPDB, nominating Ji Hongmei for a director position, pending shareholder approval [2]. - Similarly, after increasing its stake, Cinda Investment's chairman was nominated and approved as a director at SPDB [2]. Group 3: Financial Implications - The intensive stake increases by AMCs coincide with the upcoming maturity of SPDB's convertible bonds, which are set to mature on October 27, 2023, with a conversion rate of 50.86% as of September 30 [3]. - The actions of AMCs are expected to bolster SPDB's core tier one capital, alleviating capital adequacy pressures [3][7]. Group 4: Strategic Considerations - Experts suggest that AMCs' investments in bank stocks are driven by financial returns, business synergies, and policy support, aligning with their need for stable assets [5][6]. - By increasing their stakes, AMCs can utilize equity accounting methods to enhance profits and improve performance metrics [5]. - The involvement of AMCs in bank governance may lead to better risk management and decision-making processes, particularly in the area of non-performing asset management [5][7].

Core Viewpoint - China Orient Asset Management Co., Ltd. Shandong Branch plans to dispose of its debt assets held against Longfu Huaneng Technology Co., Ltd. and Yangxin County Longtai Trading Co., Ltd. [1] Summary by Relevant Sections Debt Asset Overview - The total outstanding principal and interest under the debt owed by Longfu Huaneng Technology Co., Ltd. and Yangxin County Longtai Trading Co., Ltd. amounts to RMB 113.4654 million, with an outstanding principal of RMB 66.1034 million and interest of RMB 47.3620 million as of September 20, 2025 [1][2]. Specifics of Borrowers and Guarantees - Longfu Huaneng Technology Co., Ltd. has a principal balance of RMB 53.1535 million and interest balance of RMB 38.6485 million, secured by industrial land and buildings [2] - Yangxin County Longtai Trading Co., Ltd. has a principal balance of RMB 12.95 million and interest balance of RMB 8.7135 million, with guarantees from multiple entities [2] Investor Eligibility and Restrictions - Interested investors must be legally registered companies, enterprises, or individuals with appropriate purchasing capacity, and are prohibited from being certain public officials, debtors, or related parties [3] Contact Information - For inquiries regarding the asset details, registration procedures, and transaction timelines, interested parties can contact the designated manager via phone or email [6] Announcement Validity - The announcement is valid for seven working days from the date of publication [7]

Group 1: Banking Sector Developments - The number of banking financial institutions in China has decreased from over 4,600 in 2019 to 4,295 by the end of 2024, indicating a continuous optimization of financial resource allocation [1] - The non-performing loan ratio of commercial banks in China was 1.49% at the end of Q2 2025, down from 1.84% at the end of 2020, reflecting an overall improvement in asset quality [1] Group 2: Real Estate and Debt Risk Management - Financial Asset Management Company China Cinda has played a crucial role in resolving risks associated with real estate projects, including a 4.5 billion yuan risk resolution for the Shanghai Daxing Street project [2] - The Chinese government has introduced 16 financial measures to support the stable and healthy development of the real estate market, with over 7 trillion yuan in loans supporting nearly 20 million housing units [2] Group 3: Local Government Debt Management - The National People's Congress approved an increase of 6 trillion yuan in local government debt limits to replace hidden debts, indicating a proactive approach to managing local government financing risks [3] - The number of financing platforms in China has decreased by over 60% and the scale of financial debt has dropped by over 50% compared to the beginning of 2023, showing significant risk reduction [3] Group 4: Financial Regulation Enhancements - The establishment of the Financial Regulatory Administration has led to a new phase in financial regulation, with a "four-level vertical management" structure effectively operating [5] - The implementation of five major regulatory measures has strengthened financial oversight and risk prevention, enhancing the ability to address consumer rights and interests [5][6]

9月26日晚间，中国信达（1359.HK）和信达证券（601059.SH）先后披露重要人事变动。 来源：中国信达 2016年，宋卫刚离开中国证券投资者保护基金，加入中国银河系统，此后9年也一直在中国银河系统内 任职。而中国银河背后同样有财政部的身影。公开资料显示，中国银河控股方中国银河金融控股是中国 第一家国有"金融控股"公司，由财政部和中央汇金共同发起设立，其中中央汇金出资比例为69.07%。 在中国银河金融控股，宋卫刚曾任党委委员、副总经理、总经理等职。在此期间，他还曾任银河基金管 理有限责任公司党委书记、董事长和中国银河证券股份有限公司董事等职。 根据公告，中国信达总裁正式变更，中国银河金融控股有限责任公司原党委副书记、执行董事、总经理 宋卫刚出任中国信达总裁。同日，中国信达旗下券商信达证券也发布公告称，因工作安排调整，董事长 艾久超提前离任，同时，选举林志忠接任董事长职务。 值得注意的是，在高层人事变更的背后，是中国信达的重要股权变动。9月初，中国信达、中国东方资 产和中国长城资产三家金融资产管理公司（AMC）正式完成股权划转，财政部持有的股份全部无偿划 转至中央汇金。 中国信达总裁已空缺两月 银河金 ...

（原标题：中国信达总裁、信达证券董事长，同日变更！） 9月26日，中国信达资产管理股份有限公司（以下简称中国信达）的总裁正式变更，中国银河金融控股 有限责任公司原党委副书记、执行董事、总经理宋卫刚出任中国信达总裁。 同日，信达证券公告称，因工作安排调整，董事长艾久超提前离任，同时，选举林志忠接任董事长职 务。林志忠原为中国信达子公司中国金谷国际信托董事长，于今年8月"空降"至信达证券担任非独立董 事。8月初，信达证券总经理祝瑞敏亦因工作调整提前离任。 中国信达总裁人选正式落定 9月初，中国信达、中国东方资产和中国长城资产三家金融资产管理公司（AMC）正式完成股权划转， 财政部持有的股份全部无偿划转至中央汇金。 自从三大AMC被纳入中投系版图，高层间的人事变动颇受市场关注。今年7月，中国信达原总裁梁强赴 中国东方资产，担任执行董事、董事长职务。如今中国信达空缺的总裁一职，将由宋卫刚接任。 履历显示，宋卫刚于1975年出生，大学毕业后长期在财政部任职。1998年8月至2014年4月，历任财政部 办公厅财务处、信息处科员、副主任科员，部长办公室副处级、正处级秘书，财政部经济建设司调研 员、处长、副司长级干部。 同日 ...

9月26日，中国信达资产管理股份有限公司（以下简称中国信达）的总裁正式变更，中国银河金融控股有限 责任公司原党委副书记、执行董事、总经理宋卫刚出任中国信达总裁。 同日，信达证券公告称，因工作安排调整，董事长艾久超提前离任，同时，选举林志忠接任董事长职务。林志 忠原为中国信达子公司中国金谷国际信托董事长，于今年8月"空降"至信达证券担任非独立董事。8月初，信达 证券总经理祝瑞敏亦因工作调整提前离任。 中国信达总裁人选正式落定 9月初，中国信达、中国东方资产和中国长城资产三家金融资产管理公司（AMC）正式完成股权划转，财政部 持有的股份全部无偿划转至中央汇金。 自从三大AMC被纳入中投系版图，高层间的人事变动颇受市场关注。今年7月，中国信达原总裁梁强赴中国东 方资产，担任执行董事、董事长职务。 如今中国信达空缺的总裁一职，将由宋卫刚接任。 履历显示，宋卫刚于1975年出生，大学毕业后长期在财政部任职。1998年8月至2014年4月，历任财政部办公厅 财务处、信息处科员、副主任科员，部长办公室副处级、正处级秘书，财政部经济建设司调研员、处长、副司 长级干部。 2014年4月至2016年10月，宋卫刚赴中国证券投资者 ...