Core Viewpoint - China Great Wall Asset Management Co., Ltd. has appointed a new president, Xiang Dang, who will take over as chairman after the retirement of the previous chairman, Li Junfeng, in December 2024. The company manages assets exceeding 600 billion yuan [1][5]. Group 1: Leadership Transition - Xiang Dang, the current president, will officially assume the role of chairman, filling the vacancy left by Li Junfeng's retirement [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 industry [3]. - His career began in 1999 at China Cinda, where he held various positions, accumulating extensive frontline experience [3]. Group 2: Management Style and Philosophy - Xiang Dang is known for his stable and pragmatic work style, with a strong risk awareness and cautious approach [4]. - He emphasizes the quality and recovery effectiveness of business over blind pursuit of scale and profit [4]. - Since joining Great Wall Asset, he has integrated his risk management philosophy into the company's operations and management [4]. 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 [5]. - The company was formed from the former China Great Wall Asset Management Company, which was approved by the State Council in 1999 [5]. - Great Wall Asset has a service network covering all 30 provinces, autonomous regions, municipalities, and Hong Kong, with 32 branches and 8 holding companies [5].

Core Viewpoint - Shandong Financial Asset Management Co., Ltd. (Shandong Jinzi) has signed an agreement with Hengfeng Bank to acquire non-performing assets totaling 5.465 billion yuan, marking a significant step in the bank's efforts to improve its asset quality and move towards an IPO [2][3][4]. Group 1: Company Overview - Shandong Jinzi was established in December 2014 and is the largest local asset management company in China, with a registered capital of 49.6 billion yuan [3]. - The company is the largest shareholder of Hengfeng Bank, holding 46.61% of the shares as of the end of 2024 [3][4]. Group 2: Financial Performance - Hengfeng Bank has seen a continuous decline in its non-performing loan ratio for six consecutive years, reaching 1.49% at the end of the reporting period, a decrease of 0.23 percentage points from the beginning of the year [6]. - The bank's revenue for the previous year was 25.775 billion yuan, an increase of 0.5 billion yuan, or 1.98% year-on-year, while net profit reached 5.357 billion yuan, up 0.221 billion yuan, or 4.30% year-on-year [6]. Group 3: Strategic Goals - Hengfeng Bank aims to achieve IPO readiness within three years, improve profitability to the mid-tier level among joint-stock banks in five years, and enhance overall competitiveness to the top tier within ten years [6].