Core Viewpoint - CITIC Financial Assets (02799) has received approval for the appointment of Mr. Zhang Jian as Vice President, effective from December 31, 2025, until further notice from the board [1] Group 1 - The approval was granted by the National Financial Supervision Administration, as indicated in the official document [1] - Mr. Zhang Jian's term as Vice President will commence on December 31, 2025 [1] - The appointment is subject to the board's future hiring or dismissal decisions [1]

Core Viewpoint - The article discusses the calculation of the taxable amount for business ledger stamp duty, detailing the basis for taxation and applicable rates. Group 1: Tax Calculation Method - The taxable amount for stamp duty on business ledgers is calculated by multiplying the tax base by the applicable tax rate [4]. - The tax base for taxable business ledgers is the total amount of paid-in capital (share capital) and capital reserves recorded in the ledger [4]. - If the paid-in capital (share capital) and capital reserves recorded in subsequent years exceed the amounts for which stamp duty has already been paid, the taxable amount is calculated based on the increase [4]. - The applicable tax rate for business ledger stamp duty is 0.29% of the total amount of paid-in capital (share capital) and capital reserves [4]. Group 2: Tax Policy for Small Enterprises - From January 1, 2023, to December 31, 2027, small-scale VAT taxpayers, small and micro enterprises, and individual businesses will have their resource tax (excluding water resource tax), urban maintenance and construction tax, property tax, urban land use tax, stamp duty (excluding securities transaction stamp duty), land occupation tax, and education fees halved [7]. - The announcement regarding tax policies for small enterprises aims to support their development [7]. Group 3: Exemptions and Special Cases - Certain contracts and property transfer documents related to the disposal of non-performing assets by banking financial institutions and financial asset management companies are exempt from stamp duty [8]. - Newly established business ledgers for insurance guarantee fund companies are also exempt from stamp duty [8].

Group 1 - China CITIC Financial Asset Management Co., Ltd. Heilongjiang Branch was fined 350,000 yuan for providing financing under the guise of acquiring non-financial bad assets [1][2] - Liu Fumin (former Deputy General Manager), Wu Rushen (former Assistant General Manager), and Jin Gang (former Head of Business Department II) received warnings for the same violation [1][2] Group 2 - China CITIC Financial Asset Management Co., Ltd. Qinghai Branch was fined 600,000 yuan for illegal financing, and its former Assistant General Manager Cao Jianzhong was fined 110,000 yuan [3] - The company was established on November 1, 1999, to address financial risks and promote the reform of state-owned banks and enterprises [3][4] - The company was restructured into a joint-stock company on September 28, 2012, and was listed on the Hong Kong Stock Exchange on October 30, 2015 [4] - As of June 30, 2025, the company had total assets of 10,109.33 billion yuan and achieved total revenue of 40.221 billion yuan with a net profit attributable to shareholders of 6.168 billion yuan [4]

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].