JD.com’s fintech subsidiary has emerged as a key investor in a new asset management company (AMC) launched in Beijing to clean up non-performing assets of the local financial sector.
Beijing Asset Management Co. (北京资产管理有限公司) (Beijing AMC) is the second AMC to be launched in the Chinese capital, as a vehicle to take on the bad assets of local financial institutions and use methods including sell offs and restructuring to extract as much profit from them as possible.
Beijing AMC was established on 7 November 2019 with registered capital of 1.2 billion yuan, and a business scope including the purchase and disposal of non-performing assets from financial enterprises, as well as enterprise management, technical development, technical consulting and technical services.
Beijing Financial Holdings Group previously announced in July of this year that it had executed a framework cooperative agreement with JD Digits at JD.com’s headquarters.
Beijing Financial Holdings has a 52% stake in the new AMC, while Beijing Foreign Economic & Trade Holding Group Co., Ltd. holds an 18% stake, with JD Digits and Beijing Shougang Fund Co., Ltd. each carrying 15% of equity.