Established in 2005, Beijing Guotong Asset Management Co., Ltd (hereinafter referred to as “Guotong Asset Management”), authorized by Beijing Municipal People’s Government and registered by the former CBRC, Guotong Asset Management became the first local asset management company in Beijing in 2014. In 2021, as a local asset management company, Guotong Asset Management was the first to be designated by China Banking and Insurance Regulatory Commission for the pilots for transfer of non-performing loans in China. By the end of 2023, Guotong Asset Management had acquired and disposed of non-performing assets totaling about RMB 80 billion, making positive contributions to maintaining financial stability of Beijing, boosting the development of the real economy, and giving impetuses to the reform of state-owned assets and SOEs.
