On August 16, 2017, it was announced that the city of Shenzhen opened its first asset management company, China Merchants Ping An Asset Management Co.
China Merchants Ping An Asset Management Co. was jointly established by the city government of Shenzhen, China Merchants Group and Ping An Insurance to help dispose of bad loans. China Merchants Group and Ping An Insurance hold a combined 90% interest in the new company, which has registered capital of 3 billion yuan.
China Merchants Group is a state-owned conglomerate based in Hong Kong with three business platforms – capital investment and operating, industry and finance.
Ping An Insurance is an integrated financial services conglomerate based in China whose subsidiaries mainly deal with insurance, banking, and other financial services.
To read the news report: please click here.