Recently, the Jiangxi Provincial Local Financial Supervision Administration officially approved the participation of Jiangxi Ruijing Financial Assets Management (hereafter “Ruijing”) in a trial program to transfer non-performing loans (NPL).
Incorporated by a consortium consisting of well-known companies in China led by China Yintai Holdings in January 2018, Ruijing is principally engaged in the batch acquisition, management and disposal of non-performing assets of financial enterprises, quasi-financial enterprises and other enterprises in Jiangxi province. Ruijing filed with the China Banking and Insurance Regulatory Commission in October 2019, making it the second/only local asset management company (AMC) in Jiangxi province/Ganzhou city to do so. Since its inception, Ruijing has always adhered to the principle that expertise creates value and the philosophy of serving mainstream financial institutions and the real economy. While staying focused on its core business of non-performing assets, Ruijing has put the disposal of non-performing assets in Jiangxi province at its core to bring into full play the role of local AMCs as financial “stabilizers”.
The trial is centered around the transfer of corporate NPLs and bulk personal NPLs. Taking this as an opportunity, Ruijing will strengthen the building of professional business teams and enhance risk control. Meanwhile, Ruijing will do business in accordance with laws and regulations, follow information disclosure, information protection and other regulatory requirements strictly, and explore sustainable business models for NPL disposal to guard against local financial risks and facilitate the high-quality development of local economies.