This came after the company received an operating permit in December 2020.
China Galaxy Asset Management Co., Ltd. morphed from Beijing-based Jiantou Citic Asset Management Co., Ltd., with its transformation and name change approved in March 2020, the China Banking and Insurance Regulatory Commission said last month.
With a registered capital of 10 billion yuan (1.55 billion U.S. dollars), China Galaxy will deal with business such as the acquisition and entrusted operation of the non-performing assets of financial institutions, along with the management, investment and disposal of non-performing assets.
In 1999, China established four asset-management companies -- Cinda, Huarong, Great Wall and Orient -- to deal with the toxic assets of the country's four big state-owned banks, in a bid to help them transform into market-oriented financial institutions.
The four companies finished their state-assigned task of dealing with toxic assets in 2006, and have since developed into financial groups operating in fields such as banking, trusts and insurance.