On June 27, via the Banking Credit Assets Registration and Transfer Center, Shanghai State-Owned Assets Management Co., Ltd. (SSAM) won the public bid for the non-performing loan for a manufacturing enterprise in Shanghai transferred by Industrial Bank, with a total principal and interest of approximately 105 million yuan.

Since the China Banking and Insurance Regulatory Commission (CBIRC) issued the notice on the pilot practice of corporate non-performing loan transfer, SSAM has attached great importance to the work. Under the strong support and unified planning of SSAM's leaders, the AMC team immediately responded to the requirements of CBIRC, studied business processes and systems, applied for participation in the pilot practice, registered an account at the Banking Credit Assets Registration and Transfer Center immediately after obtaining the qualification for pilot practice, learned about the bank's transfer plan, steadily conducted due diligence on underlying assets, and participated in the bidding prudentially and rationally. The manufacturing enterprise involved was mired in the liquidity problem due to COVID-19. With focus on its primary responsibility and business, SSAM has helped local enterprises out, to ensure social stability and promote local economic development. This is the first non-performing loan that SSAM has been assigned via the Banking Credit Assets Registration and Transfer Center, as well as its first successful attempt at corporate non-performing loan transfer.

In recent years, with focus on its primary responsibility and business, SSAM has played its key role in the local non-performing assets industry, kept improving its professional competency, developed new channels for the acquisition and disposal of non-performing assets, revitalized idle assets, enhanced the value of assets, fulfilled its mission and demonstrated its sense of responsibility by effectively preventing and resolving financial risks and serving the development of the real economy.