| Based on more bad overdue loans in China at the end of the 1990 s, state-owned commercial banks, financial risks began to gradually rise, coupled with the impact of the Asian financial crisis in 1999 has become important risks in the economy at that time.In view of previous analysis, our government decided to set up financial assets management institution to centralized management and disposal of non-performing loans from commercial banks based upon careful analysis of domestic financial issues and draw experiences from abroad. On April 20, 1999, approved by the state council, China Cinda asset management corporation was announced in Beijing and became the first to dispose domestic non-performing loans. In its early days to dispose bad assets sourced from state economic policies, to support restructuring state-owned enterprises and listed state-owned banks were given as the main tasks. Since its establishment, it made full use of business law endows means to complete bad asset disposal, and have achieved main goal issued by Ministry of Finance by the end of 2006. At the same time, in the face of temporary Ten-year duration limit set at the beginning, from 2006, Cinda began the exploration of business diversification,later gradually established diversified management organizational structure to become commercial.On June 29, 2010, approved by the state council, the ministry of finance exclusively launched Cinda as the China Cinda asset management co., LTD, and business scope also been extended to multiple financial services. In 2012, China Cinda asset management co., LTD. Introduced four strategic investors: the National Council of Social Guarantee fund, UBS AG, Citic Capital Financial holding co., LTD., and Standard Chartered Financial Holdings, four of which aggregate holding 16.54% stake. On December 12, 2012, China Cinda asset management co., LTD., was listing on the Stock Exchange of Hong Kong, became the first China’s financial asset management company entered the capital market.This paper firstly probes into the background, direction of development, and transformation of China Cinda asset management co., LTD, afterwards moves to in-depth discussion and research especially to the transition process from which basic policy disposal task has been completed and business scope has been extend to other financial sector after the process of transformation of commercial. As the transition is getting clear, strategic goal has basically confirmed and the whole company focuses on non-performing assets proposal as its core of diversification strategy. Next the corporation intends to pay attention to analyze some problems after commercial strategic transformation, including corporate diversification management patterns in the market competition under advantages and disadvantages of the external opportunities and threats, etc. Then, according to the analysis by which has it clinged to diversified business synergy between financial business lines and the business model to analysis and design the corresponding policies.In the structure of the whole thesis, main points before and after this "business transformation strategy" and "business collaboration" two topics, while business synergy is drawn from the analysis conclusion of the "business strategy transformation. The China Cinda Asset Management Co., Ltd. as the research object, on the business transformation process and the status quo of clear and objective analysis and of the diversified business model under most important business coordination issues, practical value and operation strategies and suggestions, the paper expounds the conclusion of the study, hope to can play a positive role in the long-term development of the financial asset management corporation in China. |
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