On January 26, 2010, China Beijing Equity Exchange (CBEX) signed a comprehensive strategic cooperation agreement with Agriculture Bank of China at the headquarters of ABC. Mr. Cai Huaxiang, Vice President of ABC, Mr. Yin Yi, General Manager of Asset disposal division, Mr.Wang Xingchun, General Manager of Legal Department, Mr. Yuan Mingnan, General Manager of institutional business division, Mr. Xiaobin, Deputy General Manager of corporate business division, Mr. Zhang Rujun, Deputy General Manager of ABC Beijing Branch, Mr. Yang Gaoming, Deputy General Manager of asset disposal division and the delegation of CBEX including Mr. Xiong Yan, Chairman of CBEX, Mr. Wu Ruchuan, President of CBEX, Mr. Wang Naixiang, the Business Director and others attended the signing ceremony.
Mr. Cai Huaxiang, the Vice President of ABC said that ABC was working with CBEX only in asset disposal area specifically before. As the cooperation moving forward, both sides realize they should further the cooperation into non-performing assets disposal, settlement services, M&A financing, financial consultancy services, personal finance and other arenas. Especially those non-performing assets have already been stripped off from ABC could be transferred by utilizing the CBEX platform to maximize the value of those assets by all the means like public promotion, investment attraction and listings, etc.
The ‘china financial assets supermarket’ operated by CBEX is founded on August 8, 2003. Their cooperation with China Great Wall Asset Management Corporation, China Huarong Asset Management Corporation, China Orient Asset Management Corporation and China Cinda Asset Management Corporation has successfully cultivated and developed a group of professional investor groups specialized in financial asset transactions. By the end of 2009, over 330 billion transactions including all kinds of financial asset have been done through this platform. With higher successful rate than nationwide average performance, it now becomes the biggest financial asset disposal platform.
The signing of strategic cooperation agreement between ABC and CBEX to promote public disposal of non-performing asset will definitely attract numerous attentions from investors and be helpful to enhance the value and the return of those non-performing assets. This collaboration also will further consolidate bilateral relation to utilize complementary strengths and provide higher quality financial service to the society, which will be a mutual beneficial and win-win situation for both sides.
Source: CBEX
