China to merge three major asset managers into China Investment Corp -Xinhua

China Cinda Asset Management

29/01/2024 01:18

BEIJING, Jan 29 (Reuters) - China plans to merge China
Cinda Asset Management  1359.HK , Orient Asset Management and
Great Wall Asset Management into China Investment Corp (CIC),
state-run Xinhua Finance News reported on Sunday citing
unidentified industry insiders.
    The merger is part of a plan to reform financial
institutions, Bloomberg News cited Xinhua as saying.
    The Ministry of Finance is the largest shareholder of China
Cinda, Orient and Great Wall, state-owned China Fund News
reported.
    The three asset managers have dozens of branches across
provinces and assets totalling billions of yuan.
    The government established CIC  CIC.UL  in 2007 to diversify
foreign exchange holdings and seek maximum returns, its website
showed. It has registered capital of $200 billion.

 (Reporting by Beijing and Shanghai newsroom; Editing by
Christopher Cushing)