Mechingbao: The key to AMC's transformation is to find a sustainable profit model

Nie Wei Four Asset Management companies (hereinafter "AMC"), the letter Tatsu has been tested for more than half a year, the other three are still under study, the key issue of transformation is the search for AMC sustainable profitability model. Mechingbao, a former president of the national CPPCC and Oriental Asset Management, said in an interview with the first financial daily newspaper yesterday that he said, "to eat a meal, there is a meal."　　"From the path of AMC transformation in recent years, each AMC adopted the same coping style: Diversified business, big platform company." Up to now, four AMC have formed different scale platform company, financial holding company's embryonic form gradually appeared. To Huarong Asset Management company For example, its own financial leasing, Huarong Securities, Huarong International Trust, such as 10 platform companies.　　With the establishment of these platform companies, profitability has also been greatly improved: in 2010, the net profit of Huarong 2 billion yuan, compared to 2009 net profit of more than 800 million yuan growth of 146%, compared to 2008 400 million yuan increased by 4 times times. In Mechingbao's view, another important issue to be considered in the transformation of AMC is state-owned financial assets, such as the ownership of debt-for-equity swaps, "who is headed after the transition, AMC or SASAC, or sell." The so-called debt-to-equity swap refers to the state's formation of AMC, the acquisition of non-performing assets of banks, and the transfer of the creditor's debt relationship between the original bank and the Enterprise to the holding (or holding) and the holding of AMC and the enterprise.　　AMC actually becomes the shareholder of the enterprise staged shareholding, exercises the shareholder rights according to Law, participates in the company's important affairs decision-making, but does not participate in the normal production and operation activities of the enterprise. Mechingbao also believes that, in general, bad assets in the banking sector will appear after two or three years. At present, despite the problems of individual government financing platform, after a solid clean-up and rectification, the overall quality of the financing platform is good.