China Industrial Asset Management

What China Industrial Asset Management does

China Industrial Asset Management (兴业资产管理有限公司, "CIAMC") is a Fujian-based local asset management company (AMC) established in February 2017 as a wholly-owned subsidiary of Industrial Bank (兴业银行), and the first bank-affiliated provincial-level local AMC in China. The company operates three integrated business lines: non-performing asset (NPA) acquisition, operation and disposal (the core, accounting for roughly 60% of revenue); investment and asset management (an extension of the NPA franchise, including PE fund management via the wholly-owned subsidiary 兴资睿盈); and consulting/advisory services spanning M&A restructuring, trusteeship, and risk management. Its customer base is concentrated on Fujian- Province financial institutions, distressed enterprises, and (since 2022) municipal governments; it holds multiple licenses including provincial AMC approval, market-based debt-to-equity swap implementer, and bankruptcy administrator.

The company's value proposition rests on three pillars: regulatory and balance-sheet capital (3 billion RMB registered capital, AAA credit rating achieved in Nov 2018, ~70 billion RMB in bank credit lines, ~190 billion RMB cumulative bond issuance), Industrial Bank group distribution and brand advantages across Fujian, and a proprietary 智慧资管 (Smart Asset Management) digital platform co-developed with KPMG China that applies AI-assisted due diligence, valuation, and pricing to a cumulative Fujian NPA pool exceeding 1.3 trillion RMB acquired and 700 billion RMB disposed. The revenue model is transaction-based and negotiated per deal, supplemented by PE fund management fees (notably two 30 billion RMB PE vehicles targeting healthcare/biomedical and green/advanced-manufacturing sectors), and advisory fees. Disposal channels include direct sales to banks, asset promotion roadshows in Fuzhou and Shanghai, judicial auction, and competitive bidding.

Cumulative scale metrics (end-2021 to mid-2023) include balance-sheet AUM of 252-263 billion RMB, revenue CAGR of ~63% and net profit CAGR of ~70% (2017-2021), ~1,000 enterprises restructured, and a workforce of 101-250 averaging under 35 years of age with over half holding graduate degrees or CFA/CPA/legal credentials. Recent strategic moves — the 10 billion RMB credit facility with Bank of China Fuzhou Branch (Dec 2018), the nationwide-first local-AMC perpetual MTN issuance (Apr 2022), the KPMG digital transformation engagement (Apr 2022), the first local-government strategic cooperation agreement with Jianou (Aug 2022), HQ relocation to a larger Fuzhou office (Oct 2022), and the 2023 leadership refresh — point to a maturing regional franchise scaling into adjacent customer segments and product lines while investing in proprietary technology.

Name

China Industrial Asset Management

Legal name

兴业资产管理有限公司

Website

https://ciamc.com.cn

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

China Industrial Asset Management is a Fujian-based, bank-affiliated local AMC established in 2017 that acquires, manages, and disposes of non-performing assets for financial institutions and distressed enterprises, complemented by PE fund management and advisory services under Industrial Bank (兴业银行) ownership.

Ownership category

akta.pro rank

Product category

Distressed Asset Management

NAICS

All Other Financial Investment Activities (52399), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSANAKAG

Non-Performing Loan (NPL) / Loan Portfolio Acquisition Funds

Financial & Insurance/Private Equity & Venture Capital/Distressed / Special Situations Funds

SECONDARYBPAHAOAA

M&A Advisory (Buy-Side & Sell-Side)

Business & Public Services/Professional Services (Legal, Accounting, Consulting)/M&A, Transaction & Restructuring Advisory

SECONDARYBPAHADAB

Corporate Finance & Capital Advisory

Business & Public Services/Professional Services (Legal, Accounting, Consulting)/Strategy & Corporate Finance Advisory

SECONDARYFSAAANAB

Corporate & Institutional Trust Services

Financial & Insurance/Asset & Wealth Management/Trust & Fiduciary Services (Trust Companies, Estate & Custody Trusts)

Keywords

• Non-performing asset management
• Distressed debt acquisition
• Debt restructuring services
• Private equity fund management
• Corporate financial advisory

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. 不良资产收购处置手续费及佣金收入: Core revenue from acquiring, managing, and disposing of non-performing assets (NPAs). Revenue generated through asset management fees, transaction fees, and commissions on debt restructuring, asset transfers, and litigation-driven recovery. Primary business segment accounting for approximately 60% of total revenue.
2. 投资及资产管理收益: Returns from financial investments, private equity fund management (through subsidiary 兴资睿盈), and asset management services extending from the core NPA business. Includes returns from equity stakes in restructured enterprises and PE fund management fees.
3. 咨询顾问服务费: Advisory fees for M&A restructuring, asset transactions, financial management, enterprise trusteeship and liquidation, legal and risk management consulting services provided to clients.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

China Industrial Asset Management acquires, manages, and disposes non-performing assets (NPAs) — including debt, equity, physical, and rights-based assets — from financial institutions and distressed enterprises in Fujian Province, using litigation, restructuring, and transfer methods. The NPA business is supported by two extensions: investment and asset management (including PE fund management through subsidiary 兴资睿盈) and consulting/advisory services covering M&A restructuring, asset transactions, financial management, enterprise trusteeship, and liquidation. The integrated platform generates revenue through transaction fees (~60%), investment/asset management returns, and advisory fees.

Product overview

China Industrial Asset Management (兴业资产管理有限公司) is a local Asset Management Company (AMC) established in February 2017 in Fujian Province, China. The company operates a unified platform with three core business lines: Non-Performing Asset Acquisition/Operation/Disposal (不良资产收处经营), Investment and Asset Management (投资及资产管理), and Consulting Advisory Services (咨询顾问服务). These three services form an integrated value chain where the core NPA business generates deal flow, investment management extends the business through equity participation, and advisory services provide specialized expertise. Additional services include private equity fund management via subsidiary 兴资睿盈, various debt financing instruments (PPN, perpetual bonds, corporate bonds), bankruptcy administration, and market-based debt-to-equity swap services.

Differentiator

Problem solved

Functional benefit

Products and services

• Non-Performing Asset Acquisition, Operation and Disposal (不良资产收处经营) Core business of acquiring, operating, and disposing non-performing assets from financial institutions and enterprises through methods including litigation, restructuring, and transfer to achieve asset value recovery or enhancement. Handles debt assets, equity assets, physical assets, and other rights-based assets. Serves banks, rural credit unions, trust companies, and distressed enterprises primarily in Fujian Province.
• Investment and Asset Management (投资及资产管理) Extension of the non-performing asset business, providing diversified asset management services and investment financing services leveraging operational resources and management capabilities from core NPA operations. Includes asset management, financial investments, private equity fund co-investment, and debt-to-equity swaps.
• Consulting and Advisory Services (咨询顾问服务)
• Private Equity Fund Management (私募股权基金管理) Managing private equity funds through wholly-owned subsidiary 兴资睿盈(平潭)资产管理有限公司, with funds such as 兴睿永宜 (healthcare/biomedical, 30 billion RMB scale) and 兴睿永灏 (new materials/new energy/environmental protection, 30 billion RMB scale, up to 10-year investment period).
• Private Placement Note (定向债务融资工具, PPN) Direct financing instrument issued in the interbank bond market for medium to long-term funding, with multiple issuances totaling over 60 billion RMB. Used to fund NPA acquisitions and working capital.
• Private Perpetual Bond (私募永续债) Private perpetual bonds issued in the interbank market, including a landmark 20 billion RMB issuance in May 2019 as the first private perpetual bond in the market under 2019 Ministry of Finance regulations, with additional issuance approved in April 2019 (20 billion RMB) as one of the first batch registered post new policy.
• Private Corporate Bond (私募公司债)

Quantifiable outcome

• Cumulative NPA acquisition in Fujian exceeded 1,300 billion RMB; disposal exceeded 700 billion RMB; helped ~1,000 enterprises.
• +3 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Eleven partnerships are on record, tiered key and core.

• 建瓯市政府 (Jianou Municipal Government)keyStrategic or Co-development Partner · 15 August 2022Strategic cooperation agreement signed August 2022 covering regional financial risk resolution, SOE restructuring, industrial upgrading, M&A, equity investment, and asset custody/disposal. First local government strategic partnership for Xingye AMC.
• 毕马威企业咨询（中国）有限公司 (KPMG China)keyImplementation/ SI/ Consulting Partner · 26 April 2022Engaged for digital transformation blueprint planning for special asset operations. KPMG conducted diagnostic assessment of digital operating status and proposed 'three-step transformation, three-path implementation' strategy.
• 兴业证券股份有限公司 (Industrial Securities Co., Ltd.)coreStrategic or Co-development Partner · 26 September 2019Deep strategic cooperation covering special asset management, stock pledge relief, ABS, M&A restructuring, PE fund management, asset trading platform, investment research, bond underwriting, and institutional client services. 'SC+AMC' cooperation model.
• 深圳东方藏山资产管理有限公司 (Shenzhen Oriental Cangshan Asset Management)keyStrategic or Co-development Partner · 18 September 2019Comprehensive cooperation agreement signed September 2019 covering traditional, restructuring, and debt-to-equity special asset business. Both parties share resources and projects, expand disposal channels, and explore 'Internet + Special Assets' platform models. Cangshan has 800+ billion RMB cumulative investment management scale.
• 山东金融资产管理股份有限公司 (Shandong Financial Asset Management)keyStrategic or Co-development Partner · 2 April 2019Comprehensive cooperation agreement signed April 2019 at Fujian regional special asset investment summit. Focus on NPA acquisition, management, operation and disposal. Both parties share information and cooperate on project-level transactions.
• 浙江省浙商资产管理有限公司 (Zhejiang Zheshang Asset Management)keyStrategic or Co-development Partner · 2 April 2019Comprehensive cooperation agreement signed April 2019 covering special asset business cooperation. Both parties aim to build efficient information sharing and collaborative mechanisms for Fujian regional market.
• 四川发展资产管理有限公司 (Sichuan Development Asset Management)keyStrategic or Co-development Partner · 2 April 2019Comprehensive cooperation agreement covering special asset acquisition and disposal, with focus on inter-regional asset flow and cooperation.
• 福建省闽投资产管理有限公司 (Fujian MinTou Asset Management)keyStrategic or Co-development Partner · 2 April 2019Comprehensive cooperation agreement for Fujian regional special asset operations. Both parties are Fujian's two provincial-level local AMCs, cooperating to strengthen regional market dominance.
• 厦门资产管理有限公司 (Xiamen Asset Management)keyStrategic or Co-development Partner · 2 April 2019Comprehensive cooperation agreement signed April 2019 for Fujian-wide special asset market cooperation.
• 中行福州市分行 (Bank of China Fuzhou Branch)coreStrategic or Co-development Partner · 22 December 2018Strategic cooperation agreement signed December 2018. BOC Fuzhou Branch provides up to 10 billion RMB in credit facilities to support Xingye AMC's NPA acquisition and investment activities. Both parties collaborate on bond underwriting, M&A restructuring, and cross-border financial services.
• 中国东方资产管理股份有限公司 (China Oriental Asset Management)keyStrategic or Co-development Partner · 4 July 2018Strategic partnership signed July 2018. China Oriental — one of China's four major AMCs — established strategic cooperation with 49 local AMCs including Xingye AMC. Aim to build a collaborative ecosystem for NPA market development and resource sharing.

Scale indicators8 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Shandong Financial Asset Management: Shandong Province's provincial local AMC and a strategic cooperation partner of CIAMC. Closely comparable as a provincial-level AMC focused on NPA acquisition, management, and disposal, with similar regulatory and operational model.
• Zhejiang Zheshang Asset Management: Zhejiang Province's provincial local AMC and an existing strategic partner of CIAMC. Highly comparable in business model (NPA acquisition, restructuring, disposal) and East China regional orientation.
• Xiamen Asset Management: Xiamen-based local AMC operating in Fujian Province. A direct regional peer competing for the same bank NPA supply in Fujian and an existing strategic cooperation partner of CIAMC.
• Sichuan Development Asset Management: Sichuan Province's provincial local AMC and a cooperation partner of CIAMC. Direct peer in provincial AMC operating model, focused on NPA acquisition and disposal with comparable regulatory positioning.
• Shenzhen Oriental Cangshan Asset Management: Shenzhen-based special asset manager with 800+ billion RMB cumulative investment management scale and an existing comprehensive cooperation partner of CIAMC. Closely comparable in special asset acquisition, restructuring, and debt-to-equity swap business, with stronger Shenzhen geographic reach.
• Fujian MinTou Asset Management: Fujian Province's first provincial-level local AMC and a strategic cooperation partner of CIAMC. The most direct in-region competitor and peer, operating the same NPA acquisition/disposal model within CIAMC's core Fujian market.

Broad incumbents

• China Orient Asset Management: Fourth of the Big Four national AMCs and an existing strategic partner of CIAMC (signed July 2018). Directly comparable in NPA acquisition/disposal and restructuring services, with broader national footprint and stronger capital base.
• China Great Wall Asset Management: Fourth member of the Big Four national AMCs, focused on distressed financial assets. Comparable core business of NPA acquisition and disposal, but with national reach versus CIAMC's regional focus.
• China Huarong Asset Management: Another of the Big Four national AMCs with full-service distressed asset, banking, and securities operations. Highly comparable business model in NPA acquisition and restructuring, though operating at national scale with public listing in Hong Kong.
• China Cinda Asset Management: One of China's four national AMCs (the 'Big Four') and the largest distressed asset investor in China. Direct comparable as a peer in NPA acquisition and disposal, but at vastly larger national scale with broader product mix and capital markets access.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments13 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about China Industrial Asset Management