Zheshang Asset

What Zheshang Asset does

Zheshang Asset (浙江省浙商资产管理股份有限公司) is a Zhejiang Province-headquartered asset management company established on August 6, 2013 as one of China's first five batch-licensed provincial AMCs and the first such entity in Zhejiang. It holds the scarce regulatory qualification for batch transfer of financial non-performing assets, has registered capital of 7.885 billion CNY, and carries an AAA subject credit rating. The firm is controlled by Zhejiang Provincial International Trade Group and was selected into the SASAC 'Double Hundred Action Plan,' reflecting its role as a state-owned financial stabilization platform for the province.

The company operates five core business lines: non-performing asset acquisition and disposal (the primary franchise, with cumulative creditor rights acquired exceeding 594 billion CNY by mid-2024), investment banking services (restructuring, M&A, debt-to-equity swaps, distressed enterprise rescue), fund management (including industry-specific rescue and restructuring funds), asset operation, and financial services (including consumer finance NPL management). Supporting these lines are four wholly-owned subsidiaries — Taixin Asset (台信资产), Zheshang Zhengjian (浙商正谏) for ABS investment, Zheshang Special Asset Technology (浙商特资科技) operating the Tezixing (特资星) digital platform, and Shanghai Zheshang Borui Management Research Consulting — plus the Zheshang Asset Research Institute, which publishes the annual NPL Industry Development Index Report in collaboration with Fudan University.

Revenue is generated through transaction fees on NPL acquisition and disposal spreads, professional services fees for restructuring advisory, management fees and carried interest from private funds, transaction and management fees from ABS investment services via Zheshang Zhengjian, and equity returns from PPP project investments such as the 15 billion CNY Hangzhou-Wenzhou high-speed rail. The go-to-market is exclusively B2B/B2G: direct institutional engagement with Zhejiang provincial and municipal governments, commercial and policy banks (for NPL portfolio acquisition), and distressed enterprises (for restructuring mandates), supplemented by national branch coverage in Chengdu (West China) and South China. As of June 2024, the firm has supported over 645 enterprises, 25 listed companies, resolved 187.1 billion CNY in debt crises, released nearly 650 billion CNY in guarantee chain exposure, and safeguarded over 250,000 jobs.

Name

Zheshang Asset

Legal name

浙江省浙商资产管理股份有限公司

Website

https://zsamc.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Zheshang Asset is a Zhejiang Province-headquartered, state-owned asset management company licensed for batch transfer of financial non-performing assets. It acquires and disposes of NPLs from banks, restructures distressed enterprises, and manages special situation funds for government, banking, and corporate clients across China.

Ownership category

akta.pro rank

Product category

Distressed Asset Management

NAICS

Other Financial Vehicles (525990), Portfolio Management and Investment Advice (52394), Miscellaneous Intermediation (52391)

SIC

Miscellaneous Business Credit Institution (6159), Asset-Backed Securities (6189), 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

SECONDARYFSAEAFAK

Insolvency & Turnaround Advisory (SME/Mid-Market Debtor-Side)

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Credit & Debt Advisory (Restructuring, Counseling & Settlement)

SECONDARYFSAEAGAE

Corporate Finance Advisory (Strategic Finance, Capital Structure & Recaps)

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/M&A Advisory & Corporate Finance

Keywords

• Distressed asset management
• Non-performing loan resolution
• Investment banking advisory
• Asset securitization services
• Special situation funds

Headquarters

HQ city

Hangzhou

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. NPL Acquisition and Disposal: Primary revenue stream from acquiring non-performing loans from banks and financial institutions at a discount, then disposing through restructuring, auction, or direct collection. Revenue is generated through price spreads and transaction fees.
2. Investment Banking Services: Providing restructuring advisory, distressed enterprise turnaround, and merger & acquisition services to governments and enterprises. Revenue from advisory fees, arrangement fees, and equity stakes in restructured entities.
3. Fund Management: Managing private equity and special situation funds (including industry-specific funds such as biomedical distressed restructuring funds) with management fees and performance carry.
4. PPP Project Investment: Direct infrastructure investment in approved government和社会资本合作 projects (e.g., Hangzhou-Wenzhou high-speed rail), generating investment returns and project fees.
5. Asset Securitization Services: Through subsidiary 浙商正谏, providing ABS investment services and structured product management for asset-backed securities, generating management and transaction fees.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Zheshang Asset is a Zhejiang provincial asset management company (AMC) that acquires and disposes of non-performing loans (NPLs) from banks and financial institutions, provides restructuring advisory and investment banking services to distressed enterprises and governments, and manages private equity and special situation funds. The company operates five core business lines: NPL acquisition and disposal, investment banking services, fund management, asset operation, and financial services, anchored by an integrated "NPL + investment bank, finance + industry" (不良+投行, 金融+产业) model.

Product overview

Zheshang Asset operates as a diversified asset management platform offering five core business lines: non-performing asset acquisition and disposal (不良资产收购处置), investment banking services (投行服务), fund management (基金管理), asset operation (资产经营), and financial services (金融服务). The company supports its operations with a portfolio of institutional platforms: its research institute (浙商资产研究院) publishes the不良资产行业发展指数报告, its digital service provider platform特资星 (Tezixing) manages the service ecosystem, and its training arm浙商资产微平台 and浙商学院 deliver internal capability development. A subsidiary, 浙商正谏, specializes in asset securitization investment services.

Differentiator

Problem solved

Functional benefit

Products and services

• Non-performing asset acquisition and disposal (不良资产收购处置) Core service of acquiring non-performing loans and distressed debt from banks and financial institutions, then disposing through restructuring, auction, or direct collection. Targeted at commercial banks, policy banks, and financial institutions seeking to reduce NPL ratios. Cumulative acquisition of creditor rights exceeds 594 billion yuan.
• Investment banking services (投行服务) Restructuring, mergers and acquisitions, debt-to-equity swaps, and distressed enterprise rescue services applying an "NPL + investment bank, finance + industry" integrated development model. Targeted at governments and distressed enterprises; revenue from advisory fees, arrangement fees, and equity stakes in restructured entities.
• Fund management (基金管理) Management of private equity and special situation funds, including rescue funds, industry-specific restructuring funds, and carbon-neutrality funds. Generates management fees and performance carry from institutional investors and partners.

Quantifiable outcome

• Reduced Zhejiang province banking NPL balance from 180.8 billion yuan (2.37% rate, 2015 peak) to 134.9 billion yuan (0.62% rate) by end-2023
• +2 more outcomes

Named customers5 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

AI capability4 records

Feature2 records

Partnerships

Three partnerships are on record, tiered core and minor.

• 国际公共资产管理公司协会 (International Public AMCs Forum, IPAF)coreStrategic or Co-development Partner · 13 May 2025IPAF is a regional association of public asset management companies from Asian countries, founded in May 2013 under ADB coordination. 浙商资产 joined IPAF in 2014 and has been elected as co-host for the 8th and 9th IPAF events. IPAF brings together 19 member units from 8 countries to share knowledge, foster cross-border cooperation, and promote financial stability in Asia. The association publishes the NPL Watch Asia research journal and coordinates annual conferences and training seminars.
• 亚洲开发银行 (Asian Development Bank, ADB)coreStrategic or Co-development Partner · 12 September 2024ADB is the founding sponsor of IPAF (International Public AMCs Forum) and co-hosted the 8th and 9th IPAF conferences with 浙商资产. ADB provides international knowledge sharing, research collaboration, and legitimacy for IPAF as a regional platform for NPL resolution and financial stability. The ADB's Chief Economist and regional cooperation experts actively participate in IPAF events.
• 银河金控 (China Galaxy Financial Holdings)minorStrategic or Co-development Partner · 6 September 2024银河金控 visited 浙商资产 in September 2024 for exchange meetings. Both parties expressed willingness to deepen cooperation in areas of market-oriented operations, business models, and corporate governance mechanisms, as well as ecosystem building and comprehensive asset management capability enhancement, with the goal of jointly promoting high-quality AMC industry development.

Scale indicators12 records

Recent moves6 records

Expansion highlights8 records

Direct peers

• China Cinda Asset Management Co., Ltd. One of China's 'big four' national AMCs, Cinda acquires and disposes of NPLs from banks, provides restructuring and asset management services, and runs distressed-asset funds — directly comparable to Zheshang Asset's core business, but at national scale and listed on the Hong Kong Stock Exchange.
• China Great Wall Asset Management Co., Ltd. National AMC among China's 'big four,' engaged in NPL acquisition, distressed-asset restructuring, and integrated financial services. Comparable to Zheshang in core NPL business, with national rather than provincial scope.
• Beijing State-Owned Capital Operation and Management Company: Beijing's provincial AMC and SOE capital operator, engaged in NPL acquisition, distressed restructuring, and asset management. Directly comparable in license scope and target customer profile to Zheshang Asset.
• Jiangsu Asset Management Co., Ltd. Jiangsu's provincial AMC with NPL batch-transfer license, providing distressed asset acquisition, enterprise restructuring, and ABS/structured product services in the Yangtze Delta region adjacent to Zheshang's home market.
• China Galaxy Asset Management Co., Ltd. Central-state-owned AMC under China Galaxy Financial Holdings, engaged in NPL acquisition, distressed asset restructuring, and market-oriented operations. Identified as a strategic exchange partner of Zheshang Asset, with directly comparable business scope.
• Shandong Financial Asset Management Co., Ltd. Shandong's provincial AMC with NPL batch-transfer license, engaged in bank NPL acquisition, corporate restructuring, and special-situation fund management in eastern China — overlapping with Zheshang's footprint and product offerings.
• Shanghai State-Owned Asset Management Co., Ltd. Shanghai's provincial AMC, operating with similar batch-transfer license to acquire NPLs, restructure distressed enterprises, and run special-situation funds in the Yangtze Delta region — overlapping with Zheshang's core market.
• China Orient Asset Management Co., Ltd. Fourth 'big four' national AMC, historically focused on policy-bank NPLs but expanding into commercial NPL acquisition and restructuring. Direct competitor in the same NPL-acquisition market as Zheshang Asset.
• China CITIC Financial Asset Management (formerly China Huarong): Another 'big four' national AMC with similar NPL acquisition, distressed enterprise restructuring, and securities/fund operations. Directly comparable business model to Zheshang Asset, though with national scope and a broader financial-services license set.
• Guangdong Asset Management Co., Ltd. Guangdong's provincial AMC, focused on NPL acquisition from Pearl River Delta banks, distressed enterprise restructuring, and special-situation investment funds. Direct competitor to Zheshang in the South China branch territory.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A

Investments

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

Frequently asked questions about Zheshang Asset