25 August 2019

SSAO becomes first Shanghai licensed asset manager, paper says

Shanghai State-owned Assets Operation Co. Ltd. (SSAO), a unit under Shanghai International Group Co. Ltd., has become the first asset management company to win a license from the Shanghai government, China Business News reported Friday, citing an unnamed person with knowledge of the matter. The company is set to launch talks with financial institutions to take over some of their bad assets. Under the Ministry of Finance rules, an asset management company must have a registered capital of at least 5 billion yuan (US$817.06 million) to be able to get a provincial license to operate, the report said.

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