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Orient AMC Gets Nod for Stock Underwriting
China Orient Asset Management Co (AMC) was recently approved by China Securities Regulatory Commission (CSRC) to conduct securities underwriting and listing recommendation in the area of asset management.
According to a person in charge of Orient AMC, the qualification it secured for market entry will enable itself capitalize on every means of the capital market to broaden its business. At present, the company is, as a vice lead underwriter and listing recomendater, participating in restructurings of many companies for listing. Some mature companies will apply to CSRC for listing in the first half of next year, he said.
China Great Wall AMC was also approved for stock underwriting at the same time. Thus, China's four professional AMCs have all been given green light for the underwriting. The other two are Cinda AMC and Huarong AMC.
It is learnt the business of an AMC includes take-over and management of non-performing assets stripped from commercial banks; debt recourse and restructuring; asset swap, transfer and sales; corporate restructuring; debt-to-equity swap and provisional shareholding; corporate auditing and liquidation; and borrowing from financial institutions and issuing bonds. Meanwhile, it is also responsible for recommending companies for listing and underwriting bonds and securities in the field of asset management. (Panorama)
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