On June 23, 2017, Ningbo Financial Asset Management Co., Ltd. (“Ningbo AMC”) in which China Orient Asset Management Co., Ltd. (“COAMC”) invested to take its share was formally established. On the same day, COAMC and Ningbo Municipal Government signed the strategic cooperation agreement. Wu Yue - Secretary of the Party Committee and Chairman of the Board of Directors of COAMC attended the signing ceremony and gave a speech. Qiu Dongyao – Deputy Secretary of Ningbo Municipal Party Committee and Mayor of Ningbo awarded the license to Ningbo AMC.

COAMC's Chairman Wu Yue said that COAMC had always considered it as its mission to safeguard State-owned assets, defuse financial risks and promote the reform of State-owned enterprises. It would take the opening of Ningbo AMC as an opportunity to give full play to its professional advantages in non-performing asset management, help Ningbo to digest the non-performing asset and promote the industry's benign development. At the same time, COAMC would deepen the strategic cooperation with Ningbo Municipal Government, give full play to its multi-license synergy advantage as a comprehensive financial service group, play a role in the aspect of city construction, industry upgrading and financial innovation, and provide help for the local economic transformation and upgrading.

Ningbo AMC is the only local asset management company with the authorization of Ningbo Municipal Government and approval of CBRC to carry out the disposal business of non-performing assets in Ningbo. It was established jointly by Bangxin Asset Management Co., Ltd. which is a wholly-owned subsidiary of COAMC, Ningbo Financial Holdings Co., Ltd., Kunlun Trust Co., Ltd. and Ningbo Development & Investment Group Co., Ltd., with a registered capital of 1 billion Yuan.

After Ningbo AMC formally starts its operation, it will, based on its franchise qualification for and professional advantage in non-performing asset, by means of bulk transfer disposal, acquisition restructuring, trusteeship and bankruptcy liquidation, assist the enterprise at fault to relieve difficulties, cut off the regional guarantee chain risk, and give play to the role of "adhesive" among local government, enterprise and bank; it will make full use of the platform advantage, attract various funds and provide all-round full-process financial process for the enterprises by means of equity investment, mezzanine financing and financial consultant; it will, through the model of establishing a special fund with government and enterprise, help the listed companies and industry leading enterprises to conduct industry structural adjustment and transformation, realize resource allocation and integration and reconstruction and improvement of asset efficiency and make contributions to the local economic transformation and development.