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The results of the annual selection of the 5th China Local AMC Forum were unveiled on August 28. The Project of Cross-border Transfer of Packaged Distressed Debts of 16 Accounts at Bank of Jiangsu, implemented by Shanghai State-Owned Assets Management Co., Ltd. (SSAM), was shortlisted and won the China Local AMC Best Project Award. For the first time, the project introduced a world-renowned special situation fund as the transferee, to open a new prospect for liquidizing domestic non-performing assets through foreign capital, and create the first cross-border transfer of distressed debts by a local AMC.

At the forum, over 50 local AMCs from around the country discussed the development of local assets management in the new era, and jointly issued the Initiative of Keeping the Mission in Mind, Promoting the High-quality Development of the Industry, to echo the call of the CPC Central Committee and the State Council, provide stronger financial support for epidemic prevention and control and economic and social development, and advance the work of six stabilizes and six guarantees through efficient financial services.

In recent years, as one of the first local AMCs, SSAM has stepped up the operation and value exploration of non-performing assets through innovative acquisition and disposal, built the core competitiveness of financial assets management, effectively shown local AMCs' mission and responsibility of maintaining regional financial security and resolving local financial risks, practically served the building of Shanghai International Finance Center, as well as the overall reform and development of state-owned assets and enterprise reform and development, and gone all out towards SIG's goal of financial holding platform building.