New national AMC starts operations

China's fifth national asset management company has opened for business to help handle distressed assets, Shanghai Securities News reported. This came after the company received an operating permit in December. China Galaxy Asset Management Co Ltd morphed from Beijing-based Jiantou CITIC Asset Management Co Ltd, with its transformation and name change approved in March 2020, the China Banking and Insurance Regulatory Commission said last month. With a registered capital of 10 billion yuan ($1.55 billion), China Galaxy will deal with business such as the acquisition and entrusted operation of the nonperforming assets of financial institutions, along with the management, investment and disposal of nonperforming assets.

Qilian International debuts on Nasdaq

Qilian International Holding Group Ltd, a Chinese pharmaceutical and chemical products manufacturer, debuted on Nasdaq Global Market on Tuesday under the ticker symbol QLI. The deal involved 5 million ordinary shares at a price of $5 per share, according to the company's prospectus.

Xinhua