(Yicai Global) Oct. 27 -- Chinese e-commerce giant Alibaba Group Holding Ltd. [NYSE:BABA] and China Great Wall Asset Management Co. will cooperate in the fields of non-performing assets disposition, financial business, industrial investment and mergers and acquisitions.
The parties will conduct special auctions for non-performing assets disposition and develop and design relevant internet products, said Shen Xiaoming, chair of China Great Wall.
Alibaba hopes that the auctions will constitute an online credit mechanism and become an operations platform for assets exchange, thus enabling more assets to be traded and more people to participate, the company said.
Alibaba first worked on such auction-related activities with financial institutions in 2015, and there are now more than 300 institutions on the platform, including over 200 banks and 20 asset management companies. The platform provides services to courts, customs, auction companies and property right exchanges.
China Great Wall was set up by the Ministry of Finance and insurance industry giant China Life Insurance Group Co. [SHA:601628;HKG:2628], and is mainly tasked to acquire, manage and dispose of non-performing assets stripped by state-owned banks with more than CNY1 trillion (USD150.2 billion) in disposed assets.