CX DAILY

CX Daily: China Bad-Debt Managers’ Bet on Bank Stocks Could Backfire

Published: Dec. 15, 2025 12:01 p.m. GMT+8

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A new player has emerged in the boardrooms of China’s major banks: the “Big Four” state-owned asset management companies (AMCs) created to clean up the bad debts of four state-owned commercial lenders. The balance sheets of the “Big Four” are now glowing with profits — thanks not to their core task, but to a surge in bank stocks.

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