The inaugural transaction for "JD AMC" has arrived! A debt package with a combined principal and interest of approximately 29.11 million yuan was acquired for 8 million, representing a 27.5% discount to its book value. On June 25th, CITIC Qingdao Asset Management Co., Ltd. completed the public auction disposal of the "Qingdao Dongfuxing Food Cold Storage Factory et al. (5 debtors) Non-performing Loan" asset package on the JD Asset Trading Platform, with the final transaction price hitting the reserve price of 8 million yuan.
The total debt principal and interest for this asset package amounts to about 29.11 million yuan, making the winning bid roughly 27.5 cents on the dollar. According to information disclosed by the platform, two bidders participated in this auction, resulting in a zero-premium transaction, with the winning bidder being a local enterprise in Qingdao.
Notably, this marks the first non-performing debt business completed by JD.com after it formally gained control of CITIC Qingdao Asset. The disposed debt asset package involves five debtors, comprising nearly ten related debt items, all located in the Dianbu Town Industrial Park and surrounding areas of Laixi City, Qingdao, classifying it as a regional industrial cluster non-performing asset package. The debtors are all involved with guarantee or mortgage arrangements, providing relatively complete credit protection measures.
Prior to this corporate non-performing disposal, CITIC Qingdao Asset had already acquired a credit card non-performing asset package from China Merchants Bank Credit Card Center in May 2026, simultaneously launching its individual loan non-performing asset disposal business.
On June 25, 2025, CITIC Group listed for transfer its 66.67% stake in CITIC Qingdao Asset on the Shanghai United Assets and Equity Exchange, with a reserve price of approximately 3.014 billion yuan. Market news at the time suggested JD.com was an interested party, but the transfer announcement was subsequently withdrawn, pausing the transaction process.
In July 2025, the National Financial Regulatory Administration issued the "Interim Measures for the Supervision and Administration of Local Asset Management Companies," explicitly stipulating that if an investor and its related parties already control one local AMC, they cannot simultaneously hold stakes in other local AMCs. At that time, JD Technology already held a 15% stake in Beijing Asset Management Co., Ltd. To gain control of CITIC Qingdao Asset, JD.com first needed to exit its position in Beijing Asset Management.
JD.com ultimately chose to "abandon the minority stake for control," exiting its shareholder position in Beijing Asset Management to concentrate resources on advancing the controlling stake acquisition in CITIC Qingdao Asset. On April 28, 2026, CITIC Qingdao Asset completed the filing of its amended articles of association and the industrial and commercial registration change for its controlling shareholder. JD Technology, through its wholly-owned subsidiary Wangyin Online (Beijing) Commercial Service Co., Ltd., subscribed to a capital contribution of 2 billion yuan, acquiring a 66.67% stake and formally becoming the controlling shareholder. Qingdao International Investment Co., Ltd. retained a 33.33% stake.
Compared to the 3.014 billion yuan listing reserve price in 2025, JD.com ultimately secured control for 2 billion yuan, saving approximately 1 billion yuan. Financially, CITIC Qingdao Asset reported operating revenue of 166 million yuan and net profit of 101 million yuan for the 2024 fiscal year. For the first five months of 2025, it achieved operating revenue of 129 million yuan and net profit of 91 million yuan, demonstrating stable operations.
CITIC Qingdao Asset Management Co., Ltd. was established in September 2015, formerly known as Qingdao Asset Management Co., Ltd., with a registered capital of 3 billion yuan. In 2016, it obtained the qualification for bulk acquisition and disposal of non-performing assets from financial institutions, making it the first municipal-level AMC in China. It adopted its current name after CITIC Group took control in 2021.
After JD.com obtained controlling interest in CITIC Qingdao Asset, it became the only private enterprise in China currently holding both a consumer finance license and a local AMC license. Previously, JD.com had acquired Home Credit's consumer finance business in 2024, securing a nationwide consumer finance license. Currently, there are 59 licensed local AMCs nationwide, making the license relatively scarce.
JD.com's control of CITIC Qingdao Asset and the completion of this first transaction signifies that its financial sector strategy is moving from the license acquisition phase into the substantive operational phase. Although the inaugural 8 million yuan transaction is modest in scale, the replicability of its business model and subsequent progress towards scale warrant ongoing attention.
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