China's 15th Five-Year Plan explicitly emphasizes "accelerating high-level self-reliance in science and technology to lead the development of new quality productive forces," placing technological innovation at the core of national development.
As economic restructuring deepens, strategic emerging industries face both opportunities and inevitable growing pains amid cyclical fluctuations. Asset management companies (AMCs), with their core competencies in counter-cyclical operations and risk resolution, are now leveraging diversified financial tools to revitalize stagnant assets and mitigate sector risks. These efforts position them as key stabilizers for the economy and enablers of industrial upgrading.
China Orient Asset Management disclosed investments totaling nearly RMB 18 billion to bolster new quality productivity. Similarly, CITIC Financial Asset Management and other institutions are injecting liquidity into critical sectors through market-driven, professional approaches, enhancing industrial chain efficiency.
**From "Firefighter" to "Preventive Care": Smoothing Cyclical Downturns** AMCs excel in counter-cyclical strategies and deep balance-sheet analysis. These capabilities are now proactively deployed to identify and mitigate volatility in high-quality enterprises, helping them navigate temporary crises.
The solar industry, for instance, has faced structural overcapacity, intensified price competition, and tighter financing amid rapid growth and technological evolution. JA Solar Technology emerged as a leader through multiple industry cycles, excelling in operations, technology, branding, and sales.
As early as 2018, China Orient arranged offshore syndicated loans to assist JA Solar in privatizing its U.S. shares during a favorable low-price window. By 2020, rising upstream material costs severely squeezed subsidiary margins, leaving the parent company overleveraged. China Orient swiftly intervened with a RMB 2 billion debt-to-equity swap, stabilizing finances and optimizing the asset structure.
Likewise, CITIC Financial Asset Management stepped in when Hoshine Silicon, a leader in silicon-based materials, faced an industry downturn. By injecting capital into its Xinjiang subsidiary and implementing a comprehensive relief package, CITIC helped the firm deleverage and streamline operations.
From acquiring convertible bonds to debt-to-equity swaps and special repayment funds, AMCs are deploying tailored solutions during downturns—not just resolving crises but also fortifying companies' global cost competitiveness.
**From "Project Relief" to "Industrial Empowerment": Reshaping Value Chains** Beyond single-company rescues, AMCs now drive systemic upgrades through industrial funds and integrated financial tools, fostering sustainable ecosystem growth.
China Orient partnered with China Energy Investment Group and China Reform Holdings to establish the Guoneng New Energy Industrial Fund (RMB 10.02 billion), targeting solar, wind, hydrogen, energy storage, and smart energy projects. To date, RMB 5.3 billion has been deployed to support state-owned enterprise restructuring and distressed asset revitalization.
Separately, its Green Energy Fund I and II have invested over RMB 10 billion in premium projects across renewables, environmental protection, and energy infrastructure.
CITIC Financial Asset Management demonstrates unique value in hard-tech chains, combining asset/debt/management restructuring to empower core firms like Hoshine and Tongwei Group. Its governance participation strengthens industrial resilience and supply chain autonomy.
China Cinda, meanwhile, is building a sci-tech finance ecosystem via partnerships with Xiamen University and the Yangtze Delta Region Institute of Tsinghua University, hosting forums on sectors from healthcare to lithium carbonate and aviation materials.
The *China Non-Performing Asset Industry Development Report (2025)* highlights how supply-side reforms and tech-driven industrial upgrades will expand opportunities for AMCs in asset revitalization.
Looking ahead, AMCs—armed with sector expertise, financial toolkits, and long-term capital—will play an increasingly pivotal role in advancing new quality productivity during the 15th Five-Year Plan period.