Beijing State-owned Assets Management Co., Ltd.

At a glance. BSAM is the Beijing municipal government's state capital investment and holding company. It had consolidated total assets of RMB 171.92B (about USD 24.6B) at end 2025 and runs four groups: financial services, environmental protection and parks, information services and digital, and culture and sports. It is a founding shareholder of Bank of Beijing and owns venues including the Bird's Nest stadium. S2 S3 S4

Key points

• 2025 revenue was RMB 16.17B and net profit RMB 2.74B, with owners' equity of RMB 75.46B. S2
• Paid-in capital rose from RMB 10B to RMB 30B in 2025. S2
• Approved in 2025 as a pilot for Beijing's state capital investment company reform. S5
• Took a controlling stake in Beijing Securities in 2025 and led the push to form the Beijing Data Group. S5
• Operating model: invest, nurture, mature, exit and reinvest, with equity exits each year. S2
• Rated AAA domestically and A internationally. S1

Interesting facts

• Its culture and sports arm owns the National Stadium (the Bird's Nest) and the National Aquatics Center (the Water Cube) from the 2008 Olympics. S4
• It is the only Chinese shareholder of UBS Securities. S4
• It co-founded the National Fintech Risk Monitoring Center with the People's Bank of China. S4

Mandate and goals

Manage and operate Beijing's state assets so they keep and grow their value, investing in line with the capital city's strategic role. S1 S2

• Preserve and increase the value of state assets. S1
• Use financial holdings to support the real economy and advanced industries in Beijing. S4
• Build circular economy, science and cultural industry parks. S4
• Support Beijing's digital economy, including government cloud and network security. S4

How it invests

Largest holdings: Bank of Beijing (founding shareholder), Beijing Rural Commercial Bank (founding shareholder), UBS Securities, China Beijing Equity Exchange (CBEX), Dynagreen Environmental Protection Group, CapInfo Company, National Stadium (Bird's Nest), Beijing Securities (controlling stake) S4 S5

Past investments

Case studies

From Olympic venues to a culture and sports platform S4

• What: BSAM owns and runs Beijing Olympic venues including the Bird's Nest and the Water Cube.
• When: 2008 onward
• Size: Not published
• Why: Keeps major public assets in commercial use for events and visitors.
• Outcome: Supported events including the Beijing Winter Olympics and Paralympics.

Moving into a securities licence S5 S2

• What: BSAM took control of Beijing Securities and became a pilot state capital investment company.
• When: 2025
• Size: Not published
• Why: Deepens its financial services group, the largest of its four arms.
• Outcome: Paid-in capital also rose to RMB 30B that year.

Investment process

Wholly owned by the Beijing government, with SASAC as investor representative. The Party Secretary and Chairman leads the board, and the general manager runs operations. S2

1. Invest in projects tied to Beijing's strategy, nurture them, then exit equity and reinvest the proceeds. S2

How to approach: No intake programme is published. The English site lists a general office contact. S1

Size and returns

• Headline size: RMB 171.92B total assets (Total assets (balance sheet), as of 2026-04-30) S2 S3
• In US dollars: about USD 24.6B. Converted at CNY 7.001 per USD, ECB rate for 31 December 2025
• Owners' equity: RMB 75.46B (about USD 10.8B) (Net assets or equity, as of 2026-04-30) S2
• Returns: the fund does not publish a return figure.
• Size over time (CNY billion): 2024 184.479, 2025 171.918 S2

Leadership

Governance and transparency

• Legal basis: Wholly state-owned limited company owned by the Beijing Municipal People's Government S2
• Oversight: Beijing municipal SASAC as investor representative S2
• Auditor: ShineWing; standard unqualified opinion on 2025 S2
• Publishes an annual report for its corporate bonds on the Shanghai Stock Exchange. S2

Transparency score: 6.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

• Published: total assets, audited financial statements, named leadership, regular reporting schedule. S2
• Partly published: annual return, asset allocation, geographic or sector split, holdings or deal list, governance and mandate documents. S2
• Not published: long-term returns. S2

History

Reports

• 2025 annual report for corporate bonds: http://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2026-04-30/243125_20260430_DIOO.pdf S2

Common questions

How big is BSAM?

RMB 171.92B of consolidated total assets at end 2025, about USD 24.6B. S2 S3

Who owns BSAM?

The Beijing Municipal People's Government owns 100 percent. S2

Who runs BSAM?

Zhao Jifeng is Party Secretary and Chairman; Guo Yonghao is General Manager. S2

What does BSAM own?

Stakes in banks and finance firms such as Bank of Beijing and UBS Securities, waste-to-energy firm Dynagreen, IT firm CapInfo and Olympic venues. S4

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All sovereign wealth funds in Asia · All state holding companys · All funds in China

Sources

1. S1BSAM, Overview (English)
2. S2BSAM, 2025 annual report for corporate bonds (Shanghai Stock Exchange)
3. S3Frankfurter, ECB reference rate USD/CNY, 31 December 2025
4. S4BSAM, Major sectors and industries (English)
5. S5BSAM, About (Chinese)