今年以来，多家中小银行加快了风险债权处置步伐，"百亿级"债权包频现产权交易所。 渤海银行一年处置债权超千亿元 10月10日，渤海银行在港交所发布公告，计划通过产权交易所公开挂牌、分批次转让一笔大额债权资产。 日前，渤海银行发布公告称，拟通过产权交易所公开挂牌方式，分批次转让总额高达约698.33亿元的债权资产，公告给出了初步 最低代价——不低于488.83亿元，相当于债权总额的7折左右。 21世纪经济报道记者梳理发现，年内已有多家中小银行跟进处置大额风险债权：广州农商行以6.5折转让一笔总额约189.28亿元 的资产包；甘肃银行拟以7.7折价格出售达197.19亿元的资产包。 对于此类资产转让，多家银行均表示，所出售的资产多为经济资本占用较高、流动性较差的资产。从渤海银行到广州农商行、 甘肃银行，中小银行选择折价转让风险债权，背后是行业主动化解资产质量压力、优化自身财务结构的探索。 据公告披露，这笔债权的规模相当可观：截至2024年12月31日，本金约499.37亿元，利息约104.36亿元，罚息约93.34亿元，再加 上代垫的司法费用1.26亿元，债权总额合计698.33亿元。 从债权结构来看，"长期债权" ...

Core Insights - The banking sector is increasingly engaging in the transfer of non-performing assets (NPAs) as a strategy to optimize capital and mitigate risks, driven by rising retail NPA rates and the need for improved asset quality [1][4] Group 1: Non-Performing Asset Transfers - Several banks have initiated significant NPA transfers, with notable actions from Bohai Bank and Guangzhou Rural Commercial Bank, involving amounts of approximately 700 billion yuan and 189.28 billion yuan respectively [2][3] - Bohai Bank's transfer includes a debt total of nearly 700 billion yuan, with an expected minimum transfer price of about 488.83 billion yuan, aiming to enhance asset quality and capital utilization [2] - The trend of NPA transfers is widespread across various financial institutions, including state-owned banks and rural banks, focusing on personal consumption loans and credit card overdrafts [3] Group 2: Factors Driving NPA Transfers - The acceleration of NPA transfers is influenced by multiple factors, including policy guidance, regulatory pressures, operational needs, and the efficiency of transfer models compared to traditional cash recovery methods [4] - Regulatory requirements have become stricter, prompting banks to expedite NPA transfers to meet compliance standards [4] Group 3: Future Outlook and Challenges - The pressure on banks regarding NPA management remains significant, particularly with rising retail NPA rates and prolonged overdue periods for personal loans and credit cards [5] - The NPA transfer market faces challenges such as low recovery rates and high disposal costs, necessitating improvements in market pricing mechanisms and diversified disposal channels [6] - Industry experts suggest that enhancing the classification of NPAs and optimizing disposal processes will be crucial for improving efficiency in asset management [6]

Core Viewpoint - Increasing number of small and medium-sized banks are accelerating the sale of risk assets as they face ongoing asset quality pressures, particularly highlighted by recent announcements from Bohai Bank and Guangzhou Rural Commercial Bank [1][3][6]. Group 1: Asset Sales - Bohai Bank plans to publicly transfer 69.833 billion yuan in debt assets, with a minimum price set at 48.883 billion yuan, reflecting a 30% discount on total debt [2]. - Guangzhou Rural Commercial Bank is set to transfer 18.928 billion yuan in credit assets, with a minimum price of 12.2 billion yuan, representing a 35% discount [2]. - Over the past year, Bohai Bank has disposed of over 100 billion yuan in problematic assets through multiple sales [2]. Group 2: Asset Quality and Financial Impact - As of the end of Q2, Bohai Bank's non-performing loan ratio stood at 1.81%, which is 0.59 percentage points higher than the average for joint-stock banks, indicating poor asset quality [3]. - The successful sale of debt assets could yield a positive financial impact of approximately 573 million yuan for Bohai Bank by the end of 2024 [5]. - Guangzhou Rural Commercial Bank's non-performing loan ratio was 1.98%, which, while better than the average for rural commercial banks, still places it in the lower tier among H-share listed banks [6]. Group 3: Strategic Management - The asset packages being sold primarily consist of long-term assets with over five years of aging, which are characterized by high capital occupation and poor liquidity [4]. - Both banks aim to improve their capital adequacy ratios and overall competitiveness by offloading these risk assets, despite the immediate profit erosion from discounted sales [6][7]. - The proactive approach to asset management reflects a shift from passive acceptance of losses to active risk management strategies among small and medium-sized banks [6][7].

Core Viewpoint - Two banks, Bohai Bank and Guangzhou Rural Commercial Bank, are selling large asset packages to improve capital efficiency and prepare for the next fiscal year [1][2] Group 1: Asset Transfer Details - Bohai Bank plans to publicly transfer debt assets totaling approximately 700 billion yuan, including principal, interest, and penalties [2] - The asset package consists of 174 debt claims, with 52 claims aged over five years, indicating low liquidity [2] - Guangzhou Rural Commercial Bank intends to transfer a credit asset package worth 189.28 billion yuan, with a principal scale of 149.78 billion yuan and interest of 38.97 billion yuan [2] Group 2: Financial Impact - The asset transfers are expected to alleviate capital occupation and improve performance, as the transferred assets have resulted in pre-tax losses of 5.09 billion yuan and 10.6 billion yuan for 2023 and 2024, respectively [2][3] - The non-performing loan ratio for Guangzhou Rural Commercial Bank increased to 1.98%, with overdue loans reaching 510.9 billion yuan, indicating deteriorating asset quality [3] Group 3: Strategic Rationale - The banks are strategically transferring assets to enhance capital usage efficiency and improve year-end financial statements, allowing for more space for future business development [3][4] - This move is seen as a proactive risk management strategy, optimizing asset structure and enhancing liquidity for reinvestment in higher-potential areas [4][5] Group 4: Market Implications - The trend of transferring non-performing assets is beneficial for the banking sector, as it helps reduce bad debt ratios and improves overall asset quality [5][6] - The asset transfers are expected to create opportunities for financial asset management companies and contribute to a healthier financial ecosystem [5][6]

Core Viewpoint - Bohai Bank is optimizing its capital structure by planning to transfer high economic capital and low liquidity debt assets through public listing, which requires shareholder approval due to the significant scale of the transaction [1][2]. Group 1: Asset Transfer Details - The bank intends to transfer debt assets involving 174 accounts, with a principal amount of approximately 49.937 billion yuan, interest of about 10.436 billion yuan, penalty interest of around 9.334 billion yuan, and judicial fees of approximately 0.126 billion yuan, resulting in a book value of about 48.310 billion yuan after deducting impairment provisions of 8.601 billion yuan [2][3]. - The assets to be transferred include 108 loans with a principal of 31.878 billion yuan and 32 asset management plans with a principal of 17.009 billion yuan, with over half of the assets being over five years old [3]. Group 2: Financial Performance - In the first half of 2025, Bohai Bank reported an operating income growth of 8.14% to 14.215 billion yuan and a net profit attributable to shareholders growth of 3.61% to 3.83 billion yuan, marking it as one of only two banks among ten to achieve double growth in these metrics [1][7]. - The bank's non-interest income significantly increased by 21.81% to 6.169 billion yuan, primarily driven by a 63.16% rise in financial investment net income [7][8]. Group 3: Capital Structure and Risk Management - As of mid-2025, the bank's core Tier 1 capital adequacy ratio was 8.39%, up 0.04 percentage points from the end of the previous year, while the Tier 1 capital adequacy ratio was 9.31%, up 0.01 percentage points [6][7]. - The bank's non-performing loan ratio increased to 1.81% in the first half of 2025, but the planned asset transfer is expected to significantly improve asset quality and enhance capital adequacy and utilization [6][7].

Core Viewpoint - Bohai Bank is publicly transferring debt assets to optimize its asset structure and improve its ability to serve the real economy, with the total debt amounting to approximately 499.37 billion yuan in principal and 104.36 billion yuan in interest [1] Group 1: Debt Asset Transfer - The total amount of debt assets being transferred includes approximately 499.37 billion yuan in principal, 104.36 billion yuan in interest, 93.34 billion yuan in penalty interest, and 1.26 billion yuan in judicial fees [1] - The initial minimum price for the transfer is set at approximately 488.83 billion yuan, which is about 70% of the total debt amount [1] - This is not the first instance of Bohai Bank transferring non-performing assets; previous transfers occurred in March 2024 and November 2024, involving assets valued at 56.67 billion yuan and 289.65 billion yuan, respectively [1] Group 2: Financial Performance and Market Perception - Bohai Bank's recent actions of frequently selling non-performing assets have been perceived by the market as a "cutting losses to heal wounds" strategy, as the bank has the highest non-performing loan ratio among domestic listed joint-stock banks [2] - The bank was established in December 2005 and is known as the "youngest joint-stock bank" in China [3] - After its listing on the Hong Kong Stock Exchange in July 2020, the bank's stock price peaked at 5.62 HKD per share but has since declined to 1.05 HKD, with a total market capitalization of 18.65 billion HKD [3]

10月10日，渤海银行发布公告称，宣布拟通过公开挂牌方式分批次转让经济资本占用较高、流动性较差 的债权资产，并计划向股东大会申请"建议授权"推进此事。 根据公告，渤海银行拟转让债权资产涉及174户，本金约499.37亿元，利息约104.36亿元，罚息约93.34 亿元，代垫司法费用约1.26亿元；扣除86.01亿元减值准备后，账面价值约483.10亿元。 长江商报记者注意到，渤海银行2025年上半年业绩表现较好，从增速上来看，在10家股份行中，仅有两 家实现了营业收入和归母净利润的双增，其中就有渤海银行，另一家是浦发银行。数据显示，2025年上 半年，渤海银行的营业收入同比增长8.14%至142.15亿元；归母净利润同比增长3.61%至38.3亿元。 长江商报消息 股份行渤海银行（09668.HK）继续优化资本结构。 非息收入增21.81% 需要注意的是，渤海银行的净息差水平在多家股份行中表现不好，8家股份行净息差低于1.8%，其中就 有渤海银行。但值得一提的是，渤海银行的净息差在2025年上半年逆势增长了0.01个百分点（1BP）至 1.32%，有所改善；除此之外，其余股份行的净息差均有所收窄。 拟分批挂牌 ...

Core Insights - The banking sector is accelerating the disposal of historical burdens, with two significant debt asset transfer cases exceeding 100 billion yuan, aimed at optimizing asset structure and improving capital adequacy ratios [1][2][3] Group 1: Major Asset Transfers - Bohai Bank plans to publicly transfer debt assets totaling approximately 700 billion yuan, including principal, interest, and penalties, with a minimum price set at about 488.83 billion yuan, reflecting a discount of around 30% [2] - Guangzhou Rural Commercial Bank has approved a plan to transfer a credit asset package worth approximately 189.28 billion yuan, which includes a principal amount of 149.78 billion yuan and has incurred significant tax losses [3] Group 2: Market Trends in Non-Performing Loans - The transfer of small, dispersed non-performing loans has become a regular occurrence, with various banks listing personal consumption loans and credit card overdrafts on the bad loan transfer platform [4][5] - The trend of transferring small-scale non-performing loans is supported by a growing number of banks participating in the market, enhancing their willingness and ability to dispose of such assets [5][6] Group 3: Evolving Asset Management Strategies - The banking industry is transitioning from a traditional "sell-off" model to a more market-oriented and diversified approach for managing non-performing assets, including asset-backed securities (ABS) [7][8] - Financial institutions are encouraged to adopt a comprehensive approach to non-performing asset management, utilizing various methods such as cash recovery, self-write-offs, and asset securitization to enhance efficiency [8]

Core Viewpoint - The banking industry is accelerating the disposal of historical burdens, with significant debt asset transfers occurring to optimize asset structures and improve capital adequacy ratios [1][2][3] Group 1: Major Debt Asset Transfers - Bohai Bank plans to publicly transfer debt assets totaling approximately 700 billion yuan, including principal, interest, and penalties, with a minimum price set at about 488.83 billion yuan, reflecting a discount of around 30% [2] - Guangzhou Rural Commercial Bank has approved a plan to transfer a credit asset package worth approximately 189.28 billion yuan, which includes a principal amount of 149.78 billion yuan and has incurred tax losses in recent years [3] Group 2: Trends in Non-Performing Asset Management - The transfer of small, dispersed non-performing assets has become a regular practice, with various banks listing personal loans and credit card debts on platforms for regular transactions [4][5] - The trend of transferring non-performing loans is expanding, with banks increasingly willing to dispose of small, high-risk loans through standardized processes [5][6] Group 3: Evolving Asset Disposal Strategies - The banking sector is transitioning from traditional bulk transfer methods to more market-oriented and diversified solutions, including asset-backed securities (ABS) to enhance capital market participation [7][8] - Regulatory changes are encouraging more market participants to engage in non-performing asset disposal, which is expected to improve efficiency and broaden the market supply [7][8]

Major Events - Yuan Da Zhu Gong (02163) plans to apply for bankruptcy reorganization at Changsha Intermediate People's Court [1] - Yi Li Holdings (00076) subsidiary intends to issue blockchain vouchers V76, redeemable for bulk commodities on the platform [1] - Peijia Medical-B (09996): National Medical Products Administration accepts registration application for GeminiOne® transcatheter edge-to-edge repair system [1] - Paggen Biopharmaceutical-B (02565) proposes to grant exclusive license for VISEPEGENATIDE (PB-119) in the Middle East and Africa [1] - Beijing Enterprises Environment Group (00154) bids for Hong Kong I·PARK 2 project [1] - Fangda Holdings (01521) plans to acquire Shanghai Guanhua Medical Technology Co., Ltd. for 270 million yuan to enhance global laboratory service capabilities [1] - Lianzhong (06899) focuses on female user value, driving new entertainment through content [1] - Global New Materials International (06616) increases stake in CQV to 50.75%, strengthening global business collaboration [1] - Qianxin Biotechnology-B (02509): Qianxin's industrialization base successfully passes EU QP audit [1] - China Energy Construction (03996) subsidiary signs three new energy general contracting agreements, totaling approximately 19.554 billion yuan [1] - Yongyi International (01218) plans to sell all issued shares of Zhuoyi to Gaoshan (00616) [1] - Bohai Bank (09668) plans to list high capital-occupying debt assets for sale, with an initial pricing of no less than 48.883 billion yuan [1] - Chuangsheng Holdings (02680) plans to receive a premium of about 6% for full acquisition offer, resuming trading on October 13 [1] - Kelun-Botai Biopharmaceutical (06990): Core product TROP2ADC, Lukan-Satuzi (SAC-TMT) approved by National Medical Products Administration for third indication, treating EGFR mutation non-small cell lung cancer after EGFR-TKI progression [1] Operating Performance - Zhaojin Mining (01818) reports net profit of approximately 2.117 billion yuan for the first three quarters, a year-on-year increase of 140.43% [2] - Sunny Optical Technology (02382): September mobile phone camera module shipments reach 48.524 million units, a month-on-month increase of 15.3% and a year-on-year increase of 32% [2] - Yuexiu Property (00123) reports cumulative contract sales of approximately 79.812 billion yuan for the first nine months, a year-on-year increase of about 2.8% [2] - Qiu Tai Technology (01478) reports September camera module sales of 46.654 million units, a month-on-month decrease of 7.6% but a year-on-year increase of 45.1% [2]