河北资产，启动赴港上市程序

Core Viewpoint - Hebei Asset Management Co., Ltd. has officially initiated its listing process by submitting an application to the Hong Kong Stock Exchange, potentially becoming the third local Asset Management Company (AMC) listed in Hong Kong after China Cinda and Citic Financial Asset [2][4]. Group 1: Company Overview - Hebei Asset is the only local AMC in Hebei Province, established in 2015 with an initial registered capital of 1 billion RMB, which increased to 2.6 billion RMB in 2019 and is set to reach 3 billion RMB by 2024 [4]. - The company is regulated by the Hebei Provincial State-owned Assets Supervision and Administration Commission and authorized by the China Banking and Insurance Regulatory Commission [4]. Group 2: Shareholding Structure - Major shareholders include Hebei Construction Investment Group (29.32%), Far East Horizon (27.20%), and several other local enterprises, indicating a diverse ownership structure [6]. Group 3: Financial Performance - As of December 31, 2024, Hebei Asset's total assets amounted to 7.556 billion RMB, positioning it at a mid-level among 59 local AMCs [7]. - The company's operating income from non-performing asset management for the years 2022 to 2024 was 424 million RMB, 221 million RMB, and 512 million RMB respectively, with a profit of 200 million RMB projected for 2024 after a loss of 145 million RMB in 2023 [8][9]. Group 4: Industry Context - The listing of Hebei Asset is seen as a significant step for local AMCs, as it may enhance capital strength, expand business scale, and alleviate financing bottlenecks, which are critical for acquiring and managing non-performing assets [11]. - The company has maintained a long-term credit rating of AA+ and above, achieving AAA for the first time in 2020, which reflects its stable financial standing [11].