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省级地方AMC首次冲击港股IPO 河北资产递表港交所，过去3年业绩波动较大
Mei Ri Jing Ji Xin Wen·2025-07-01 04:50

Core Viewpoint - Hebei Asset Management Co., Ltd. has submitted its initial public offering (IPO) application to list on the Hong Kong Stock Exchange, marking the first attempt by a local Asset Management Company (AMC) to go public in Hong Kong [1][12]. Group 1: Company Overview - Hebei Asset was established on November 24, 2015, and is the only local AMC in Hebei province authorized to acquire and manage non-performing financial assets [2]. - The company is under the supervision of the Hebei Provincial Financial Management Bureau and has a unique policy advantage as the only licensed local AMC in the province [2]. - As of the end of 2024, Hebei Asset's total assets are valued at 7.556 billion RMB, with a debt of 5.039 billion RMB, resulting in a debt-to-asset ratio of approximately 66.69% [2]. Group 2: Financial Performance - Hebei Asset's revenue from non-performing asset management has shown significant volatility, with a 130% year-on-year increase in 2024, reaching 512 million RMB, while in 2023, the revenue was only 222 million RMB, a 48% decline [7]. - The company reported a profit of 204 million RMB in 2024, recovering from a loss of 145 million RMB in 2023 [8]. - The revenue breakdown for 2024 indicates that 86.2% came from the disposal of non-performing assets, while restructuring and consulting services contributed 13.7% and 0.1%, respectively [4][5]. Group 3: Market Position and Industry Context - Hebei Asset holds a 24.4% market share in the local non-performing asset management sector, ranking second in the province, and a leading 47.2% market share in acquiring non-performing assets from small and medium-sized banks [2]. - The market size for non-performing asset management in Hebei province is projected to grow from approximately 222.2 billion RMB in 2024 to 322 billion RMB by 2029, with a compound annual growth rate of 7.7% [3]. - The company aims to leverage its first-mover advantage and professional expertise to support high-quality economic development in Hebei province [3].