地方AMC首度冲击港股上市，河北资产问路港交所

Core Viewpoint - Hebei Asset Management Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, marking a significant step as the first local Asset Management Company (AMC) aiming for a public listing in Hong Kong [2][4]. Company Overview - Hebei Asset was established on November 24, 2015, as a state-owned enterprise approved by the Hebei provincial government, and it became the first local AMC in Hebei with qualifications for bulk acquisition and disposal of financial non-performing assets [4][5]. - The company is primarily engaged in the acquisition and disposal of non-performing assets, restructuring, custody services, and related consulting services [4]. Financial Performance - As of the end of 2024, Hebei Asset's total assets reached 7.556 billion yuan, with non-performing asset operating income of 512 million yuan, reflecting a year-on-year growth of 130% [4][5]. - The revenue from non-performing asset operations has consistently accounted for over 99% of total revenue in the past three years, with the income from disposal and restructuring of non-performing assets showing significant fluctuations [4]. Market Position - In the context of China's AMC landscape, Hebei Asset holds a market share of 24.4% in the acquisition of non-performing assets within Hebei province, ranking second in terms of original value of newly acquired non-performing assets in 2024 [2][4]. - The current market structure includes 59 local AMCs, with Hebei Asset positioned in the middle to lower tier in terms of asset scale [5]. Listing Context - The listing application was submitted on June 27, 2024, with joint sponsors being Jianyin International and Shanzheng International [4]. - The local AMCs face stringent regulatory restrictions for listing on the A-share market, making the Hong Kong market a crucial avenue for expanding financing channels and enhancing corporate credibility [2][6]. Industry Trends - The non-performing asset management industry in China has seen rapid growth, with the original book balance increasing from 4.9 trillion yuan in 2020 to 5.8 trillion yuan in 2024, reflecting a compound annual growth rate of 4.4% [9]. - The local AMC sector is experiencing a trend of differentiation, with the top five local AMCs accounting for over 40% of the total asset scale, while smaller institutions are facing marginalization [9].