省级地方AMC，首次冲刺港股上市！

Core Viewpoint - Hebei Asset Management Co., Ltd. has submitted its initial public offering (IPO) application to the Hong Kong Stock Exchange, marking the first local Asset Management Company (AMC) attempting to list in Hong Kong, which could potentially break the deadlock for local AMCs seeking capital market access [1][8]. Company Overview - Hebei Asset is the only licensed local AMC in Hebei Province, with total assets amounting to 7.556 billion RMB as of the end of 2024. The company aims to raise funds to strengthen its capital base and optimize its capital structure [1][2]. - The company was established in 2015 and is controlled by the Hebei Provincial State-owned Assets Supervision and Administration Commission. It underwent a transformation into a joint-stock company in June 2023, with a total share capital of 2 billion shares [2]. Market Position and Performance - According to a report by Zhaoshang Consulting, Hebei Asset ranks second in the province for new acquisitions of non-performing assets (NPAs) in 2024, holding a market share of 24.4%. It ranks first among local AMCs in the province for NPAs acquired from small and medium-sized banks, with a market share of 47.2% [2]. - The company’s revenue from NPA management has fluctuated significantly over the past three years, with revenues of 424 million RMB in 2022, 221.5 million RMB in 2023, and projected revenues of 511.7 million RMB in 2024 [3][4]. Revenue Breakdown - The revenue from NPA management is primarily derived from two categories: - Disposal-type NPAs, which accounted for 86.2% of total revenue in 2024, a significant increase from previous years [3]. - Restructuring-type NPAs, which saw a decline in revenue from 261.6 million RMB in 2022 to 69.9 million RMB in 2024 [3][4]. Business Strategy and Future Outlook - The company plans to expand its business related to NPAs to enhance its competitive position in the market. The NPA management industry in Hebei Province is expected to grow, with a projected market size of 322 billion RMB by 2029 and a compound annual growth rate of 7.7% from 2024 to 2029 [5]. - The successful listing of Hebei Asset could serve as a reference for other local AMCs, potentially leading to a wave of local AMCs seeking to list in Hong Kong [8]. Industry Context - The AMC industry is characterized by high capital intensity and faces challenges such as limited financing channels for local AMCs, which do not possess financial licenses. The industry has seen increased regulatory scrutiny and competition, necessitating local AMCs to find ways to expand their capital and business operations [6][7].