首家地方AMC冲刺港股 河北资产从股改到递表仅10天

Core Viewpoint - Hebei Asset Management Co., Ltd. has officially submitted an application for listing on the Hong Kong Stock Exchange, aiming to become the first local asset management company (AMC) from mainland China to go public in Hong Kong, reflecting a strong desire for capitalization [1][5]. Company Overview - Hebei Asset completed its shareholding reform on June 18, transitioning to a joint-stock company with a total share capital of 2 billion shares, each with a par value of RMB 1 [2]. - The major shareholder, Hebei Construction Investment Group, holds 56.52% of the shares, with other significant shareholders including Hebei Port Group, Hebei Steel Group, and others, all of which are key state-owned enterprises in Hebei [2][3]. Market Position - Hebei Asset is the only local AMC in Hebei with the qualification to acquire and manage non-performing financial assets, holding a significant market position in the region [5]. - According to a report by Zhaosheng Consulting, the company ranks second in the province with a market share of 24.4% for newly acquired non-performing assets in 2024, and first with a market share of 47.2% for non-performing assets acquired from small and medium-sized banks [5]. Financial Performance - The company experienced a significant decline in performance in 2023, with non-performing asset management income dropping by 48% to RMB 222 million, resulting in a net loss of RMB 145 million [5][6]. - In 2024, Hebei Asset's performance rebounded, with non-performing asset management income increasing by 130% to RMB 512 million and a net profit of RMB 204 million, attributed to improved asset recovery efforts [7]. Industry Context - The capital market for local AMCs is still in an exploratory phase, with only two national AMCs listed in Hong Kong. The listing of Hebei Asset could serve as a reference for future developments in the industry [8][9]. - Local AMCs face increasing regulatory scrutiny, with new guidelines issued that clarify requirements for asset acquisition, disposal, and financing [9]. Despite challenges, the non-performing asset management industry has significant growth potential due to ongoing economic adjustments and the increasing sources of non-performing loans [9].