单一融资模式即将终结非标信托需全面落地组合投资

Core Viewpoint - The new trust pre-registration review standards set to be implemented by China Trust Registration Center on September 1, 2025, will end the single financing model for non-standard trust products, requiring asset management trusts to adopt a diversified investment approach [1][2]. Group 1: New Regulations - Starting from September 1, 2025, the updated trust registration guidelines will mandate that asset management trusts must implement a combination investment requirement, prohibiting the practice of providing financing to a single borrower [1][2]. - The new guidelines will also introduce requirements for transparent disclosure of transaction chains, including details about special purpose vehicles (SPVs) and the final underlying assets [2]. Group 2: Impact on the Industry - The new regulations are expected to have no substantial impact on standard asset management trusts but will significantly affect non-standard trusts, effectively ending the single borrower model [2]. - Currently, the proportion of non-standard trusts utilizing combination investments is relatively low, indicating a need for industry adaptation [2]. Group 3: Benefits of Combination Investment - Implementing combination investments can mitigate non-systematic risks, as reliance on a single financing party can lead to significant asset devaluation if issues arise [2]. - The shift towards combination investments is anticipated to realign trust companies' roles back to asset management, focusing on maximizing beneficiary interests rather than merely serving financing parties [2]. - This change is expected to enhance the professional investment capabilities of trust companies, promoting sustainable industry development and improving service quality to the real economy [2].