2025年9月起信托新规终结单一融资模式

Core Viewpoint - The new trust pre-registration review standards implemented by China Trust Registration Co., Ltd. will require asset management trusts to adopt a portfolio investment approach starting from September 1, 2025, marking the end of the single financing model for non-standard trusts [1]. Policy Impact and Industry Adjustment - The new registration standards will directly impact non-standard asset management trusts, shifting from a simple project model centered around a single quality financing party to a more complex portfolio investment model [3]. - Trust companies have begun adjusting their business structures, with some exploring non-standard product portfolio investment models since June, leading to the gradual exit of traditional single-target trust products from the market [3]. - China Trust Registration requires comprehensive disclosure of transaction chains, nested information, underlying assets, and fundraising entities when trust funds are directed to underlying assets through special purpose vehicles, enhancing product transparency [3]. Business Transformation and Development Prospects - The implementation of the portfolio investment model presents new challenges for trust companies, requiring higher professional standards in managing different financing projects [4]. - Trust companies face difficulties in implementing portfolio investments due to factors such as regional, industry, and term matching, as well as the need for strong research and valuation capabilities [4]. - Industry insiders believe that the comprehensive implementation of portfolio investment requirements will accelerate the transformation of trust companies, necessitating enhanced research capabilities and risk control systems [4].