INDUSTRIAL BANK(SH:601166) Zheng Quan Shi Bao·2025-11-16 12:30Core Viewpoint - The establishment of Xingyin Financial Asset Investment Co., Ltd. marks the first financial asset investment company (AIC) initiated by a joint-stock bank in China, aiming to support the optimization of capital structures and reduction of leverage for technology and private enterprises [1][2]. Group 1: Company Establishment - Xingyin Financial Asset Investment Co., Ltd. was officially established in Fuzhou with a registered capital of 10 billion yuan [1]. - This company will focus on market-oriented debt-to-equity swaps and related businesses to support innovation and private enterprises [1][4]. - The establishment signifies an expansion in the AIC market after eight years, breaking the previous monopoly held by the five major state-owned banks [1][2]. Group 2: Regulatory Background - The approval for the establishment of Xingyin Investment follows a notice from the National Financial Regulatory Administration in March, which supports qualified commercial banks in setting up AICs [2][3]. - The regulatory framework has been expanded to include 18 pilot cities, allowing for a broader range of banks to participate in AIC initiatives [2]. Group 3: Industry Implications - The entry of Xingyin Investment is expected to inject new momentum into financial support for technological innovation and the development of private enterprises [1][4]. - Other banks, including CITIC Bank, China Merchants Bank, and Postal Savings Bank, have also received approvals to establish their own AICs, indicating a growing trend in the industry [4][5]. - The expansion of AICs is anticipated to lower financing costs for technology enterprises and provide stable financial support for high-quality economic development and industrial upgrades in China [5].