个贷不良转让起拍价“隐身”，市场在透明与效率间寻求新平衡

Core Insights - The personal non-performing loan (NPL) transfer market is undergoing a significant turning point with the adjustment of information disclosure rules by the Banking Credit Asset Registration and Circulation Center in late October 2025, ending a four-year practice of publicly disclosing starting prices for NPL packages [1][3] - The market has seen unprecedented activity, with a transaction volume of 37.04 billion yuan in the first quarter of 2025, representing a year-on-year increase of 760% [1][10] - The adjustment aims to balance information transparency and risk control, as the previous public disclosure of starting prices raised concerns about asset quality and market stability [3][12] Market Trends - There is a noticeable trend towards "short aging" in the personal loan NPL transfer market, with the average overdue days for transferred NPL packages significantly decreasing [5][8] - For instance, the weighted average overdue days for a batch of NPLs from Bank of China was reported at 186 days, contrasting sharply with previous trends where overdue days often exceeded hundreds [8][9] - The market size continues to grow rapidly, with a transaction volume of 158.35 billion yuan in 2024, marking a 64% increase year-on-year, and projections for 2025 suggest it will exceed 200 billion yuan [10][12] Regulatory and Operational Changes - The adjustment in disclosure rules is seen as a rational response to market challenges, aiming to regulate market order and guide value discovery [3][12] - The new rules allow limited disclosure of starting prices only to registered participants, which is intended to prevent misuse of data by debt evasion organizations [3][12] - The shift towards professionalization in the NPL market is driven by banks' need to enhance risk disposal efficiency and reduce collection costs, as well as comply with stricter regulatory requirements [12][13] Future Outlook - The ongoing transformation of the personal loan NPL market is expected to lead to a more professional, market-oriented, and refined approach to risk disposal, enhancing the financial system's resilience [13] - As supporting policies continue to improve and market participants mature, the NPL transfer market is anticipated to unlock greater value in effectively managing financial risks and revitalizing existing assets [13]