Xin Lang Cai Jing·2025-11-24 06:05Core Insights - The approval of three national joint-stock banks to establish Asset Investment Companies (AICs) marks an expansion in China's banking sector after an eight-year hiatus [2][3]. Group 1: Company Developments - CITIC Bank announced the approval for its financial asset investment company, with a registered capital of 10 billion RMB, located in Guangzhou [2]. - China Merchants Bank also received approval for its AIC, with a registered capital of 15 billion RMB, based in Shenzhen [2]. - Xinyin Financial Asset Investment Company was officially established in Fuzhou, becoming the first AIC initiated by a joint-stock bank, with a registered capital of 10 billion RMB [2]. Group 2: Policy Background - The expansion of AICs is driven by ongoing policy support, including a notification from the National Financial Regulatory Administration in September 2024 to enhance equity investment trials [3]. - In March 2025, the regulatory body expanded the investment scope of AICs to include trial cities and their provinces, aiming to bolster support for technology innovation and private enterprises [3]. - A joint document from seven departments in May 2025 emphasized the need for a financial system that supports technological innovation, expanding the AIC equity investment trial to 18 provinces [3]. Group 3: Industry Landscape - Currently, five major state-owned banks have established AICs, including ICBC Investment, ABC Investment, Bank of China Asset, CCB Investment, and Bank of Communications Investment [4]. - Postal Savings Bank has received approval to establish its AIC, indicating ongoing growth in this sector [4].