AIC再开闸，老树新枝更需苦练内功

Core Viewpoint - The establishment of Asset Investment Companies (AICs) by banks such as Industrial Bank, CITIC Bank, and China Merchants Bank signifies a further implementation of pilot programs aimed at comprehensive financial operations, providing new tools for managing existing risk assets in the banking system [1][2]. Summary by Sections AIC Establishment and Expansion - The recent approvals for AICs by CITIC Bank and China Merchants Bank follow the earlier approval for Industrial Bank, indicating an expansion of comprehensive financial operations in Chinese financial institutions [1]. - The first AIC pilot programs began in 2017 with five major state-owned banks, primarily focusing on debt-to-equity swaps to assist viable but struggling enterprises in reducing leverage and managing risks [1][2]. Financial Performance and Impact - As of June 2024, the total assets of the five major AICs reached 586.99 billion yuan, with 156 investment cases completed in 2024, amounting to 57.604 billion yuan [2]. - The AICs are expected to enhance the liquidity of existing credit assets and improve the asset-liability structure of distressed enterprises, facilitating their recovery [3]. Challenges and Considerations - Current challenges for AICs include limited external financing channels, high risk weights from parent banks, insufficient research capabilities, and reliance on indirect financing paths [3]. - The banking system's traditional focus on collateralized loans and the need for improved credit management practices pose additional hurdles for effective risk management within AICs [3][4]. Governance and Market Development - To attract external funding and avoid misconceptions about AICs being mere tools for risk asset management, a governance framework based on direct investment characteristics and business processes is essential [4]. - The development of a credit transfer market and the relaxation of credit asset securitization are necessary for effectively revitalizing existing credit resources and enabling market-driven pricing of credit assets [5].