解码破产重整服务信托：管理仍存短板，转型“资产服务商”

Core Viewpoint - The completion of the judicial reorganization of *ST Jinke marks the largest restructuring case in the real estate industry, bringing attention back to bankruptcy reorganization service trusts, which have seen increasing demand and growth in recent years [1][2]. Group 1: Market Demand and Growth - The demand for bankruptcy reorganization service trusts is continuously expanding, with expectations of over 160 cases by the end of 2025, although the growth rate has slowed down, with only about 70 new cases anticipated in 2024 and around 40 in 2025 [2]. - The scale of risk disposal service trusts, which includes bankruptcy reorganization service trusts, is significant within the asset service trust sector, with a reported size of 2.60 trillion yuan as of June 2025 [1]. Group 2: Operational Advantages - Trusts provide a unique advantage in handling projects that cannot be settled with cash or quickly liquidated assets, allowing for a more flexible approach to asset disposal [2]. - The trust model allows for long-term operation and disposal of assets, which can prevent undervaluation and protect creditors' interests during the bankruptcy process [2][3]. Group 3: Challenges in Implementation - The industry faces challenges such as creditor sentiment shifts, management misunderstandings, and limited capabilities of trustees, which can hinder the effective use of bankruptcy reorganization service trusts [4][5]. - The actual distribution of trust benefits has often fallen short of expectations, leading to tensions among creditors, as the effectiveness of the trust tool is heavily dependent on the quality of underlying assets [5]. Group 4: Competitive Landscape - Over 30 trust companies are currently engaged in bankruptcy reorganization service trust projects, leading to intense competition and price undercutting, which may not align with the legal responsibilities and workload involved [6][7]. - The lack of a standardized pricing system for these services is a concern, but there is hope for improvement with the introduction of industry self-regulation [7]. Group 5: Evolution of Trust Companies - Trust companies are transitioning from being mere fund providers to comprehensive "asset service providers," with profit growth increasingly reliant on proactive management capabilities [8]. - Future profit opportunities may arise from deeper service offerings and value creation, such as engaging specialized teams for asset rehabilitation and operational management [8].