Core Viewpoint - Zhongyuan Expressway has chosen to waive its preemptive subscription rights for the capital increase of Zhongyuan Trust, indicating a strategic focus on its core highway business and a desire to alleviate financing pressure [2][3]. Group 1: Company Actions and Financials - Zhongyuan Expressway's stake in Zhongyuan Trust will decrease from 27.27% to 25.52% following the waiver of the capital increase [3]. - The proposed capital increase for Zhongyuan Trust aims to raise its registered capital from 4.681 billion to 5 billion yuan, with a fundraising target of 724 million yuan at a price of 2.27 yuan per share [2]. - In 2024, Zhongyuan Expressway reported a revenue of 6.969 billion yuan, a year-on-year increase of 22.2%, and a net profit of 880 million yuan, up 6.27% year-on-year [3][4]. Group 2: Industry Context and Trends - The trust industry is undergoing significant transformation, with many companies seeking capital increases to enhance their financial strength and market competitiveness [5][9]. - The continuous waiver of capital increase by the second-largest shareholder of Zhongyuan Trust raises concerns about the company's future performance and the overall confidence in the trust industry [5][9]. - Regulatory changes, including the revised Trust Company Management Measures, emphasize the responsibilities of shareholders and may lead to a reshaping of shareholder structures in the trust industry [9][10].