本报（chinatimes.net.cn）记者刘佳 北京报道 又一家信托公司加入到金融机构股权处置行列。 近日，内蒙古股权交易中心披露信息显示，华宸信托有限责任公司（下称：华宸信托）拟挂牌转让所持 华宸未来基金管理有限公司（下称：华宸基金）40%股权，对应8000万股出资额，挂牌底价1720万元， 挂牌期自2025年11月24日起至12月19日止 。若期满未征集到意向受让方，该项目将重新挂牌。 不过，截至记者发稿，该转让信息的详细介绍已无法查阅。 （截图自内蒙古股权交易中心网站） 值得关注的是，此次转让呈现"标的持续亏损"与"高溢价挂牌"的鲜明反差。 而据媒体报道，公告显示，华宸基金在2024年实现营收401.18万元，净亏损2001.14万元；2025年前三季 度，该基金不仅再次录得净亏损1140.35万元，在负债高企的情况下，所有者权益为-388.63万元，且被 审计机构立信会计师事务所（特殊普通合伙）出具了有保留意见的审计报告。 而根据评估结果，该40%股权对应评估价值仅452.29万元，这意味着挂牌价较评估值溢价约2.8倍。 一面是标的公司持续亏损、所有者权益转负，一面是挂牌价格较净资产大幅溢价数倍。 ...

Core Viewpoint - The new regulation, effective from January 1, 2026, eliminates the requirement for individuals to register the source of funds for cash withdrawals exceeding 50,000 yuan, aligning with risk-based principles in customer due diligence [2][4][6]. Group 1: Regulatory Changes - The regulation cancels the previous requirement for individuals to register the source of funds for cash withdrawals over 50,000 yuan, which had raised concerns about privacy and operational complexity [4][6]. - Financial institutions are now required to adopt a risk-based approach in customer due diligence, allowing for simplified measures in low-risk scenarios while enhancing scrutiny in high-risk situations [6][7][12]. Group 2: Implementation and Impact - The new regulation is expected to improve customer experience by reducing unnecessary inquiries during cash withdrawals, while still maintaining a focus on risk management [7][8]. - The regulation applies not only to banks but also to securities, insurance, trust, and non-bank payment institutions, ensuring a comprehensive approach to customer due diligence across the financial sector [12][14]. Group 3: Compliance and Monitoring - Financial institutions must ensure the accurate retention of customer identity information and transaction records, facilitating effective monitoring and investigation of suspicious activities [12][45]. - The regulation emphasizes the importance of ongoing risk assessment and monitoring of customer transactions to adapt to any changes in risk status [29][30].

Group 1 - The core viewpoint of the news is the expansion of real estate trust property registration pilot cities in China, which is expected to enhance the management and transfer of trust assets, potentially unlocking over 30 trillion yuan in trust assets [1][2] - The newly added pilot cities for real estate trust property registration are Nanjing and Suzhou, following the initial cities of Beijing, Shanghai, Tianjin, Guangzhou, and Xiamen [1] - Real estate trust property registration aims to clarify ownership and achieve risk isolation, addressing long-standing issues related to unclear property rights and limited risk isolation functions in trusts [1][2] Group 2 - As of June 2025, the total trust asset management scale in China is projected to reach 32.43 trillion yuan, reflecting a year-on-year growth of 20.11%, making it the third-largest asset management tool after insurance and public funds [2] - The trust registration system has historically been inadequate, hindering the standardization of information disclosure and the recognition of property rights, which limits the effective functioning of trusts in risk isolation and public benefit [2] - Experts suggest that the expansion of the real estate trust registration system will lead to the coordinated design and improvement of related systems, such as non-transactional transfer systems and trust tax policies, aiming to facilitate trust transactions and reduce costs [2][3]

Core Viewpoint - The expansion of real estate trust property registration pilot cities in China is expected to enhance the management and transfer of trust assets, potentially unlocking over 30 trillion yuan in trust assets [1][2]. Group 1: Real Estate Trust Property Registration - The recent notification from Jiangsu financial regulatory authorities indicates that Nanjing and Suzhou will join the list of cities conducting real estate trust property registration trials [1]. - Real estate trust property registration involves the legal registration of property transfers and trust content by authorized institutions, clarifying ownership and achieving risk isolation [1]. - This system addresses long-standing issues such as unclear property rights and limited risk isolation functions, facilitating the transition of trusts from exclusive tools for high-net-worth individuals to inclusive wealth management vehicles [1]. Group 2: Trust Asset Management Scale - As of June 2025, the total trust asset management scale in China is projected to reach 32.43 trillion yuan, reflecting a year-on-year growth of 20.11%, making it the third-largest asset management category after insurance and public funds [2]. - Trusts serve as effective property management tools, allowing clients to arrange and allocate their assets in advance, particularly in family inheritance scenarios [2]. Group 3: Challenges and Recommendations - Despite the progress, challenges remain in the real estate trust registration process, including the need for legislative improvements to clarify operational rules and requirements [3]. - Recommendations include revising the Trust Law and related regulations to provide clearer legal foundations for real estate trust property registration [3]. - There is a call for specific trust tax policies to address issues of double taxation during the establishment, maintenance, and termination phases of trust properties [3].

Core Viewpoint - Huaxin Trust has officially entered bankruptcy proceedings as approved by the Dalian Financial Supervision Administration, marking a significant event in the trust industry in China [3][4]. Group 1: Bankruptcy Process - The Dalian Financial Supervision Administration approved Huaxin Trust's bankruptcy based on its earlier application for reorganization, with the approval dated October 23 [3]. - The court has formally accepted Huaxin Trust's bankruptcy reorganization application on November 28, indicating a structured process ahead [3][4]. - Huaxin Trust is expected to comply with legal requirements and cooperate with the court and administrators to expedite the reorganization process [3]. Group 2: Historical Context - Huaxin Trust may become the third trust company to be declared bankrupt since the enactment of the Trust Law and the Enterprise Bankruptcy Law [3]. - The company has faced significant risks and has been under scrutiny for several years, being classified as one of the high-risk trust companies since 2019 [5]. - Previous incidents, including a high-profile internal conflict involving the company's chairman, have contributed to its financial difficulties [5]. Group 3: Financial Performance - As of the end of 2019, Huaxin Trust reported total assets of 12.376 billion yuan, with trust assets managed amounting to 61.58 billion yuan [6]. - The company experienced a drastic decline in revenue, with a 50% drop in operating income to 573 million yuan and a net loss of 152 million yuan in 2019 [6].

Core Viewpoint - Huaxin Trust is likely to become the third trust company to be declared bankrupt since the promulgation of the Trust Law and the Enterprise Bankruptcy Law, as it has entered the bankruptcy reorganization process approved by the Dalian Financial Supervision Administration [1][2]. Group 1: Bankruptcy Process - On November 28, the Dalian Financial Supervision Administration approved Huaxin Trust's bankruptcy application, allowing it to enter the bankruptcy process [1]. - The approval was based on Huaxin Trust's earlier bankruptcy reorganization application submitted to the authorities, with the approval date being October 23 [1]. - The court formally accepted the bankruptcy reorganization application on the same day as the approval [1]. Group 2: Company Background - Huaxin Trust was established in 1981 with a registered capital of 6.6 billion yuan, making it the only trust company in Liaoning Province [3]. - As of the end of 2019, Huaxin Trust had total assets of 12.376 billion yuan, with trust assets under management amounting to 61.58 billion yuan, primarily in real estate and financial institutions [4]. - The company was classified as one of the six high-risk trust companies by the former China Banking and Insurance Regulatory Commission in late 2019 [3]. Group 3: Financial Performance - In 2019, Huaxin Trust reported an operating income of 573 million yuan, a 50% decrease year-on-year, and a net loss of 152 million yuan, compared to a profit of over 800 million yuan the previous year [4]. - The company has faced significant operational challenges, including the suspension of its "fund pool" business in April 2020 and multiple announcements of delayed payments on collective trust products starting in September 2020 [3].

Core Viewpoint - The National Financial Supervision Administration has officially approved Huaxin Trust Co., Ltd. to enter bankruptcy proceedings, marking a significant development in the company's risk management efforts that have been ongoing for 5.5 years [1][3]. Group 1: Bankruptcy Proceedings - Huaxin Trust has been under risk disposal for 5.5 years, and the recent approval for bankruptcy signifies a new phase in this process [3]. - The approval for bankruptcy comes after a series of regulatory actions, including the suspension of its "fund pool" business in April 2020 and multiple product delays in September of the same year [4]. - Huaxin Trust is the second trust company to enter bankruptcy since the enactment of the Trust Law in 2001, following Xinhua Trust, which declared bankruptcy in May 2023 [6]. Group 2: Risk Disposal and Management - As of September 16, 2023, Huaxin Trust reported that the signing process for the transfer of trust beneficiary rights was nearing completion, with a signing rate of 95.5% among 3,004 individual investors [5]. - The company has been involved in significant governance issues, including the arrest of its chairman in January 2021 for alleged economic crimes, which exacerbated its credit and liquidity risks [5]. - The latest available financial data from Huaxin Trust, as of the end of 2019, indicated total assets of 12.376 billion yuan, managed trust assets of 61.58 billion yuan, and an annual revenue of 573 million yuan, reflecting a 50% year-on-year decline, with a net loss of 152 million yuan [5].

Core Viewpoint - The approval of Huaxin Trust's bankruptcy by the Dalian Regulatory Bureau of the National Financial Supervision Administration marks a significant development in the company's prolonged risk disposal process, which has lasted for over five and a half years [1][4]. Group 1: Company Background and Financial Status - Huaxin Trust, established in 1981, is the only trust company in Liaoning Province and the largest shareholder of Datong Securities [7]. - The company faced severe governance issues and financial difficulties, leading to intervention by the former CBIRC in February 2021. The chairman was arrested for economic crimes, and the company reported a net loss of 152 million yuan in 2019, with total assets of 12.376 billion yuan and managed trust assets of 61.58 billion yuan [7]. - The latest financial data available is from the 2019 annual report, showing a 50% year-on-year decline in revenue to 573 million yuan [7]. Group 2: Risk Disposal Process - The risk disposal process for Huaxin Trust began in April 2020 when the company was ordered to halt its "fund pool" business, leading to multiple product delays [5]. - On August 14, 2023, Huaxin Trust announced that Dalian Anding Enterprise Management Co., Ltd. would acquire eligible personal investors' trust beneficiary rights by September 25, 2025 [5]. - As of September 24, 2023, 3,004 personal investors had signed contracts with Dalian Anding, achieving a signing rate of 95.5%, indicating that the risk disposal process is nearing completion [6]. Group 3: Industry Context - Huaxin Trust is the second trust company to enter bankruptcy proceedings since the enactment of the Trust Law in 2001, following Xinhua Trust, which declared bankruptcy in May 2023 [8].

（文章来源：每日经济新闻） 11月28日，国家金融监督管理总局大连监管局网站发布关于同意华信信托股份有限公司破产的批复，公 司《华信信托股份有限公司关于申请破产重整的请示》收悉，同意华信信托依法进入破产程序。华信信 托应严格按照有关法律法规要求开展后续工作，如遇重大情况，及时向国家金融监督管理总局大连监管 局报告。 ...

北京商报讯（记者 刘四红）11月28日，最高人民法院、最高人民检察院联合发布依法惩治金融领域职 务犯罪典型案例。 三是注重多领域覆盖。本批案例既有金融监管领域腐败案件，也有银行、信托等领域职务犯罪案件，体 现了司法机关依法惩处金融各领域、各环节职务犯罪及关联犯罪的鲜明态度。 二是精准惩治新型隐性腐败。黄某受贿案，被告人以加入某公司获取"劳动报酬"的方式收受贿赂，是新 型受贿政商"旋转门"的典型表现形式。李某、徐某受贿案，被告人在未实际出资的情况下，与请托 人"合作经营"公司，以分配利润的方式收受贿赂，是隐性腐败的典型表现形式。司法机关穿透新型隐性 腐败的"面纱"，依法对被告人判处刑罚，让新型腐败不"新"、隐性腐败难"隐"，精准有力予以惩处。 本次发布的典型案例，具有以下三个方面特点：一是坚持依法从严惩处。刘某受贿、利用影响力受贿 案，被告人受贿1.5亿余元，利用影响力受贿3700万余元，造成巨额贷款无法收回。吴某受贿、挪用公 款、违法发放贷款、违规出具金融票证案，被告人受贿2.75亿余元、挪用公款5.08亿余元。两案被告人 均被依法判处死缓，终身监禁，彰显了司法机关依法从严惩治金融领域职务犯罪的鲜明立场。 ...