文｜柒财经 一场涉及上万投资者的兑付风波，将浙江金融资产交易中心（浙金中心）推至风口浪尖，也把已经退出历史舞台的金交所，再次拉回到公众的视界。 这声惊雷，折射出的不止是某个平台的困局，更撕开了中国金融演进史上一段驳杂而厚重的褶皱。 它迫使我们去追问与凝视：金交所这类特殊机构究竟从何而来？又何以曾风光无限，却又在繁华中悄然异化，最终走向了寂静的落幕？ 风起青萍 金交所的诞生有着深刻的时代背景。 把镜头拉回到全球金融危机后的2009年。为深化国资改革，规范不良处置，缓解企业融资难等，财政部在当年3月出台《金融企业国有资产转让管理办法》 （财政部令第54号）。 该文件明确规定："非上市金融企业国有产权的转让，应当在依法设立的省级以上（含省级）产权交易机构公开进行，不受地区、行业、出资或隶属关系的 限制。" 这份仅六千字的文件被视为新生物种——金交所问世的直接政策推手。 一夜东风江水腾，2010年5月，京交所（北京金融资产交易所）和天交所（天津金融资产交易所）相继揭牌，拉开了地方筹建金融资产交易机构的大幕。 据柒财经了解，在发展之初，金交所的准入门槛并不低，不仅要取得省级政府批准，还要通过国务院清理整顿各类交易场所部 ...

Heritage Global Inc. Conference Summary Company Overview - Heritage Global Inc. trades on NASDAQ with a market cap of approximately $80 million and has a history of profitability, consistently making $1 million to $2 million per quarter [1][2] Core Business Segments - The company operates in two divisions: industrial and financial [2] - The industrial division has evolved from traditional auctioneering to an e-commerce platform, serving large multinational clients such as Pfizer, Boeing, and Halliburton [3][4] Financial Performance - The company has maintained profitability, with quarterly earnings fluctuating between $1 million and $2 million, influenced by mergers and acquisitions (M&A) and larger auctions [4][5] - Current economic conditions have led to a slowdown in asset trading, with many companies in a "wait-and-see" mode regarding surplus asset sales [5][6] Market Dynamics - There is a significant buildup of inventories as companies transition to lean manufacturing and AI-driven processes, which will eventually necessitate the sale of older equipment [6][19] - The financial division, NLEX, has seen growth due to increased credit card debt and non-performing loans, with expectations for substantial growth in the coming years [14][16] Strategic Focus - The company aims to transition from making $1 million to $2 million per quarter to achieving $3 million to $5 million through strategic M&A [7][8] - Heritage Global has been preparing for M&A opportunities without incurring debt, currently holding a $10 million credit line [9][20] Competitive Landscape - The industrial auction market is competitive, with several large players, but Heritage Global believes it can outperform them in transactions due to its niche focus [24][25] - The company is also exploring expansion into Europe and diversifying into commercial real estate non-performing loans [25][26] Regulatory Environment - Changes in government policies, particularly regarding student loans and regional banks, may create new opportunities for Heritage Global [20][21] Future Outlook - The company is optimistic about future growth, particularly in the financial sector, as the market for non-performing loans is expected to expand significantly [14][21] - The management is committed to executing a growth strategy and has a young, dedicated team to support this vision [19] Key Takeaways - Heritage Global is positioned for growth through strategic M&A and a focus on evolving market conditions in both industrial and financial sectors [19][28] - The company has a solid financial foundation with zero debt and a plan for capital allocation, including stock repurchase programs [20][22]