Core Viewpoint - Hebei Asset Management Co., Ltd. has submitted its initial public offering (IPO) application to the Hong Kong Stock Exchange, marking the first local Asset Management Company (AMC) attempting to list in Hong Kong, which could potentially break the deadlock for local AMCs seeking capital market access [1][8]. Company Overview - Hebei Asset is the only licensed local AMC in Hebei Province, with total assets amounting to 7.556 billion RMB as of the end of 2024. The company aims to raise funds to strengthen its capital base and optimize its capital structure [1][2]. - The company was established in 2015 and is controlled by the Hebei Provincial State-owned Assets Supervision and Administration Commission. It underwent a transformation into a joint-stock company in June 2023, with a total share capital of 2 billion shares [2]. Market Position and Performance - According to a report by Zhaoshang Consulting, Hebei Asset ranks second in the province for new acquisitions of non-performing assets (NPAs) in 2024, holding a market share of 24.4%. It ranks first among local AMCs in the province for NPAs acquired from small and medium-sized banks, with a market share of 47.2% [2]. - The company’s revenue from NPA management has fluctuated significantly over the past three years, with revenues of 424 million RMB in 2022, 221.5 million RMB in 2023, and projected revenues of 511.7 million RMB in 2024 [3][4]. Revenue Breakdown - The revenue from NPA management is primarily derived from two categories: - Disposal-type NPAs, which accounted for 86.2% of total revenue in 2024, a significant increase from previous years [3]. - Restructuring-type NPAs, which saw a decline in revenue from 261.6 million RMB in 2022 to 69.9 million RMB in 2024 [3][4]. Business Strategy and Future Outlook - The company plans to expand its business related to NPAs to enhance its competitive position in the market. The NPA management industry in Hebei Province is expected to grow, with a projected market size of 322 billion RMB by 2029 and a compound annual growth rate of 7.7% from 2024 to 2029 [5]. - The successful listing of Hebei Asset could serve as a reference for other local AMCs, potentially leading to a wave of local AMCs seeking to list in Hong Kong [8]. Industry Context - The AMC industry is characterized by high capital intensity and faces challenges such as limited financing channels for local AMCs, which do not possess financial licenses. The industry has seen increased regulatory scrutiny and competition, necessitating local AMCs to find ways to expand their capital and business operations [6][7].

Group 1 - Hebei Asset Management Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, marking the first local AMC attempting to go public in Hong Kong [1][6] - The company emphasizes its unique position as the only local AMC in Hebei with the qualification for bulk acquisition and disposal of financial non-performing assets [3][4] - Established in late 2015, Hebei Asset is a state-owned enterprise approved by the Hebei provincial government and is regulated by the local financial management bureau [4] Group 2 - The current shareholding structure shows that the controlling shareholder is Hebei Construction Investment Group, holding 56.5% of the shares, while several other groups hold 9.2% each [5] - Hebei Asset ranks second among all non-performing asset management companies in Hebei, with a market share of 24.4% based on the original value of newly acquired non-performing assets in 2024 [5] - The company reported a net profit of 0.976 billion RMB in 2022, a loss of 1.452 billion RMB in 2023, and a projected net profit of 2.043 billion RMB in 2024 [5] Group 3 - The supply of non-performing assets in China has significantly increased, with the scale expected to reach 8,449 billion RMB in 2024, reflecting a compound annual growth rate of 11% from 2020 to 2024 [8] - The importance of local AMCs is growing, with projections indicating that the non-performing asset management scale will reach 16,877 billion RMB by 2029, with a compound annual growth rate of 14.8% from 2024 to 2029 [8] Group 4 - The regulatory environment for local AMCs is tightening, with new guidelines proposed in the "Interim Measures for the Supervision and Administration of Local AMCs" [10][11] - The draft emphasizes stricter requirements for asset acquisition, shareholder equity, and financing, indicating a significant regulatory shift that may lead to a reshuffling in the industry [11]

6月27日，河北省唯一一家地方AMC——河北资产向港交所递表，标志着其正式启动上市程序。如若成功，将成为继中国信达、中信金融资 产之后，第三家香港上市的AMC。 递表港交所 迈出第一步 河北资产管理股份有限公司于6月27日递表港交所，联席保荐人为建银国际和山证国际。 "递表"是指企业向证券交易所或相关监管机构提交首次公开发行（IPO）申请文件的行为。意味着已经完成了前期的尽职调查、财务审计、法 律合规审查等工作，并准备接受监管机构的审核。不过能够在首次递表后有效期内通过聆讯的企业较少，大多要经历2-3次递表。 如果审核通过，即可公开招股并挂牌上市。 河北资管是经河北省政府批准设立、河北省国资委监管、中国银保监会授权的河北省内首家也是唯一的一家地方AMC，于2015年成立，初期 注册资本为10亿元，2019年完成增资扩股，注册资本增至26亿元，2024年进一步增至30亿元。 | 股东名称 | 出资金额(亿元) | 持股比例 | | --- | --- | --- | | 河北建设投资集团有限责任公司 | 7.6244 | 29.32% | | 远东宏信(天津)融资租赁有限公司 | 7.0720 | 27.20% ...

Core Insights - The domestic non-performing loan (NPL) transfer market is experiencing explosive growth, particularly in personal NPL transfers, which has drawn attention to asset management companies (AMCs) specializing in NPL disposal [1][2] - Shandong Financial Asset Management Co., Ltd. (Shandong Jinzi) reported a 45% year-on-year decline in revenue and a 21% drop in net profit for 2024, attributed to increased difficulty in NPL disposal and intensified industry competition [1] - National AMCs are also facing mixed results, with China Cinda reporting a 47.8% decline in net profit and a pre-tax loss of 587 million yuan in its NPL business due to poor performance from certain subsidiaries [1] Industry Overview - The NPL transfer market is growing, but AMCs are not seeing corresponding increases in performance due to heightened competition and increased recovery difficulties, which are squeezing profit margins [2] - The AMC industry is undergoing a rapid reshuffle, with a need for short-term adjustments as it focuses on its core responsibilities, leading to a contraction in comprehensive financial business scale and revenue decline [3] - Optimism exists regarding macro policies in 2025 that may boost the NPL market, with expectations that the difficulties in NPL disposal have nearly bottomed out and recovery rates are stabilizing [3] Market Dynamics - Recent developments indicate a shift towards professionalization and marketization in the AMC sector, with the Ministry of Finance transferring shares of major AMCs to Central Huijin, enhancing the financial system's risk response capabilities [3] - China Cinda's entry into the personal NPL transfer market marks a significant change in the perception of national AMCs, which have traditionally focused on corporate NPLs [3][4] - The maturation of bulk personal loan transfer business is expected to provide new growth points and profit opportunities for AMCs, although weaker players may face market share pressures as competition intensifies [4]

2024年，信托行业营收（母公司报表口径，下同）下滑至632亿元，降幅超过16%，其中信托业务收入仅三成左右公司 实现正增长，固有业务因投资收益波动等差异拉大；行业利润总额骤降近30%至316亿元。分化趋势加剧的同时，机构 间洗牌仍在持续，部分信托公司优势逐渐显现。 在业内人士看来，行业仍处于转型"阵痛期"，各机构拓长板、补短板需要一个过程。从年报来看，去年行业转型进展 明显，三分类新规正加速落到实处。存量业务中，房地产和城投领域的风险化解仍处于重要阶段。 马太效应持续，头部席位洗牌 据云南信托研究发展部统计，目前已披露财报的57家信托公司，去年合计实现营业收入632.41亿元，相比上年的 757.31亿元减少约125亿元，降幅16.49%；实现利润总额315.54亿元，净利润仅为257.58亿元，同比分别下降29.05%、 25.76%。 这也意味着，相比2023年，去年信托行业又少赚了近90亿元，降幅较2023年的2.8%进一步扩大。 对此，云南信托研究发展部报告分析称，公允价值变动损失扩大、资产减值计提增加等是重要因素，也显示出行业整 体盈利能力显著弱化。中粮信托良益研究院则强调，行业营收、净利润规模和 ...

Core Viewpoint - Asset management companies focusing on non-performing asset management are deepening their core business to help mitigate risks, serve the real economy, and strive for high-quality development [1][2]. Group 1: Regulatory Environment - In April, the Financial Regulatory Bureau issued guidelines to enhance the regulatory quality and promote the high-quality development of financial asset management companies, following the management measures for non-performing asset businesses released in November last year [2]. - The industry anticipates a continued increase in the balance of non-performing loans in the banking sector this year, leading to more opportunities for asset management companies specializing in non-performing assets [2]. Group 2: Asset Management Strategies - Asset management companies are increasing their efforts in acquiring and disposing of non-performing assets, leveraging advancements in financial technology such as artificial intelligence and big data for more precise risk identification and asset valuation [3]. - Companies are actively participating in risk mitigation in key areas, particularly in acquiring non-performing asset packages from small and medium-sized banks, and are tailoring comprehensive risk mitigation solutions for high-risk institutions [4][5]. Group 3: Focus on Key Areas - Asset management companies are involved in risk resolution in the real estate sector, supporting national policies aimed at ensuring the well-being of citizens and the completion of housing projects [4]. - The companies are also cautiously engaging in local debt risk mitigation, indicating that the resolution of key area risks will take time, thus providing ongoing and diverse business opportunities [5]. Group 4: Transformation and Future Development - The non-performing asset industry is entering a new phase of development, with national asset management companies continuing to play a crucial role in financial risk mitigation and supporting the real economy [6]. - Companies like China Citic Financial Asset have improved operational performance and development quality through the clearing of non-core financial subsidiaries, while China Galaxy Asset emphasizes enhancing service quality aligned with national strategies [6]. - Local asset management companies are facing transformation pressures and are gradually forming localized and specialized operations [7].

具体来看，与去年同期相比，2024年山东金资不良资产、综合金融服务、资产管理三大业务板块营业收 入全面下滑，对应的下滑幅度分别为34.76%、32.86%、52.93%。与此同时，计提公允价值变动损益则 由2023年的-5.45亿元，变为2024年的-7.46亿元，多计提36.88%。 年报显示，山东金资2024年全年实现营业收入21.47亿元，同比下降45%；净利润16.97亿元，同比下滑 21%。 山东金资在2024年年度报告中解释称，不良资产板块营业收入下降34.76%，主要系受宏观经济影响， 不良资产处置难度有所加大，行业竞争日益加剧，不良资产板块本期处置大额长龄不良资产，处置收益 率下降所致。综合金融服务板块收入较上年同期减少32.86%，主要系公司聚焦不良资产业务，综合金 融业务规模有所减少；同时，受国家利率下调的影响，项目收益率有所下降所致。资产管理板块收入较 上年同期减少52.93%，主要系部分不良资产类基金、债权类基金收益率下降所致。公允价值变动损益 较上年同期多计提36.88%，主要系为了压实资产质量，本年根据资产评估情况计提公允价值变动损失 所致。 《中国经营报》记者注意到，其中，山东金 ...

具体来看，今年的《调查报告》聚焦了当前金融风险化解的重点领域和重点环节，多视角了解经济学 界、商业银行、资产管理公司、中介机构等金融风险化解参与各方对当前金融风险化解工作的敏锐感知 和独特见解，在数据挖掘和模型分析的基础上，分析研判了我国金融不良资产风险处置和化解现状，以 期为防范化解金融风险工作提供有益参考。 5月8日，中国东方资产管理股份有限公司（以下简称中国东方）在京发布2025年度《中国金融不良资产 市场调查报告》，这是该《调查报告》自2008年首发以来连续第十八年发布。 综合外部专家学者、商业银行、资产管理公司、中介机构四类受访者的问卷调查结果来看，当前全球地 缘政治冲突加剧，外部环境变化带来的不利影响有所加深，加快增量逆周期政策落地见效，增强政策协 调性将是宏经济政策的重点所在。房地产企业信用风险、地方政府融资平台信用风险和中小商业银行不 良资产风险是当前我国金融体系值得重点关注的风险领域。 （责任编辑：曹萌 ） 律师事务所、资产评估机构、不良资产服务商（含投资人）等第三方机构受访者普遍认为，2024年随着 不良资产的复杂性和处置难度不断增加，以及金融资产管理公司自身处置能力的不断提升，不良资产中 ...