11月28日，国家金融监督管理总局大连监管局下发《关于同意华信信托股份有限公司破产的批复》，标志着监管正式同意 华信信托进入破产程序。 据悉，华信信托的风险处置工作已持续5年半，终于又迎来了新进展。 2020年4月，华信信托被监管叫停"资金池"业务，同年9月多只产品延期。 今年8月14日，华信信托官网发布《关于收购个人投资者信托受益权的公告》，称大连安鼎企业管理有限公司（以下简 称"大连安鼎"）将于2025年9月25日前收购符合资格的个人投资者的信托受益权，适格签约主体为持有华信信托发行的集合 资金信托计划（华冠系列、华悦系列以及悦盈稳健增长72号定向发行部分信托计划）受益权份额的个人投资者。 公开资料显示，大连安鼎成立于2025年7月31日，股东为大连市国有金融资本管理运营有限公司，实控人为大连市财政局， 经营范围为企业管理等。这家地方国资在成立半个月后，正式参与华信信托的风险处置。 9月16日，华信信托发公告称签约工作进展顺利，已临近尾声。 9月24日，大连安鼎发公告，称与安鼎公司签订信托受益权转让合同的个人投资者人数已达3004人，整体签约率达到 95.5%，意味着华信信托风险处置接近尾声。 公开资料显 ...

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].

Core Viewpoint - The risk disposal process of Huaxin Trust is nearing completion after five years, with a high signing rate among investors for the trust beneficiary rights transfer contract [1][2]. Group 1: Signing Progress - As of September 24, 2025, 3,004 individual investors have signed the trust beneficiary rights transfer contract, achieving an overall signing rate of 95.5% [1]. - The signing window will officially close on September 25, 2025, at 16:30, after which any unregistered investors will forfeit their opportunity to sign [1][3]. - A small number of investors remain who have yet to sign the contract as of September 25, 2025 [1][3]. Group 2: Involvement of Local State Capital - On August 14, 2025, Huaxin Trust announced that Dalian Anding Enterprise Management Co., Ltd. would acquire the trust beneficiary rights of qualified individual investors by September 25, 2025 [2]. - Dalian Anding, established on July 31, 2025, has a registered capital of 10 billion yuan and is fully controlled by the Dalian Municipal Finance Bureau [2]. Group 3: Historical Context and Financial Impact - Huaxin Trust's risk disposal has been ongoing since April 2020, when its "fund pool" business was halted by regulators, leading to multiple product delays [5]. - Investors have received sporadic small percentage repayments, with the first transfer of trust beneficiary rights in June 2021 amounting to 5.2% of the principal [5]. - The total unpaid trust plan principal raised from social investors is approximately 7.08 billion yuan [6].

Core Viewpoint - Huaxin Trust is moving towards a restructuring plan, with personal investors set to receive compensation through the acquisition of trust beneficiary rights by Dalian Anding, a newly established state-owned platform [1][2][6]. Group 1: Restructuring and Compensation Plan - Huaxin Trust announced that Dalian Anding will acquire eligible personal investors' trust beneficiary rights by September 25, 2023 [2]. - The compensation plan allows investors holding multiple trust products to sign a single transfer contract, and the minimum compensation ratio is set at 90% of the investors' holding amounts [3][6]. - The restructuring plan is contingent upon Huaxin Trust's application for bankruptcy reorganization, which, if successful, would allow the company to continue operating [4][6]. Group 2: Background and Financial Status - Huaxin Trust, established in 1981, is the only trust company in Liaoning Province, with a registered capital of 6.6 billion [7]. - The company was classified as one of the six high-risk trust companies by the former China Banking and Insurance Regulatory Commission in 2019, leading to a halt in its "pooling funds" business [7][8]. - As of the end of 2019, Huaxin Trust reported total assets of 12.376 billion, with trust assets under management amounting to 61.58 billion, primarily in real estate and financial institutions [9].