Core Viewpoint - The new trust registration regulations from China Trust Registration Co., Ltd. (CITIC) will impose stricter requirements on single non-standard trust businesses, compelling trust companies to adjust their business structures and move away from reliance on single financing parties [1][2][5]. Summary by Sections New Regulations - CITIC has issued the "Trust Registration Business Guidelines (Version V3.0)" to various trust companies, which includes requirements for asset management trusts to implement portfolio investment and prohibits the provision of financing to a single borrower [1][2]. Impact on Single Financing Business - Historically, trust companies have primarily focused on single financing party non-standard products, which poses inherent risks due to lack of diversification. The new guidelines will enforce stricter reporting requirements across various aspects of trust products, including basic information, transaction structure, and risk control [2][3]. Requirements for Reporting - The updated guidelines specify that trust product names must not include misleading terms such as "guaranteed" or "safe," and detailed information about the underlying assets and their uses must be disclosed [2][4]. Shift to Portfolio Investment - The requirement for portfolio investment is seen as a move to mitigate risks and encourage trust companies to transition towards being professional investment trustees rather than relying on traditional non-standard financing [3][6]. Challenges and Opportunities - The transition to a portfolio investment model presents challenges for trust companies, as it requires enhanced research and risk management capabilities. However, it also offers an opportunity for these companies to upgrade their business models and improve their competitive edge [7][8]. Regulatory Background - The new regulations are part of a broader regulatory trend initiated by the China Banking and Insurance Regulatory Commission, which has emphasized the need for trust companies to diversify their investments and limit single asset exposure to no more than 25% [6][7]. Industry Outlook - The comprehensive implementation of portfolio investment is expected to optimize the industry structure, enhance overall professional standards, and improve risk resilience, ultimately leading to a more regulated and sustainable trust industry [8].