格隆汇获悉，近期，河北资产管理股份有限公司（简称"河北资产"）递表港交所，保荐人为建银国际和 山证国际。 河北资产总部于河北省石家庄市。截至最后实际可行日期，河北建投集团直接持有公司56.5%的投票 权，为其控股股东，最终实控人为河北省人民政府国有资产监督管理委员会。公司董事长为秦刚先生， 总经理、副董事长为周雪松先生。 根据灼识咨询报告，河北资产为河北省唯一一家具备批量收购及处置金融不良资产资质的地方资产管理 公司；2024年新收购不良资产的原始价值计在河北省排名第二，市场份额为24.4%；自中小银行新收购 的不良资产原始价值计，在河北省所有不良资产管理公司中排名第一，市场份额为47.2%；平均股权回 报率计，于中国所有第二梯队地方资产管理公司中排名第二。 金融不良资产为来自金融机构（如银行、非银行金融机构）的不良资产，包括银行逾期贷款、次级类、 可疑类及损失类贷款；非银行金融机构（如信托公司、金融租赁公司）的违约债权；已核销的账销案存 资产、抵债资产等。 不良资产的供应受宏观经济状况、资产质素、金融机构和非金融企业业务变化等多项因素影响，中国商 业银行不良贷款余额、各企业应收账款总量及宏观经济状况、政府管 ...

Core Viewpoint - The Financial Regulatory Bureau has issued the "Interim Measures for the Supervision and Administration of Local Asset Management Companies" to enhance supervision and promote the healthy development of local asset management companies (AMCs) in China, aiming to mitigate regional financial and real economy risks [1][2] Group 1: Regulatory Framework - The new measures define local AMCs as financial organizations engaged in the bulk acquisition and disposal of non-performing assets within China, with a primary goal of risk prevention and resolution [1] - The measures specify the business scope, operational areas, and types of assets that local AMCs can acquire, ensuring they focus on their core responsibilities and effectively serve local needs [1] Group 2: Risk Management - The measures establish concentration risk management requirements, limiting local AMCs' investments in a single client or group to 10% and 15% of their net assets, respectively [2] - Liquidity risk management is also addressed, mandating that local AMCs hold quality liquid assets sufficient to cover net cash outflows for the next 30 days [2] - Regulations on related-party transactions are set, capping the total debt to related parties at 50% of the previous quarter's net assets [2] - External financing is regulated, with a limit on borrowed funds not exceeding three times the net assets of local AMCs to prevent risk spillover [2] Group 3: Supervisory Responsibilities - The measures clarify that provincial financial management institutions are responsible for the supervision and risk management of local AMCs in their regions, while the Financial Regulatory Bureau will enhance information sharing and collaboration with local authorities [2] - The issuance of these measures is seen as a significant step in implementing the spirit of the Central Financial Work Conference, aimed at improving the regulatory framework for local AMCs and enhancing their risk management and compliance levels [2]

Core Insights - The report highlights the current state of financial risk resolution in China, focusing on key areas such as real estate credit risk, local government financing platform credit risk, and non-performing asset risk in small and medium-sized banks [1][5]. Group 1: Financial Risk Landscape - The 2025 report emphasizes the need for enhanced policy coordination and the implementation of counter-cyclical measures due to increasing geopolitical conflicts and adverse external conditions [1]. - The survey results indicate that the most significant risk for small and medium-sized banks in 2025 will be the rising pressure from non-performing assets, with mergers and acquisitions being the most effective risk mitigation strategy [2]. Group 2: Non-Performing Asset Market Trends - The report anticipates a slight increase in restructured assets in 2025, with secondary market investment institutions expected to face favorable conditions for acquiring non-performing assets [2][4]. - The average recovery rate for non-performing assets is showing signs of stabilization, while the supply of asset packages in the primary market is gradually improving [2][3]. Group 3: Institutional Dynamics - National financial asset management companies are expected to lead the disposal of local debts, with a projected 30% increase in the volume of non-performing assets they handle in 2025 [5]. - Local asset management companies are facing transformation challenges and are encouraged to explore differentiated service models to enhance their competitive edge [5][6]. Group 4: Future Outlook - The overall non-performing asset market is projected to experience stable growth in total volume while undergoing structural adjustments, with a notable increase in the non-performing asset scale of non-bank financial institutions [5]. - The report suggests that the investment willingness in the non-performing asset market is optimistic, driven by macroeconomic policies aimed at stimulating market activity [3][4].