Core Points - Huaxin Trust has been approved for bankruptcy reorganization by the National Financial Supervision Administration, marking a significant development in its ongoing risk resolution process [1][2] - The company has faced challenges since being classified as a high-risk trust company in late 2019, leading to regulatory interventions and multiple delays in trust product repayments [2][3] Group 1: Bankruptcy Reorganization - On November 28, Huaxin Trust's bankruptcy reorganization application was approved, allowing the company to enter bankruptcy proceedings [1] - The court officially accepted the bankruptcy reorganization on the same day, with the company required to comply with legal regulations and report significant developments to the Dalian Regulatory Bureau [1] - The bankruptcy process is part of a broader risk resolution strategy that has been ongoing for nearly six years [2] Group 2: Trust Beneficiary Rights Transfer - As part of the risk resolution, Huaxin Trust announced the transfer of trust beneficiary rights to Dalian Anding Enterprise Management Co., which began acquiring eligible personal investor trust beneficiary rights [1] - By September 24, 2023, 3,004 individual investors had signed contracts for the transfer, achieving a signing rate of 95.5% [2] - Previous attempts to resolve the trust's financial issues included two rounds of beneficiary rights transfers in 2021 and 2022, resulting in a total repayment of 9.2% of the principal, with 90.8% still extended [2][3] Group 3: Industry Context - Huaxin Trust is the second trust company to enter bankruptcy reorganization in recent years, following Sichuan Trust, which was approved for bankruptcy proceedings in April 2024 [3] - The trust industry has seen other bankruptcy cases, including Xinhua Trust, which was approved for bankruptcy liquidation in June 2022 [3]

华信信托的风险化解处置工作已接近6年。2019年底，华信信托就被原银保监会列入6家高风险信托公司之列。 2020年4月，华信信托被监管叫停了"资金池"业务；当年9月起，华信信托先后27个集合资金信托产品发布延期 兑付公告。 华信信托破产重整申请获批。 11月28日，大连金融监管局官网公布关于同意华信信托破产的批复文件，同意该公司依法进入破产程序。要求 该公司应严格按照有关法律法规要求开展后续工作，如遇重大情况，及时向大连金融监管局报告。该批文落款 日期为2025年10月23日。 同日，华信信托官网发布风险处置进展公告称，目前，华信信托破产重整申请已获得国家金融监管部门批复， 并于2025年11月28日由法院正式裁定受理。下一步，华信信托将严格依照有关法律法规的要求，积极配合法院 和管理人加快推进破产重整工作。 今年8月14日，华信信托官网首次发布关于安鼎公司受让信托受益权公告。大连安鼎企业管理有限公司（简 称"安鼎公司"）按照风险处置的整体安排，于9月25日前收购符合资格的个人投资者的信托受益权。此次适格 签约主体为，目前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 ...

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 urging individual investors to sign contracts for the transfer of trust beneficiary rights before the deadline of September 25, 2025, as part of a risk disposal plan involving Dalian Anding Enterprise Management Co., Ltd [1][2] Group 1: Contract Signing Progress - The signing process for the transfer of trust beneficiary rights has been progressing smoothly, with over 3,200 individual investors and more than 5 billion yuan in trust funds involved [2] - As of early September, over 2,000 investors had reportedly signed the agreement [2] - Huaxin Trust has communicated the urgency of signing through various channels, warning that failure to sign by the deadline will be considered a voluntary waiver of the opportunity [1][2] Group 2: Investor Concerns - Some investors have expressed concerns regarding the signing agreement and future payment plans, particularly about potential risks related to the transfer amount if Huaxin Trust is declared bankrupt [2] - Investors are seeking more details on the key terms of the agreement due to these concerns [2] Group 3: Company Background and History - Dalian Anding Enterprise Management Co., Ltd. was established on July 31, 2025, with a registered capital of 1 million yuan, and is primarily engaged in the financial industry [2] - The sole shareholder of Anding Company is Dalian State-owned Financial Capital Management and Operation Co., Ltd., which is fully owned by the Dalian Municipal Finance Bureau and has a registered capital of 10 billion yuan [2] - Huaxin Trust has been under risk disposal measures since being classified as a high-risk trust company by the former CBIRC at the end of 2019 [2][3]

Core Viewpoint - Huaxin Trust is undergoing a significant risk disposal process, with a formal announcement regarding the acquisition of trust beneficiary rights from individual investors by Dalian Anding Enterprise Management Co., Ltd. by September 25, 2025 [1][2] Group 1: Company Background - Huaxin Trust was established in 1981 and is the largest shareholder of Datong Securities, being the only trust company in Liaoning Province [1] - The company was listed as one of the six high-risk trust companies by the former China Banking and Insurance Regulatory Commission at the end of 2019 [2] Group 2: Risk Management and Financial Performance - In April 2020, Huaxin Trust was ordered to cease its "fund pool" business, and by September of the same year, it had issued 27 announcements regarding the postponement of payment for collective trust products [2] - The company has not disclosed financial reports since 2019, with total assets reported at 12.376 billion yuan and trust assets under management at 61.58 billion yuan as of the end of 2019 [2] - The company experienced a 50% decline in operating income to 573 million yuan, and net profit shifted from over 800 million yuan in profit to a loss of 152 million yuan [2] Group 3: Current Developments - The announcement specifies that eligible individual investors holding beneficiary rights in certain trust plans can sign contracts for the transfer of rights, with a unified acquisition process [1] - The signing will take place at Huaxin Trust's business hall in Dalian, with both on-site and off-site signing options available [1]

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].