news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

Securities Times reporter Yang Zhuoqing

Since the beginning of this year, risk management work has been progressing at a number of trust companies.

Recently, Sichuan Trust announced that the company's administrator has signed a restructuring investment agreement with the restructuring investor as planned. Next, Sichuan Trust will cooperate with the court and the administrator to promote the orderly development of bankruptcy restructuring.

The risk management of other problematic trust companies is also worth noting. According to a Securities Times reporter, Minsheng Trust recently changed its business address and continued to advance risk management. In the second half of last year, Huaxin Trust submitted an overall risk management plan, which was planned to be led by Dalian State-owned Financial Capital Management and Operation Co., Ltd. (referred to as "Dalian Jinyun Company"), but this plan was delayed in approval and subsequently aborted.

Sichuan Trust will cooperate

Bankruptcy reorganization work started

Recently, Sichuan Trust disclosed a risk disposal announcement showing that on August 8, the company's administrator had signed a restructuring investment agreement with the restructuring investor as planned. Sichuan Trust said that in the next step, the company will strictly follow the requirements of relevant laws and regulations and cooperate with the court and the administrator to continue to promote the orderly development of bankruptcy restructuring.

In 2020, many of Sichuan Trust's fund pool products were overdue and many products could not be redeemed normally. At the end of that year, the company entered the risk disposal stage.

In December 2023, Sichuan Trust announced a risk resolution plan. Sichuan Tianfu Chunxiao Enterprise Management Co., Ltd. will invest to establish a corporate entity specifically for risk resolution of Sichuan Trust, and plans to acquire qualified existing trust beneficiary rights from investors.

Entering 2024, the relevant process will be accelerated again. In April, the bankruptcy reorganization administrative license application submitted by Sichuan Trust was approved by the national financial supervision and administration department; shortly thereafter, the court formally ruled to accept Sichuan Trust's bankruptcy reorganization application and appointed Sichuan Trust Liquidation Group as the administrator. On April 28, the Sichuan Trust Reorganization Takeover Meeting was held in the Sichuan Trust Building. Members of the collegial panel of the Chengdu Intermediate People's Court, members of the administrator, the supervision working group, and relevant persons in charge of the trustee service group attended the guidance. Relevant personnel of Sichuan Trust and the main persons in charge of subsidiaries attended the meeting, marking the official entry of the administrator to take over the property and business affairs of Sichuan Trust in accordance with the law.

Minsheng Trust changes its business address

In April 2024, Minsheng Trust disclosed on its official website that in order to improve the company's operational and management efficiency, after deliberation and approval by the shareholders' meeting and the board of directors, Minsheng Trust signed a "Trust Service Agreement" with CITIC Trust and Huarong International Trust, hiring the above two companies to provide services for the daily operation and management of Minsheng Trust.

Minsheng Trust said that the company's related creditor-debtor relationship and trust legal relationship will not change as a result. The entrusted service will start on April 11, 2024, and the end time will be negotiated by both parties.

Securities Times reporter noticed that Minsheng Trust has now moved out of its former prime location - Minsheng Financial Center at the Dongdan subway entrance in Beijing. The company announced in early July that according to the business arrangement, the company's headquarters will be moved to the 10th floor of the West Tower of China Overseas Real Estate Plaza, Xibinhe Road, Yongdingmen, Dongcheng District, Beijing on July 2, 2024. The company name, business hours and contact number will not change.

Minsheng Trust’s 2022 annual report shows that as of the end of 2022, the company actually managed trust assets of 98.449 billion yuan, managed contractual private equity funds of 5.786 billion yuan, and the company’s total inherent assets reached 11.716 billion yuan (parent company basis).

Huaxin Trust’s restructuring is stuck

Huaxin Trust was established in 1987 and was originally Dalian Trust and Investment Company with a registered capital of 6.6 billion yuan. It currently has 20 corporate shareholders, and the top three shareholders are Huaxin Huitong, Beijing Wanlian Tongchuang Network Technology, and Shenyang Pincheng Investment.

At the end of 2019, Huaxin Trust was listed as one of the six high-risk trust companies by the former China Banking and Insurance Regulatory Commission. In April 2020, Huaxin Trust was suspended from its "fund pool" business by regulators. On September 24, 2020, Huaxin Trust issued its first deferred repayment announcement. On November 17, 2020, Huaxin Trust solicited strategic investors nationwide and planned to introduce one or more strategic investors. The above transfer information shows that Huaxin Trust is currently managed by the Dalian Municipal Government.

A source close to Huaxin Trust told the Securities Times that compared with Sichuan Trust and the previous Anxin Trust, Huaxin Trust has a smaller scale of risk assets, but the restructuring process has not been smooth. In the second half of 2023, Huaxin Trust submitted an overall risk disposal plan, planning to be led by Dalian Jinyun Company for the restructuring, but the plan was delayed in approval and eventually aborted.