Insist on returning to the source and focusing on the main business——


  Asset management companies strengthen counter-cyclical functions

  Asset management companies usher in new business opportunities.

The General Office of the China Banking and Insurance Regulatory Commission recently issued the "Guiding Opinions on Guiding Financial Asset Management Companies to Focus on the Main Business and Actively Participate in the Reform of Small and Medium-sized Financial Institutions to Reduce Risks" (hereinafter referred to as the "Opinions"), moderately broaden the scope of operations of financial asset management companies, and give one A series of policy support.

The "Opinions" also proposed that financial asset management companies should adhere to the business philosophy of returning to their origins and focusing on their main business, identify their own positioning in the national economic and financial system, and effectively play a counter-cyclical rescue function.

  In the opinion of industry experts, the "Opinions" put forward higher expectations for financial asset management companies to resolve financial risks. This time, the regulatory authorities have further liberalized the scope of operations of financial asset management companies. It is expected that in the future, financial asset management companies will strengthen cooperation with other The coordination and cooperation of institutions can make more achievements in the reform of small and medium-sized financial institutions to reduce risks, the transformation of the financial industry, and the healthy development of the financial market.

  In recent years, the role of financial asset management companies in mitigating risks has become increasingly prominent.

According to the information disclosed by the China Banking and Insurance Regulatory Commission, in 2021, the banking industry will dispose of non-performing assets of 3.13 trillion yuan, a year-on-year increase of 0.11 trillion yuan and a record high.

From 2017 to 2021, the cumulative disposal of non-performing assets in the five years was 11.9 trillion yuan, exceeding the total disposal amount in the previous 12 years.

Practice has shown that disposing of non-performing assets can effectively reduce the level of credit risk, and actively and prudently disposing of non-performing assets is a powerful measure to prevent and resolve financial risks.

  At the 2022 work conference held at the beginning of the year, the China Banking and Insurance Regulatory Commission clearly stated that it is necessary to persevere in preventing and resolving financial risks.

Consolidate the responsibilities of all parties, promote the disposal of high-risk financial institutions in an orderly manner, and properly respond to the rebound of non-performing assets.

Shortly thereafter, the China Banking and Insurance Regulatory Commission held a special research symposium to listen to reports from relevant departments on promoting the disposal of non-performing assets and mergers and acquisitions of small and medium-sized financial institutions, and to study the main business of financial asset management companies to focus on non-performing asset disposal, give play to unique functional advantages, and help resolve financial risks. related policy measures.

  At present, due to the impact of the new crown pneumonia epidemic, the development of some industries is facing challenges.

The reporter learned from China Huarong that Huarong Rongde Asset Management Co., Ltd., which is controlled by the company, has recently actively used the "investment + investment banking" approach to provide financial services to enterprises in distressed industries affected by the epidemic.

According to reports, a real estate company in Taizhou City, Zhejiang Province was bankrupt and reorganized. Later, during the development process, it was in trouble again due to the risk of reorganization investors. The sold houses involved many buyers.

After Huarong Rongde was informed, it immediately cooperated with the local government and Huarong Industrial to intervene in the project management and control. After coordinating with all parties, the rescue and revitalization plan of "equity segregation + industrial agency construction" was implemented in a targeted manner, and the injection was carried out in the form of a common benefit bond. The start-up funds are used to promote the return of the project to the normal track, which effectively protects the legitimate rights and interests of house buyers, resolves financial risks, and maintains local economic and social stability.

At present, the equity isolation of the project has been completed, and the development team of Huarong Industrial has been linked to take over the project, and the resumption of work and construction is being carried out in an orderly manner.

  According to public information, recently, a number of national asset management companies have taken measures to bail out housing companies out of danger.

On May 9, Zhongnan Construction announced that its controlling shareholder Zhongnan Holdings signed a strategic cooperation agreement with China Huarong Jiangsu Branch to support the company’s transformation and development; in April, Kaisa signed a strategic cooperation agreement with China Merchants Shekou and Great Wall Assets; China Cinda Shaanxi Branch and Shaanjian Real Estate Group signed a memorandum of cooperation.

  Financial asset management companies have achieved certain results in mitigating risks, and there is room for further expansion of related businesses.

Wang Yang, chief researcher of China Cinda's non-performing assets, believes that, in fact, the acquisition and disposal of bank non-performing loans has always been an important way for asset management companies to intervene in problem-solving corporate risks.

From the perspective of the balance sheet, the non-performing loans of banks correspond to the debts of troubled enterprises. Asset management companies dispose of the non-performing loans of banks, and they are also dealing with the risks of troubled enterprises.

  Specifically, in order to improve the efficiency of risk asset disposal, the "Opinions" clarified that relevant financial institutions can transfer five types of risk assets that were not previously within the scope of acquisition to asset management companies, including projects involving debt committees and debtors that have entered bankruptcy. Program items, assets with principal or interest and other rights that have been overdue for more than 90 days, assets for which the debtor has defaulted on bond issuance in the open market, and assets that are overdue again after deferred repayment of principal and interest due to the impact of the epidemic or related foreclosed assets.

  Li Yelin, a researcher at the Bank of China Research Institute, believes that the "Opinions" moderately relax the scope of financial asset acquisitions, and integrate the experience of five national financial asset management companies, which is conducive to enhancing their initiative to participate in mitigating risks in small and medium-sized banks.

At the same time, the "Opinions" propose to encourage banks to subscribe for debt instruments and capital instruments issued by asset management companies, and reduce the risk weight of holding their financial bonds. The risk weight of claims on asset management companies could be reduced from 100% to 25% at most.

This regulation will also significantly improve the ability of asset management companies to dispose of non-performing assets and resolve financial risks, forming a mutually beneficial and mutually beneficial ecosystem of risk asset disposal.

  Lu Min