The five large state-owned banks’ debt-to-equity swap subsidiaries have all been approved to carry out equity investment businesses in Shanghai that do not use debt-to-equity swaps through affiliates.

Since February 28, CCB Financial Asset Investment Co., Ltd., Agricultural Bank of China Financial Asset Investment Co., Ltd., BOC Financial Asset Investment Co., Ltd., ICBC Financial Asset Investment Five financial asset investment companies (AIC), including Bank of Communications Co., Ltd. and Bank of Communications Financial Asset Investment Co., Ltd., successively received the approval issued by the China Banking and Insurance Regulatory Commission regarding the consent to carry out the above-mentioned business.

The Banking and Insurance Regulatory Commission stated in its reply that companies should focus on participating in the construction of the new free zone of Shanghai Pilot Free Trade Zone and the adjustment of the economic structure of the Yangtze River Delta , Industrial optimization and upgrading and coordinated development related to corporate restructuring, equity investment, direct investment and other businesses, and should strictly abide by the “Financial Asset Investment Company Management Measures (Trial)” and other relevant regulations and regulatory requirements.

At the same time, each company should continue to improve the relevant internal management system, do a good job of risk isolation, and report to the Banking and Insurance Regulatory Commission in a timely manner the major issues in the business development process.

Financial asset investment company was originally an institution established by commercial banks to engage in debt-to-equity swap and its supporting business, and has a franchise license for non-bank financial institutions. The new business approved this time is clearly not part of AIC’s main business.

Zeng Gang, deputy director of the National Finance and Development Laboratory, told Peng Mei News that the main business of AIC is still debt-to-equity swap. It is undoubted that it is allowed to pass the subsidiary Institutions carrying out equity investment businesses in Shanghai that do not use debt-for-equity swaps can be said to enrich the business forms of institutions such as AIC. If AIC’s business scope is limited to debt-to-equity swaps, on the one hand, it may form a certain restriction on his business investment ability, because only debt-to-equity swaps are involved, and the current profit margin is relatively limited. On the other hand, it is necessary to consider the supply situation of the debt-to-equity swap market. If the market supply situation is not very good, it is difficult for this business to form particularly impressive returns in the short term, so the sustainability of AIC itself will be a problem.

“With AIC’s adherence to its main business, moderate expansion of his business scope will have certain benefits for his sustainable development. The organization itself is sustainable, In turn, it will enhance his ability to convert debt to equity. In addition, this overall improvement in the ability to invest in equity that does not aim to convert debt into equity may, in a sense, also bring certain benefits to his debt-to-equity swap business. Promotion effect. “Zeng Gang said.

On February 14, the Central Bank, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the Foreign Exchange Bureau, and the Shanghai Municipal Government issued “Opinions on Further Accelerating the Construction of the Shanghai International Financial Center and Financial Support for the Integrated Development of the Yangtze River Delta” (hereinafter “Opinions”) . The “Opinions” propose to support qualified commercial banks to set up financial asset investment companies in Shanghai in accordance with the principle of commercial voluntariness, pilot qualified financial asset investment companies to set up professional investment subsidiaries in Shanghai, and participate in the construction of the Lingang New Area and the Yangtze River Delta Business restructuring, equity investment, direct investment and other businesses related to economic restructuring, industrial optimization and upgrading, and coordinated development.

Zeng Gang also pointed out that such a pilot in Shanghai will further enrich Shanghai ’s financial format. In a sense, AIC is also a long-term investment entity and an important institutional investor. Increasing the investment capacity of such institutions in the pilot area will promote the development of the direct financing market, optimize financial structure, and promote The development of related financial innovations is also beneficial. Although the scale of AIC is still relatively small, it is still a relatively meaningful innovation.