| With the introduction of new regulations on asset management in 2018,unified supervision of the asset management industry and the transformation to a direct financing system have become an inevitable development direction.At the beginning of the new year in 2021,the China Banking and Insurance Regulatory Commission has put forward the regulatory requirements that will continue to reduce the scale of trust channel business and the scale of illegal financing businesses in 2021.The trust industry is facing challenges from the economic situation and drastic changes in the operating environment.Looking to the future,the development logic of the trust industry has changed.After the "One Law and Two Regulations" was promulgated in 2007,the trust industry has experienced a ten-year period of rapid development.Under the current general direction of China’s economic restructuring,the promulgation and implementation of new asset management regulations in 2018 has made trust in the traditional channel,The debt financing business field is unsustainable,and large-scale business opportunities in batches will no longer be common.The trust industry must take the road of sustainable development,and the transformation of the trust industry is the inevitable way.Faced with the objective requirements of restricting channel business and compressing real estate business,the assetside structure of trust companies will change to an investment-based and direct financing direction,and equity capital market businesses will be the most potential opportunity.The exit path of the primary market is smoother thanks to the opening of the Science and Technology Innovation Board,the launch of the ChiNext registration system,policy encouragement and the emergence of capital market dividends,which provide the soil for the business transformation of trust companies,and the net worth transformation boosts the issuance of equity products,Trust companies should give full play to the unique advantages of cross-market configuration and product design flexibility,and participate in the financing of different life cycles of enterprises from start-up,growth to listing by means of secondary market investment,M&A funds,TOF,and PE investment,and share companies Value,capital market growth dividends.Looking to the future,trust companies should strive to transform into an intermediate force that promotes the development of the capital market and maintains the stability of the capital market.Actively expand direct financing to meet and undertake the wealth management needs of high-net-worth clients. |
