The China Banking Regulatory Commission agrees to bankruptcy Xinhua Trust. The domestic trust company will be reduced to 67

On July 6, the official website of the China Banking Regulatory Commission issued the "Approval on the Bankruptcy of Xinhua Trust Co., Ltd.", agreed to enter the bankruptcy procedure in accordance with the law.

On July 17, 2020, the official website of the China Banking Regulatory Commission released news. In view of the fact that Tianan Property Insurance Co., Ltd., Huaxia Life Insurance Co., Ltd., Tianan Life Insurance Co., Ltd., Yi'an Property Insurance Co., Ltd., New Era Trust Co., Ltd., Xinhua Trust Co., Ltd. triggered the prescribed takeover conditions. The CBRC decided to take over to the above six institutions from July 17, 2020, and the takeover period was one year. If the takeover work does not meet the expected effect, the reception period will be extended according to law. The receiving Xinhua Trust is the Bank of Communications Trust.

According to public information, Xinhua Trust was first founded in 1979 and is one of the earliest trust companies in China. In 1998, it was acquired and reorganized by New Industry Investment Co., Ltd. and completed the shareholding system. In October 2001, Xinhua Trust became one of the first batch of five trust companies that passed the approval of the People's Bank of China and were approved by the People's Bank of China to be re -registered and obtained a license to obtain a trust legal person agency.

Xinhua Trust is registered in Chongqing with a registered capital of 4.2 billion yuan. The 2019 annual report shows that Xinhua Trust achieved operating income of 170 million yuan and net profit of 15.864 million yuan.

Since the establishment of China International Trust Investment Corporation in 1979, my country's first trust agency, China International Trust Investment Corporation, has established one after another, reaching more than 1,000 at the highest peak in 1988. Six subsequent rectifications, there are 68 trust companies.

These 68 trust companies can be further divided into 16 central enterprise holdings, 13 financial institutions holding (including financial control group, ABC and banks), 29 local holders, and 10 private enterprise holding.

With the bankruptcy liquidation of Xinhua Trust, domestic trust companies will be reduced to 67.

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