【Trust Report】This trust company has new developments in restructuring! Rare! The listed company discloses violations, involving 3 trusts

(Source: Xindengtong)

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Contents

• Ministry of Finance: Prevent and resolve key sector risks, accelerate the reform and transformation of local government financing platforms

• Jiaozuo City to exit 12 financing platforms in 2025, exceeding the debt resolution target

• This trust company, new progress in restructuring!

• Rare! Listed company discloses violations, involving 3 trusts

Ministry of Finance: Prevent and resolve key sector risks, accelerate the reform and transformation of local government financing platforms

The Ministry of Finance released the 2025 China Fiscal Policy Implementation Report. It mentions preventing and resolving key sector risks. Strengthen government debt management by integrating national debt, local debt, domestic and foreign debt, issuance, and management to build a new pattern of government debt management. Carefully implement debt relief policies, proactively use debt relief quotas, and take multiple measures to resolve existing hidden debts. Maintain a high-pressure stance to resolutely curb new hidden debts. Accelerate the reform and transformation of local government financing platforms. Persist in decentralizing financial resources, improving mechanisms, and strengthening grassroots “three guarantees” support. Promote reform and risk mitigation of small and medium financial institutions collaboratively.

Jiaozuo City to exit 12 financing platforms in 2025, exceeding the debt resolution target

The “Report on the Implementation of the 2025 Budget and Draft Budget for 2026 of Jiaozuo City” states that debt resolution in 2025 will be steady and orderly. The city’s resolution of existing hidden debts and the clearing of overdue payments to enterprises both completed 158.4% and 115.5% of the annual targets, respectively. Twelve financing platforms will exit, achieving the annual goal, and local debt risks are gradually alleviated. In 2026, strengthen government debt management. Make full use of debt relief support policies, seek more debt relief bond quotas, actively utilize financial policies to mitigate debt risks, and promote gradual resolution of existing debts. Improve legal debt management for local governments, strengthen full lifecycle management of special bonds—“borrowing, using, managing, and repaying”—and enhance project asset management and revenue collection to ensure timely repayment without risks.

This trust company, new progress in restructuring!

Huaxin Trust’s bankruptcy restructuring shows new progress. On March 17, Huaxin Trust’s official website issued an announcement regarding the results of the first creditors’ meeting in the restructuring case. The announcement states that Dalian Anding Enterprise Management Co., Ltd. received the first creditors’ meeting voting result announcement from Huaxin Trust’s administrator, and all three proposals submitted for voting were approved. These proposals include “Property Management and Disposal Plan,” “Proposal for Disposing of shares in Datong Securities Co., Ltd.,” and “Proposal for Holding creditors’ meetings and voting via non-physical methods.”

Rare! Listed company discloses violations, involving 3 trusts

Recently, Midea Real Estate disclosed a compliance violation incident in 2025 caused by trust entrusted investments. A subsidiary of Midea Real Estate issued loans totaling up to 650 million yuan to related parties of the controlling shareholder through three trusts: Wanxiang Trust, Yuecai Trust, and Zhongyuan Trust. Due to internal communication errors and lack of internal control checks, the related-party nature of the transactions was not identified, and the Hong Kong Stock Exchange listing rules were not followed, constituting a disclosure obligation and a non-exempt related-party transaction. It is understood that the principal and interest of these involved loans were fully repaid before December 31, 2025, and the entrusted investment agreements have been terminated, with no actual funds lost.

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