The fifth listing of New Era Trust Equity, with prices dropping more than 50% from the initial stage, trust licenses face a cooling market

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This trust company’s 100% equity stake is once again listed for sale. On April 2nd, Beijing Business Daily reporter noticed that the Beijing Equity Exchange recently launched a transfer project for 100% equity of New Era Trust Co., Ltd. (hereinafter “New Era Trust”), with a listing price of 1.19B yuan, down from 1.48B yuan previously.

It is worth noting that this is the fifth time New Era Trust has transferred all its equity, and compared to the initial listing price of 2.31B yuan in August 2022, the transaction price has shrunk by over 50%. Not only New Era Trust, but as the industry accelerates its overall transformation, trust companies’ equity transfers with multiple listings and frequent discounts are gradually becoming the norm in the industry. Analysts point out that currently, trust industry performance is under pressure, profit logic is undergoing drastic changes, and future trust license transfers will show a trend of value reversion.

New Era Trust’s 100% equity valued at 1.19B yuan

New Era Trust’s 100% equity is once again being sold at a discount. According to the official website of Beijing Equity Exchange, 6 billion shares of New Era Trust are listed, involving 100% of the company’s equity, with a listing bottom price of 1.19B yuan. The disclosure period for this transfer is from March 30 to April 27.

The listing information shows that the transferor of New Era Trust’s 100% equity is exactly the company’s four shareholders: New Era Vision (Beijing) Investment Co., Ltd., Shanghai Ren Guang Industrial Development Co., Ltd., Weifang Kewei Investment Co., Ltd., and Baotou Xinding Sheng Trading Co., Ltd., holding 58.54%, 24.39%, 14.63%, and 2.44% respectively.

Based on information from New Era Trust’s official website and Tianyancha, New Era Trust was officially established in 1987 with approval from the People’s Bank of China, formerly known as Baotou Trust Investment Company. In December 2003, after regulatory approval for re-registration, the company was renamed New Era Trust Investment Co., Ltd., and further renamed New Era Trust Co., Ltd. in June 2009. In August 2016, its registered capital increased to 6 billion yuan, corresponding to the 6 billion shares being transferred this time.

For New Era Trust, industry insiders are familiar. According to judicial judgment information, during the second renaming, Tomorrow Holdings and its actual controller Xiao Jianhua gained actual control of New Era Trust through dispersed shareholding, layered control, and anonymous holdings, making it a financial institution under the “Tomorrow System.” After risks associated with the “Tomorrow System” were exposed, New Era Trust was also included in the disposal scope.

The listing information disclosed details related to New Era Trust. On July 17, 2020, the former China Banking and Insurance Regulatory Commission decided to take over New Era Trust lawfully. The takeover period was from July 17, 2020, to July 16, 2021, later extended legally by one year to July 16, 2022. From the date of takeover, the shareholders’ meeting, board of directors, and supervisory board of the institution in takeover ceased to perform their duties, with all functions assumed by the takeover team.

Beijing Business Daily reporter noted that on May 8, 2020, New Era Trust issued its last trust product establishment announcement, raising 17.8 million yuan in collective trust funds, and has not issued new products since. In June 2022, New Era Trust announced a principal resolution for individual investors, and by June 28, 2022, when the signing period ended, 99.5% of investors had completed signing.

Financial report data for New Era Trust has been stagnant since 2019. According to its 2019 annual report, during the reporting period, New Era Trust’s operating income was 420 million yuan, down 41.18% year-on-year; net profit was 150 million yuan, down 59.94% year-on-year. As of the end of the reporting period, total assets were 9.36B yuan, total liabilities 742 million yuan, and managed assets reached 322.4 billion yuan.

Overall cooling of trust license transfers

During the takeover period, New Era Trust announced in September 2021 the initiation of a market-oriented equity restructuring, stating it would restore normal operations as soon as possible. Subsequently, in July 2022, after replacing the chairman and legal representative to Cai Chengwei, the company began a nearly four-year difficult transfer process.

In August 2022, New Era Trust’s 100% equity was listed for the first time, with a transaction price of 2.31B yuan. Since then, it was listed three more times in May 2024, December 2025, and February 2026, with the first two prices at 1.85B yuan, and the last at 1.48B yuan, roughly 80% of the initial price.

Just over ten days after the fourth listing expired, New Era Trust launched a fifth transfer, with a transaction price of 1.19B yuan, again discounted by 20% from the previous listing price of 1.48B yuan. Compared to the initial 2.31B yuan, the price of this trust license has shrunk by over 50% in less than four years.

Yu Zhi, researcher at Yiyin Financial Trust Research Institute, believes that the significant discount and failed auction of New Era Trust’s equity are mainly due to two reasons: first, issues within the trust company itself, with high uncertainty in risk disposal and potentially large subsequent recovery costs, which is normal market skepticism; second, industry cycle effects, under multiple pressures such as tightened regulation, risk clearing, and business transformation, the trust industry’s performance is under pressure, profit logic is changing drastically, and the value of trust company equity is heavily influenced by uncertain industry prospects, leading to relatively low overall market investment willingness.

Renowned Chinese financial think tank researcher Yu Fenghui pointed out that the sharp decline in New Era Trust’s price reflects poor operational status or significant risk exposure, leading investors to evaluate its value lower. Especially considering the governance structure, capital adequacy, and potential risk issues after takeover, potential buyers are also concerned about the difficulty and costs of integration post-acquisition.

In fact, in recent years, the trust equity transfer market has cooled significantly, and the once “hard-to-get” licenses have become a thing of the past. After five listings and significant price drops, New Era Trust still struggles to find a buyer. This is not an isolated case; previously, Western Trust, Huaxin Trust, Tianjin Trust, Zhongyuan Trust, and others also experienced multiple listings and large discounts on their equity.

Currently, China Railway Trust’s 0.826% stake is still listed for the second time on Beijing Equity Exchange, with the bottom price dropping from 101 million yuan to 90.5 million yuan. This round of listing has lasted four months and will expire on April 3, but no new buyer has emerged.

Yu Fenghui said that the value of trust licenses often depends on factors such as asset quality, business scope, market position, and overall industry environment. The cold market for license transfers is mainly due to stricter regulation, increased default risks of trust products amid slowing economic growth, and intensified market competition.

License transfer showing signs of value reversion

Behind the difficulty in trust license transfers is the industry’s accelerated transformation, reflecting a new phase where trust industry is bidding farewell to license-driven profits.

With the gradual establishment of the “1+N” trust regulatory system, the industry is entering a stage of accelerated risk clearing and deep structural differentiation. After the implementation of new asset management regulations and the “new three classifications,” the trust industry’s financing and channel businesses have been fully curtailed. The era of relying on licenses for arbitrage and “easy profits” has ended, and institutions are now facing fierce new business competition.

Meanwhile, stricter regulation has made market institutions more cautious in deploying trust licenses. From January 1, 2026, the revised “Trust Company Management Measures” will take effect, explicitly requiring enhanced shareholder transparency, banning non-self-funded investments, strictly limiting related-party transactions, and emphasizing shareholder risk disposal responsibilities. This means that investing in trust companies is no longer short-term speculation but requires long-term commitment, risk bearing, and compliance with strict supervision.

In recent years, high-risk trust institutions like New Era Trust have gradually resolved risks under regulatory guidance. Some institutions have entered bankruptcy reorganization. Industry insiders suggest that such halted operations may face even lower prices in future disposals. If no buyers emerge, bankruptcy liquidation cannot be ruled out, effectively eliminating these companies.

Regarding the difficulties in company equity transfers and future strategies, Beijing Business Daily reporter contacted New Era Trust, but as of press time, no response has been received.

Yu Zhi also stated that in the future, the value of trust company equity may be linked to operational quality and transformation ability. Well-managed trust companies might attract some investors, but high-risk institutions’ equity, even at discounted prices, will likely struggle to find suitable buyers.

According to analyst Liao Hekai of Jinle Function, future trust license transfers will show a trend of value reversion, with high-risk institutions possibly being taken over by regulatory-coordinated “national teams” for restructuring, rather than through conventional market pricing. Trust companies should focus on core capabilities, accelerate risk disposal, and improve compliance to drive service-oriented business transformation.

“With further implementation of regulatory policies and market self-adjustment, the attractiveness of trust licenses may change,” Yu Fenghui said. “Industry players should strengthen risk management, optimize business structures, and enhance service quality and innovation to meet new regulatory requirements and market demands.”

At the same time, Yu Fenghui pointed out that trust companies should actively seek strategic partners, through mergers and acquisitions to enhance competitiveness. For companies interested in purchasing trust licenses, careful evaluation of target companies’ actual conditions is essential to ensure rational and safe investment decisions.

Beijing Business Daily reporter Liao Meng