A new case has emerged in equity investments by Financial Asset Investment Companies (AICs). Recently, Gansu Dongxing Aluminum Co., Ltd. completed a business registration change, adding five AICs as new shareholders. Similarly, Chengdu Kemeite Special Gas Co., Ltd. underwent a shareholding adjustment, introducing two new AIC shareholders.
Notably, Xingyin Investment, the AIC established by Industrial Bank Co.,Ltd., appeared in the new shareholder lists of both companies. Having been in operation for only half a year, this joint-stock bank's AIC has already demonstrated a proactive investment strategy.
Five AICs Jointly Invest in Gansu's Largest Aluminum Enterprise A recent business registration change revealed an adjustment to the shareholding structure of Gansu Dongxing Aluminum. Information from Qichacha shows that the company's major shareholder, Jiugang Iron & Steel (Group) Co., Ltd., reduced its stake from 100% to 81.28%. Nine new institutional shareholders were added, encompassing various types of capital, including bank-affiliated investment institutions and asset management companies.
Who are these nine new entities? Five are AICs: Bank of Communications Financial Asset Investment Co., Ltd. (holding 4.68%), CCB Financial Asset Investment Co., Ltd. (holding 2.34%), ABC Financial Asset Investment Co., Ltd. (holding 1.12%), Bank of China Financial Asset Investment Co., Ltd. (holding 0.83%), and Xingyin Financial Asset Investment Co., Ltd. (holding 0.83%). Two are financial asset management companies (AMCs): China CITIC Financial Asset Management Co., Ltd. (holding 0.97%) and China Orient Asset Management Co., Ltd. (holding 2.34%). The remaining two are other investment institutions: Gansu Guotou Gongrong Structural Adjustment Equity Investment Fund Partnership and Wuhu Xinsu Equity Investment Co., Ltd., holding 4.21% and 1.39%, respectively.
In fact, this equity change was finalized last year, with the current update representing the completion of the business registration process. According to a December release from the Lanzhou Branch of Industrial Bank Co.,Ltd., the branch collaborated with Xingyin Investment to successfully execute a market-oriented debt-to-equity swap project for Gansu Dongxing Aluminum. "This transaction involved several well-known market investment institutions, including Xingyin Investment, with a total scale of 4 billion yuan. The participation of diverse capital reflects the high recognition from the capital market for the development prospects and operational capabilities of Jiugang Group and Dongxing Aluminum," the branch stated.
The Gansu Branch of Bank of Communications also announced in February that Bank of Communications Financial Asset Investment injected 1 billion yuan in cash into Gansu Dongxing Aluminum, becoming the largest investor in this round of financing. The funds were used to repay bank loans, effectively helping the company further reduce its asset-liability ratio, optimize its capital structure, precisely address its urgent need to lower debt, and break through the limitations of traditional financing models.
Why is capital favoring this aluminum company? Public information shows that Gansu Dongxing Aluminum, founded in 2006, generates annual operating revenue exceeding 30 billion yuan and has an industrial output value over 50 billion yuan, making it the largest aluminum smelting and processing enterprise in Gansu Province. Its remelted aluminum ingot products are widely used in critical sectors such as power, transportation, and construction. Furthermore, according to the *Jiugang Daily*, the company "continued to maintain steady profit growth" last year. In the first quarter of this year, it "sustained high growth in industrial output value, with improved profitability, becoming the core pillar of profit growth for the group company."
Xingyin Investment Invests in 10 Firms in Six Months, Venturing into Semiconductor Materials Xingyin Investment is the only joint-stock bank AIC participating in this round of investment in Gansu Dongxing Aluminum. In fact, this institution, established just half a year ago, has maintained an active pace in its deployments. Concurrently with the business registration change for Gansu Dongxing Aluminum, another of its external investments also completed registration.
Tianyancha information shows that Chengdu Kemeite recently underwent a shareholding change. Its major shareholder, Jiangsu Yoke Technology Co.,Ltd., reduced its stake from 100% to 77.15%. The new shareholders are Gongrong Jintou No. 2 (Beijing) Emerging Industry Equity Investment Fund Partnership and Xingyin Investment. The former contributed a subscribed capital of 11.6059 million yuan for a 17.91% stake, while the latter contributed 3.2016 million yuan for a 4.94% stake. Notably, the former fund was jointly established by ICBC Financial Asset Investment and ICBC Capital. This means the investment in Chengdu Kemeite also represents a joint effort by AICs from a state-owned bank and a joint-stock bank.
Information indicates that Chengdu Kemeite, founded in 2006, is a company specializing in the R&D, production, and sales of fluorine-based products. Its products are widely used in medium-high voltage electrical equipment and semiconductor etching processes, supplying electronic special gases in bulk and consistently to chip manufacturers such as TSMC, Samsung Electronics, Intel, SMIC, SK Hynix, and BOE.
Amid the global AI wave, the semiconductor industry chain is in the spotlight. As an indispensable key consumable in chip manufacturing, the importance of electronic special gases is increasingly prominent. Chengdu Kemeite, firmly positioned in this sector, has attracted capital attention.
The bet on Chengdu Kemeite is just one example of Xingyin Investment's focus on实体 enterprises. Tianyancha data shows that, to date, Xingyin Investment has directly invested in 10 companies, spanning industries such as new energy, new materials, chemicals, and non-ferrous metals.
Furthermore, according to a previous announcement from Industrial Bank Co.,Ltd., since its official launch on November 16, 2025, Xingyin Investment has continuously increased support for the "intelligent transformation and digital upgrade" of traditional industries and the "cluster development" of emerging industries. By the end of 2025, its cumulative investment scale exceeded 6 billion yuan.
State-Owned and Joint-Stock Bank AICs Frequently Form Investment Consortia AICs are non-bank financial institutions initiated by commercial banks and approved by the state. The first pilot batch launched in 2017 saw the five major state-owned banks—ICBC, ABC, BOC, CCB, and Bank of Communications—establish their respective AICs. Initially focused on debt-to-equity swaps, they later shifted towards equity investments supporting technological innovation.
In 2024, the AIC equity investment pilot expanded to 18 cities, and in 2025, it further expanded to relevant provinces, allowing eligible banks to establish new AICs. Driven by policy, Industrial Bank Co.,Ltd., China Merchants Bank, China CITIC Bank, and Postal Savings Bank of China have successively set up AICs, forming a competitive landscape of 6 state-owned bank AICs and 3 joint-stock bank AICs.
The entry of new players has further strengthened the AIC阵营. Examining their investment paths, consortium investing has long been common.
Data from Enterprise Early Warning shows that, to date, the 9 AICs have invested in 664 enterprises (directly and indirectly), with one-quarter involving two or more AICs investing jointly.
Besides the aforementioned cases of Gansu Dongxing Aluminum and Chengdu Kemeite, another recent典型 case is Xinjiang Zhunneng Chemical Co., Ltd.
A previous report noted that TBEA Co., Ltd. announced in April that it would introduce six AICs—ICBC Financial Asset Investment, CMB Financial Asset Investment, ABC Financial Asset Investment, CCB Financial Asset Investment, CITIC Financial Asset Investment, and Bank of Communications Financial Asset Investment—to jointly increase capital in its控股 company, Xinjiang Zhunneng Chemical Co., Ltd., with a total investment of up to 3.2 billion yuan. Post-investment, the six AICs would collectively hold a 47.55% stake. This investment case set a record for the highest number of AICs jointly participating in a single project.
Analysis suggests that AICs forming consortia to invest in a company may stem from the investee's previous debt structure, where financing might have been分散 across multiple banks. Each AIC's participation represents承接 and conversion of its parent bank's existing credit. On the other hand, multiple AICs joining forces can pool larger-scale funds to meet corporate financing needs often amounting to billions of yuan, while分散 investment risks for单一 institutions. They can also integrate financial resources from different banks to provide more comprehensive support for the invested companies.
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