In November, Industrial Bank Co., Ltd., China Merchants Bank, and China CITIC Bank announced the approval of their respective financial asset investment companies (AICs) for operation, with locations in Fuzhou, Shenzhen, and Guangzhou.
Among them, Xingyin Financial Asset Investment Co., Ltd. (referred to as "Xingyin Investment"), the first joint-stock bank AIC approved for establishment and a subsidiary of Industrial Bank, was officially inaugurated on November 16. The inaugural management team of Xingyin Investment has been confirmed, including the chairman, president, and two vice presidents, with their qualifications approved this month.
Additionally, adjustments have been made to several deputy general managers of departments at Industrial Bank's headquarters, summarized below.
**Xingyin Investment** According to corporate records, Xingyin Investment was officially registered on November 11 with a registered capital of RMB 10 billion in Fuzhou, Fujian Province. The company has six key members, including legal representative Chen Wei, financial head Zhao Jing, and four directors: Zhao Chaoqing, Lai Furong, Zheng Rongbin, and Zhang Shuiquan. Among them, Lai Furong serves as Industrial Bank's Chief Risk Officer, and Zhao Chaoqing is the bank's Chief Accountant.
The inaugural executive team of Xingyin Investment comprises seasoned professionals from Industrial Bank with backgrounds in investment banking or fintech.
- **Chen Wei**, former president of Industrial Bank's Xiamen branch, has been appointed chairman of Xingyin Investment. He previously served as president of the Changsha branch and general manager of the investment banking department before assuming his role in Xiamen in July 2022. - **Zheng Rongbin**, deputy general manager of the inclusive finance department at Industrial Bank's headquarters, has been named president of Xingyin Investment. He previously held roles as assistant president of the Xining branch and deputy president of the Nanping branch. - **Zhao Gu**, vice president of Industrial Trust Asset Management, has been appointed vice president of Xingyin Investment. He previously served as assistant general manager and deputy general manager of the investment banking department at Industrial Bank's headquarters. - **Wang Su**, vice president of Industrial Digital Finance, has been named vice president of Xingyin Investment, having previously held roles as assistant president and vice president at the company.
At the inauguration ceremony on November 16, Industrial Bank Chairman Lu Jiajin stated that Xingyin Investment would focus on market-oriented debt-to-equity swaps, innovate financial services, strengthen risk management, and leverage group resources to expand value creation.
Chen Wei, Xingyin Investment's first chairman, emphasized the company's commitment to optimizing governance, enhancing risk controls, and adopting a differentiated strategy. It will focus on Fujian while expanding nationwide, supporting traditional industry upgrades, emerging industries, and future-oriented sectors.
Xingyin Investment's launch will significantly enhance Industrial Bank's tech-finance capabilities, fostering deeper integration between technological and industrial innovation. As of September, the bank's tech-finance loan balance reached RMB 1.13 trillion, up 17.70% year-to-date.
Currently, China has nine bank-affiliated AICs, including six state-owned banks' AICs (e.g., ICBC Investment, ABC Investment) and three joint-stock bank AICs recently approved: Xingyin Investment, CMBI Investment, and CITIC Investment.
**Headquarters Adjustments** - **Wang Weirong**, deputy general manager of Industrial Bank's Fujian Management Department, has been appointed deputy general manager of the Risk Management/Credit Management Department. - **Tang Gerong**, deputy president of the Xiamen branch, is set to become deputy general manager of the Special Asset Management Department. - **Zhang Guosheng**, deputy head of the Beijing audit office, has been transferred to the Xi'an audit office. - **Wang Xiaojian**, assistant general manager of the Credit Card Center, has been promoted to deputy general manager. - **Xu Junjie** no longer serves as assistant general manager of the Financial Market Risk Management Department.
**Financial Performance** On November 20, Industrial Bank addressed investor concerns regarding revenue and risk control. In the first three quarters, the bank narrowed its revenue decline by 0.47 percentage points, with net profit growing 0.12%. Net interest income improved due to liability cost control, while fee income rose 3.79%, driven by wealth and custody services.
Asset quality showed improvement, with declines in new non-performing assets and formation rates. Risks in real estate, local government financing, and credit cards have eased, while manufacturing NPLs dropped 48.61% QoQ. Retail loans remain under pressure but outperform peers.
Moving forward, Industrial Bank will enhance risk monitoring, collection efficiency, and asset quality management to maintain stable indicators.
Comments