On the eve of the Spring Festival, a number of financial leasing companies held the 2024 work conference in full swing to review the work of the previous year, analyze the current external environment, and study and deploy the work in 2024.
In the past year, the asset scale of Yongying Financial Leasing, Suyin Financial Leasing and ABC Financial Leasing has exceeded the 100 billion mark, and the number of 100 billion financial leasing companies has increased to 15. Among them, only Huarong Financial Leasing has no bank shareholders.
At the same time, the Matthew effect in the industry is more obvious. Cathay Financial Leasing entered bankruptcy proceedings, Foreign Trade Financial Leasing was approved to absorb and merge CRRC Financial Leasing, Huayun Financial Leasing and Hengxin Financial Leasing changed hands, and small and medium-sized financial leasing companies sought to break through the cracks.
2024 is the first year to implement the spirit of the first financial work conference, and it is also the first year for the financial leasing industry to implement the new policy of document No. 8. A number of financial leasing companies stressed that they will actively grasp the transformation opportunities brought about by industry changes, do a good job in characteristic operations, and strengthen liability management, risk management and digital transformation.
The number of 100 billion financial leasing companies increased to 15.
In 2023, three financial leasing companies will successively announce that their asset scale will exceed 100 billion yuan, including Yongying Financial Leasing, Suyin Financial Leasing, and ABC Financial Leasing. It is understood that Yongying Financial Leasing and Suyin Financial Leasing were established in 2015 and are subordinate to Bank of Ningbo and Bank of Jiangsu respectively; ABC Financial Leasing is wholly owned by ABC.
So far, the number of 100 billion financial leasing companies has increased to 15, including: Bank of Communications Financial Leasing, CDB Financial Leasing, CMB Financial Leasing, ICBC Financial Leasing, Minsheng Financial Leasing, Huaxia Financial Leasing, CCB Financial Leasing, SPDB Financial Leasing, Everbright Financial Leasing, Industrial Financial Leasing, Jiangsu Financial Leasing, Huarong Financial Leasing, Yongying Financial Leasing, Suyin Financial Leasing, and ABC Financial Leasing.
Among them, as a leader in the industry, the scale of assets of BOCOM Financial Leasing exceeds 400 billion yuan, and the main operating indicators such as registered capital, leased assets, and operating income rank first in the industry. When deploying this year's operation and management, the company emphasized: first, continue to increase the proportion of domestic business, increase innovation and investment in green and intelligent ship leasing products, and build a leading edge in shipping leasing business; the second is to provide in-depth services for the development of domestic aircraft and tap new momentum for aviation leasing business; The third is to create a new engine for equipment and facility leasing business.
In addition, BOCOM Financial Leasing said that it will further increase the medium and long-term capital reserves of RMB, improve liquidity and market risk management, and effectively control financing costs. At the same time, we continued to strengthen comprehensive risk management, improve the quality and efficiency of post-lease management, deepen internal control and compliance management, and improve the risk management system for overseas operations.
Following the Bank of Communications Gold Leasing, CDB Gold Leasing, CMB Gold Leasing, and ICBC Financial Leasing, the asset scale of Minsheng Financial Leasing is about to exceed the 200 billion mark. As of the end of last year, the company's assets increased by 9% from the beginning of the year to more than 190 billion yuan, and the annual investment scale exceeded 70 billion yuan for the first time, a record high, of which retail and inclusive business accounted for more than 70% and 50% of the scale.
As a new recruit of the "100 billion club", ABC Financial Leasing mentioned that in 2024, it will deepen the key business areas of the "three rural" counties, aviation and shipping, new energy, science and technology innovation and advanced manufacturing, and improve its ability to serve the real economy; Strengthen innovation and transformation, and strengthen marketing in key regions; strengthen liability management and liquidity management; Strengthen risk management and control and deepen digital transformation.
The relevant person in charge of Bank of Ningbo also put forward three requirements for the next operation and management of Yongying Financial Leasing: first, do a good job in direct leasing, inclusive leaseback, and traditional business; The second is to give full play to the important value of the marketing empowerment system, continue to leverage customer cooperation and enhance customer stickiness; The third is to strengthen comprehensive risk management and build a "firewall".
Differentiated small and medium-sized financial rents.
Compared with 100 billion financial leasing companies, small and medium-sized financial leasing companies are relatively disadvantaged in terms of registered capital and capital cost, and are usually based on the local area and have relatively close ties with the regional economy. However, due to the impact of shareholders, a number of small financial leasing companies have changed a lot last year.
Among them, the first golden leasing license in the domestic automobile industry, Guotai Financial Leasing, was approved to enter bankruptcy proceedings in October last year, and the company's top two shareholders, Huatai Automobile Group and CEFC Beyond Holdings, were previously listed in the list of shareholders with major violations of laws and regulations published by the former China Banking and Insurance Regulatory Commission; In order to promote the strategic restructuring and professional integration of the first enterprise, Foreign Trade Financial Leasing plans to absorb and merge CRRC Financial Leasing, and it will be approved by the end of the year.
In addition, Tianjin Wanshun Real Estate cost about 2 at the end of last year500 million yuan, won the 30% equity of Aerochine Financial Leasing in the public auction on the Ali judicial auction platform. After obtaining regulatory approval and completing the equity transfer, the proportion of equity held by Wanshun Real Estate will increase from 133% to 433%, becoming the largest shareholder of Aerochine Financial Leasing.
At the beginning of this year, Xukuang Group was approved to acquire 49% of the equity of Hengxin Financial Leasing, which became a state-owned all-capital leasing company. Before this change, the private enterprise GCL Smart Energy (Suzhou)** held 4129% equity, the largest shareholder.
At the same time, some small and medium-sized financial leasing companies have actively broken through the situation and achieved effective qualitative improvement and reasonable quantitative growth. Tianyin Financial Leasing revealed that the company's investment, revenue and profit hit a record high last year, the historical non-performing assets were basically cleared, and the balance sheet was strongly repaired, and in 2024, it will further reduce costs and increase efficiency, and achieve reasonable growth in asset scale, operating income and profit.
According to the annual work meeting of Hebei Financial Leasing, the company's leasing business increased significantly last year, and various financial indicators reached the best level in history. "Ushering in an important opportunity for the development of green industries and small and medium-sized enterprises, the company has actively deployed in the strategic business direction of green finance and inclusive small and medium-sized enterprises, forming a business structure with distinctive industrial characteristics."
Wanjiang Financial Leasing achieved decisive results in the disposal of historical problems last year, "taking green finance as the background and inclusive finance as the background, increasing the reserve and delivery of high-quality projects", and all business indicators reached the best level in the past six years. The company's 2024 work conference stated that it will accelerate the pace of transformation, keep an eye on the market to become stronger and more specialized, continue to deepen the synergy between industry and finance, increase the supply of differentiated and high-quality financial products, and cultivate and build a second growth curve.
Strict supervision and promotion of compliance.
2024 is the first year for the financial leasing industry to implement the new Circular 8 policy, and a number of financial leasing companies have also mentioned regulatory policy changes at the annual work meeting.
Suzhou Financial Leasing said that it is necessary to adapt to the tightening, stricter and more demanding regulatory policies, strengthen policy research, clarify market positioning, and adhere to the main responsibility and main business of returning to serve the real economy and returning to characteristic operations.
The so-called Golden Leasing No. 8 refers to the Notice on Promoting the Standardized Operation and Compliance Management of Financial Leasing Companies issued by the State Administration of Financial Supervision in October 2023, which mainly regulates the future business direction of financial leasing companies from three aspects: the eligibility management of leased objects, the increase in the proportion of direct leasing, and the strengthening of the supporting role of inclusive finance.
Circular No. 8 requires leasing companies to actively explore and support business models that are compatible with the manufacturing and use of equipment assets such as large equipment, large aircraft, and new energy vessels, and requires financial leasing companies to gradually increase the proportion of direct leasing business and achieve an annual proportion of no less than 50% of new direct leasing business by 2026.
According to CICC's research report, considering the current trend of unified supervision of financial leasing companies and financial leasing companies, the subsequent business development requirements of financial leasing companies may converge with those of financial leasing companies. Among them, compared with the sale-leaseback business, which serves the needs of enterprises for liquidity funds, direct leasing and operating leasing can more directly serve the production and operation of enterprises and help industrial upgrading by providing new equipment for production enterprises.
In addition, the State Administration of Financial Supervision issued the "Administrative Measures for Financial Leasing Companies (Draft for Comments)" at the beginning of this year, which ended on February 5 for comments, and will be released in due course after further revision and improvement according to feedback from all walks of life.
The Draft adds new regulatory indicators for capital, leverage ratio and liquidity management for financial leasing companies, and strengthens corporate governance supervision and risk management, including increasing regulatory requirements for major shareholders and requiring greater transparency in financial disclosure.
Fitch, an international rating agency, believes that the Draft will raise the regulatory and entry thresholds for the operation of the financial leasing industry, accelerate the exit of weaker and smaller companies from the market, and promote further integration of the industry.
Looking ahead to 2024, CICC's research report believes that the domestic leasing industry as a whole may still face growth pressure in the context of stricter supervision, but the leading leasing companies with leading comprehensive capabilities and deep cultivation in the small, medium and micro and sub-industrial markets may be expected to achieve steady growth in performance by relying on the first-mover advantage in transformation, steady business development capabilities and improved market segment prosperity.
Editor-in-charge: Li Xuefeng.
Proofreading: Li**.
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