<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OQtLbuyXffUKTD9gAz2Aj1DWQ1qCcDxQ0rM-lSHBtuCl4AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OQtLbuyXffUKTD9gAz2Aj1DWQ1qCcDxQ0rM-lSHBtuCl4AA/641"/>
The annual reports of state-owned banks have been disclosed, and the performance of their financial asset investment companies (AIC) has also been released. In 2025, among the five state-owned bank AICs, ICBC Investment, CCB Investment, and ABC Investment all achieved growth in net profit, while BOC Asset and Bank of Communications Investment saw double-digit declines in net profit, showing a clear differentiation.
In terms of the number of equity investment pilot funds, CCB Investment and BOC Asset each established 28, ABC Investment set up 27, Bank of Communications Investment has nearly 50 funds on record, while ICBC Investment has not disclosed relevant data.
<blockquote>
Performance Differentiation:
3 companies with year-on-year net profit growth, 2 companies with decline
</blockquote>
AICs were initially engaged in debt-to-equity swap business, helping to reduce corporate leverage and mitigate financial risks by acquiring banks' claims on enterprises and converting them into equity. As the business developed, the role of AICs gradually transformed from a single debt-to-equity tool to a key supporter of technology innovation enterprises.
The earliest batch of AICs in China was established in 2017 by five major state-owned banks. Since last year, with the expansion of AICs, Industrial Bank, China Merchants Bank, CITIC Bank, and Postal Savings Bank have also established AICs and have officially started operations one after another since the end of last year.
What is the current performance of AICs in China? Looking at the five state-owned bank AICs established earliest, there is significant performance differentiation.
In terms of net profit, ICBC Investment firmly holds the top position, reaching 5.287 billion yuan last year, followed by ABC Investment and CCB Investment, which were 4.295 billion yuan and 3.791 billion yuan, respectively. BOC Asset and Bank of Communications Investment had net profits of 3.025 billion yuan and 2.038 billion yuan last year, respectively.
In terms of net profit growth rate, ICBC Investment also leads with a year-on-year increase of 10%; ABC Investment and CCB Investment also achieved positive growth in net profit, with increases of 9.65% and 7.36%, respectively; BOC Asset and Bank of Communications Investment saw declines in net profit, down 17.80% and 16.10%, respectively.
In terms of asset scale, ICBC Investment is also the &#34;big brother,&#34; with total assets exceeding 200 billion yuan, reaching 202.577 billion yuan, a year-on-year increase of 10.18%. Both ABC Investment and CCB Investment have total assets exceeding 100 billion yuan, while BOC Asset and Bank of Communications Investment have total assets still below 100 billion yuan. However, Bank of Communications Investment had a total asset growth rate of 10.10% last year, ranking relatively high.
BOC Asset is the only one among the five AICs to experience a decline in total assets, with a decrease of 1.30%. However, its net assets are still growing year-on-year, with an increase of over 10%. Industry analysts say this may indicate that the company is reducing liabilities or optimizing asset allocation while achieving significant growth in net assets, leading to a more robust financial structure and enhanced risk resistance
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O5f5yuQ3VJ4JjVuyR1k8B9tMPFHd3mmqf87Y0OH6iQiHAAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O5f5yuQ3VJ4JjVuyR1k8B9tMPFHd3mmqf87Y0OH6iQiHAAA/641"/>
Performance of five AICs in 2025. Data source: AIC parent bank financial reports.
<blockquote>
Investment Orientation:
Over 40% of investment enterprises come from strategic emerging industries
</blockquote>
As the core carrier of AIC's equity investment business, the AIC equity investment pilot fund has accelerated its implementation in recent years. Some bank financial reports have also disclosed relevant information.
In terms of quantity, Jianxin Investment and Bank of China Asset Management have each established 28 equity investment pilot funds, while Agricultural Bank Investment has set up 27. Jiaoyan Investment stated that as of the end of 2025, the company, as the manager, has cumulatively registered nearly 50 funds.
In terms of subscribed scale, Agricultural Bank Investment has a subscribed scale of nearly 70 billion yuan, Bank of China Asset Management has 23.43 billion yuan, and Jiaoyan Investment has subscribed amounts exceeding 30 billion yuan.
Which industries and regions have these funds been invested in?
Bank of China Asset Management stated that it has implemented equity investment projects in industries such as commercial aerospace, biomedicine, artificial intelligence, and integrated circuits.
Xingye Bank's subsidiary, Xingyin Investment, reported that the company has cumulatively invested 6.808 billion yuan, with projects directed towards new energy and new materials industries such as semiconductors, photovoltaics, lithium mines, and engineering plastics, covering regions like Fujian, Guangdong, Shanghai, Anhui, and Shandong, focusing on science and technology enterprises and private enterprises. The company was established in November 2025 and has been operating for 4 months.
According to data from Enterprise Warning, as of now, including the latest established 4 AICs, a total of 9 AICs in China have invested in 653 enterprises, of which 288 are in strategic emerging industries, accounting for over 40%. In terms of technology titles, 369 enterprises have received various technology titles, accounting for 56.51%.
From a regional perspective, AIC-invested enterprises are predominantly located in Jiangsu, Beijing, Shanghai, Zhejiang, Guangdong, and Shandong, with Jiangsu ranking first with 81 enterprises.
<blockquote>
Exit Situation:
Increasing number of exits, with manufacturing and construction industries being the most
</blockquote>
While accelerating investments, AIC is also gradually exiting some enterprises.
According to Tianyancha information, as of now, ICBC Investment has exited 105 enterprises, Jianxin Investment and Agricultural Bank Investment have exited 86 and 78 enterprises respectively, while Jiaoyan Investment and Bank of China Asset Management have exited 60 and 54 enterprises respectively.
In terms of exited industries, all five major AICs have the most exits in manufacturing and construction. For example, ICBC Investment has exited 22 manufacturing enterprises and 18 construction enterprises, accounting for nearly 40% of the total exits.
In terms of exit timing, from 2023 to 2025, the number of exits by the five major AICs has generally increased. For instance, Agricultural Bank Investment exited 9 enterprises in 2023, 10 in 2024, and increased to 27 in 2025. Since 2026, it has exited 5 enterprises
According to reporters from Nandu Bay Financial Society, the current exit methods for AIC equity investments include IPOs, mergers and acquisitions, corporate buybacks, and equity transfers. Taking Bank of Communications Investment as an example, in December 2020, Bank of Communications Investment's subsidiary, Bank of Communications Capital, participated in the last round of financing before the IPO of the smart hardware platform company Huqin Technology, investing 50 million yuan for a 0.18% stake. In August 2023, Huqin Technology went public. According to the 2024 annual report disclosed by Bank of Communications, in 2023, &#34;the company's investment projects went public and large exits achieved returns.&#34;
There are also AICs that exit investments through equity transfer. For instance, in August last year, the Beijing Equity Exchange announced the transfer of 32.76 million shares (accounting for 15.60%) of Shaanxi Yanchang Petroleum Natural Gas Co., Ltd., with the acquirer being Bank of Communications Investment.
Project information shows that Shaanxi Yanchang Petroleum Natural Gas Co., Ltd. is primarily engaged in the production and sales of liquefied natural gas and is a national high-tech enterprise. In 2020, the company completed a strategic mixed reform. According to Tianyancha information, in March 2020, Bank of Communications Investment and Agricultural Bank Investment each subscribed to a capital contribution of 84 million yuan. In June of that year, Shaanxi Yanchang Petroleum Natural Gas Co., Ltd. submitted an application to the Hong Kong Stock Exchange, but there has been no further progress, and the listing was shelved. Currently, Bank of Communications Investment holds a 15.60% stake in the company, while Agricultural Bank Investment holds 7%.
<blockquote>
Expert Recommendations:
Focus on developing exit channels such as mergers and acquisitions and equity transfers
</blockquote>
Although the number of exits is increasing, industry insiders believe that the exit mechanism for AIC projects still needs improvement, and exit paths need to be more diversified.
Research by Wang Shuguang, a professor at Peking University's School of Economics, and doctoral student Liu Yangjingzhuo shows that the current exit methods for AIC equity investments overly rely on IPOs, with significant uncertainty and long cycles in the exit process. Compared to mature market-oriented investment institutions, AIC is still immature in utilizing exit methods such as mergers and acquisitions, corporate buybacks, and equity transfers. Additionally, there is a profound contradiction between the traditional low tolerance for bad loans in the banking system and the inherently high failure rate of the equity investment industry. This difference in risk culture may lead AIC to be overly cautious in exit decisions, such as being reluctant to cut losses in a timely manner or handle underperforming projects through transfers due to concerns about accountability, or excessively waiting for stability and missing exit opportunities.
The research suggests focusing on developing alternative exit channels such as mergers and acquisitions and equity transfers, and building a multi-level exit ecosystem. For example, regulatory authorities should introduce supportive policies to encourage technology-based listed companies to acquire unlisted technology innovation enterprises invested by AIC, simplify the approval process for mergers and acquisitions, and provide tax incentives. At the same time, actively explore pilot programs for &#34;physical distribution of stocks by private equity venture capital funds,&#34; allowing AIC to distribute shares of listed companies held by them to investors through non-trading transfers, enriching exit methods.
Written by: Liu Lanlan, reporter from Nandu Bay Financial Society

601288

512700

601398

601328

The annual report of state-owned banks AIC shows that ICBC Investment, CCB Investment, and ABC Investment have seen an increase in net profit, while BOC Asset and Bank of Communications Investment have experienced a decline. ICBC Investment's net profit is 5.287 billion yuan, while ABC Investment and CCB Investment are 4.295 billion yuan and 3.791 billion yuan, respectively. BOC Asset and Bank of Communications Investment's net profit is 3.025 billion yuan and 2.038 billion yuan, with declines of 17.80% and 16.10%, respectively. ICBC Investment's total assets have surpassed 200 billion yuan, while both ABC Investment and CCB Investment exceed 100 billion yuan, and BOC Asset's total assets have decreased by 1.30%

State-owned banks AIC report card: 3 banks with net profit growth, Bank of China Asset Management and Bank of Communications Investment decline