<p>[北京] 北京法院已下令对中智企业集团及其 300 多家附属公司进行清算，这是中国最大影子银行集团之一的重大清算步骤。</p>
<p>根据法院通知，北京市第一中级人民法院表示于 4 月 10 日受理此案，债权人需在 6 月 10 日前向管理人北京大成律师事务所提交索赔。</p>
<p>此举表明监管机构决心结束多年来不透明的影子银行行为，法院和管理人正努力理清复杂的公司间担保关系，并在更广泛的金融风险控制努力中追回资产。</p>
<p>中智曾是中国影子银行体系的关键参与者，因其问题在 2024 年申请破产，给国家市场带来了震荡，并打击了经济信心。</p>
<p>该影子银行及其单位在 2023 年已对公众销售的数十种产品违约，随后披露其 “严重资不抵债”。中国此后对其资金管理业务展开了刑事调查，并判处其前董事长入狱。</p>
<p>中智的子公司中融国际信托去年也面临清算，因其国家指定的托管人认定其资不抵债。</p>
<p>中国的信托行业自 1979 年成立以来经历了至少六轮重组，结合了商业银行、投资银行、私募股权和财富管理的特征。信托公司通常从富裕个人和企业那里吸收存款，以投资于各种资产，多年来通过发行隐含回报保证的高收益产品成为房地产项目的重要融资渠道。</p>
<p>近年来，该行业受到国家长期房地产危机和对杠杆的打击影响，导致包括新中国信托和四川信托在内的多起破产案件。BLOOMBERG</p>

*ST天山

*ST宇顺

华夏中证全指房地产ETF

易方达沪深300非银ETF

广发中证全指金融地产ETF

华宝中证800地产ETF

房地产ETF

南方中证全指房地产ETF

<p>北京法院已下令对中智企业集团及其 300 多家附属公司进行清算，这标志着拆解中国最大影子银行实体之一的重要举措。债权人需在 6 月 10 日前提交索赔。这一行动是在中智于 2024 年因公共产品违约和严重资不抵债的揭露而申请破产后进行的。此案反映了监管机构在更广泛的信托行业打击行动中，努力解决不透明的影子银行行为和管理金融风险的努力，该行业因房地产危机面临多起破产</p>

<p>[BEIJING] A Beijing court has ordered the liquidation of Zhongzhi Enterprise Group and its more than 300 affiliated companies, in a major step towards winding down one of China’s largest shadow banking conglomerates.</p>
<div class="lb-trans"><p>[北京] 北京法院已下令对中智企业集团及其 300 多家附属公司进行清算，这是中国最大影子银行集团之一的重大清算步骤。</p>
</div><p>The Beijing No 1 Intermediate People’s Court said it accepted the case on Friday (Apr 10) and creditors have until Jun 10 to submit their claims to the administrator, Beijing Dacheng Law Offices, according to a court notice.</p>
<div class="lb-trans"><p>根据法院通知，北京市第一中级人民法院表示于 4 月 10 日受理此案，债权人需在 6 月 10 日前向管理人北京大成律师事务所提交索赔。</p>
</div><p>The move signals regulators’ determination to draw a line under years of opaque shadow banking practices, as courts and administrators seek to untangle complex inter-company guarantees and recover assets amid broader efforts to contain financial risks.</p>
<div class="lb-trans"><p>此举表明监管机构决心结束多年来不透明的影子银行行为，法院和管理人正努力理清复杂的公司间担保关系，并在更广泛的金融风险控制努力中追回资产。</p>
</div><p>Zhongzhi, once a key player in China’s shadow banking system, filed for bankruptcy in 2024 after its troubles sent shockwaves through the nation’s markets and dented economic confidence.</p>
<div class="lb-trans"><p>中智曾是中国影子银行体系的关键参与者，因其问题在 2024 年申请破产，给国家市场带来了震荡，并打击了经济信心。</p>
</div><p>The shadow bank and its units had defaulted on dozens of products sold to the public in 2023 and later revealed it was “severely insolvent.” China has since opened criminal investigations into its money management business and sentenced its ex-chairman to jail.</p>
<div class="lb-trans"><p>该影子银行及其单位在 2023 年已对公众销售的数十种产品违约，随后披露其 “严重资不抵债”。中国此后对其资金管理业务展开了刑事调查，并判处其前董事长入狱。</p>
</div><p>Zhongrong International Trust, a unit of Zhongzhi, also faced liquidation last year after its state-appointed custodians concluded it was insolvent.</p>
<div class="lb-trans"><p>中智的子公司中融国际信托去年也面临清算，因其国家指定的托管人认定其资不抵债。</p>
</div><p>China’s trust industry, after at least six rounds of restructuring since its inception in 1979, combines characteristics of commercial and investment banking, private equity and wealth management. Trust firms, which typically take deposits from rich individuals and companies to invest in various assets, were a major funding channel for real estate projects for years by issuing high-yield products with implicit return guarantees.</p>
<div class="lb-trans"><p>中国的信托行业自 1979 年成立以来经历了至少六轮重组，结合了商业银行、投资银行、私募股权和财富管理的特征。信托公司通常从富裕个人和企业那里吸收存款，以投资于各种资产，多年来通过发行隐含回报保证的高收益产品成为房地产项目的重要融资渠道。</p>
</div><p>The sector was buffeted in recent years by the nation’s protracted property crisis and crackdown on leverage, which has led to a number of bankruptcy cases including New China Trust and Sichuan Trust. BLOOMBERG</p>
<div class="lb-trans"><p>近年来，该行业受到国家长期房地产危机和对杠杆的打击影响，导致包括新中国信托和四川信托在内的多起破产案件。BLOOMBERG</p>
</div>

中国已启动对影子银行中植的破产清算程序