A major special asset portfolio has been listed for promotion by a leading provincial bank, drawing significant market attention.

The Beijing Property Rights Exchange has disclosed a special asset promotion project for ZYBANK (HKG: 1216). The bank is offering a portfolio of claims for external investment with a total scale of nearly 25 billion yuan. The total claims amount to 24.866 billion yuan, primarily consisting of corporate non-performing loans, with real estate-related claims constituting the largest portion. The underlying debtors involve several well-known property developers both within and outside the province.

According to the exchange's public information, the project has a designated code and the promoting entity is ZYBANK. The transaction type is a project promotion, with the reference price to be negotiated. The information disclosure period runs from June 22, 2026, to June 18, 2027, and the project's location is in Henan Province.

This promoted asset package comprises a total of 72 debt projects, with a combined principal of 18.633 billion yuan and interest of 6.218 billion yuan. In terms of asset structure, corporate claims account for 24.5 billion yuan, representing over 90% of the total, with the vast majority being non-performing loans. Regarding industry distribution, the asset package is mainly composed of real estate-related claims. The underlying debtors include well-known developers such as Sichuan Languang, Kunming Sunac, Henan Jingrui, Central China, Zhengzhou Mingmen, and Evergreen Group. Collateral includes various types of real estate such as commercial office properties in core business districts and commercial/residential land.

The asset package exhibits characteristics of high project concentration and a prominent proportion of large-value claims. The entire package contains five claims each exceeding 1 billion yuan in scale, with a combined claim amount of 9.35 billion yuan, accounting for 37.6% of the total claim scale. In terms of regional distribution, the collateral is concentrated within Henan Province, with the Luoyang area having the highest number of projects. Simultaneously, claims outside the province amount to nearly 8 billion yuan, representing a relatively high proportion of cross-regional assets. Regarding disposal progress, over half of the targets have already entered the judicial enforcement stage.

Looking at the disposal pace, ZYBANK has consistently increased its efforts to transfer non-performing assets since 2025, with the disposal rhythm accelerating noticeably in 2026. Data shows that in 2025, ZYBANK's head office and branches cumulatively issued over 50 announcements for non-performing asset transfers. After eliminating duplicate listings, 33 non-performing asset packages were launched throughout the year, with a total outstanding principal and interest of approximately 3.849 billion yuan.

Entering 2026, the bank's non-performing disposal has proceeded on dual tracks, simultaneously advancing the transfer of large corporate non-performings and retail non-performing loans. In February, the Kaifeng branch listed a 111 million yuan personal non-performing asset package. In March, the bank cumulatively issued 15 non-performing transfer announcements, corresponding to 9 independent asset packages after removing duplicates, with a total outstanding principal and interest of 1.478 billion yuan. Among these, six packages consisted of personal consumer and business operation non-performing loans, with a personal non-performing project from the Xuchang branch's first phase having a principal and interest scale of 522 million yuan.

As the largest provincial-level city commercial bank in Henan by scale, ZYBANK was established in 2014 and listed on the Hong Kong Stock Exchange in 2017. It has a registered capital of 20.075 billion yuan, operates 18 branches and over 600 outlets, and holds diversified financial licenses including consumer finance, financial leasing, and village banks. As of the end of 2025, the bank's total assets were 1.41 trillion yuan, a year-on-year increase of 3.6%. It achieved annual operating income of 26.507 billion yuan and a net profit of 3.576 billion yuan, representing year-on-year growth of 2.13% and 3.07%, respectively. For the full year, it provisioned 13.715 billion yuan for asset impairment losses, a 6.4% increase year-on-year.

Asset quality data reveals that at the end of 2025, ZYBANK's non-performing loan ratio was 1.96%, a slight decrease of 0.06 percentage points year-on-year. However, structural risk differentiation was evident. By business segment, the bank's non-performing loan ratio for the real estate industry was as high as 5.89%, a significant increase of 1.47 percentage points year-on-year. The non-performing balance in this segment was 1.473 billion yuan, an 18.39% increase year-on-year, making it the business segment with the highest non-performing ratio for the bank.

During the same period, risks on the retail side also increased. The balance of personal non-performing loans was 7.65 billion yuan, accounting for 53.16% of the bank's total non-performing loans. Among these, the non-performing ratio for personal consumer loans was 3.39%, and the non-performing ratio for other personal loans, primarily credit cards, was 5.31%, with both indicators showing slight increases year-on-year.

Regarding risk warning indicators, at the end of 2025, ZYBANK's balance of special mention loans was 24.043 billion yuan, an increase of 1.04 billion yuan year-on-year, a growth of 4.52%. This accounted for 3.28% of the total loan balance, a 0.06 percentage point increase from the end of 2024. The total amount of overdue loans was 28.667 billion yuan, a slight decrease of 2% year-on-year.

Industry analysis indicates that ZYBANK's current launch of a large special asset package worth nearly 25 billion yuan is a significant move by the bank to centrally resolve existing non-performings, optimize its asset structure, and reduce its real estate risk exposure. Through public, market-oriented promotion on the Beijing exchange, introducing various asset management institutions and industrial capital to participate in the disposal, it can accelerate the clearance of stagnant non-performing claims, release credit allocation space, continuously solidify asset quality, and reduce the burden for subsequent stable operations. Going forward, the bank is likely to maintain a regularized pace of non-performing disposal, balancing the resolution of corporate real estate non-performings and retail personal loan risks, steadily reducing existing risks.