Recently, two successive announcements regarding the bankruptcy reorganization of Huaxin Trust indicate that the risk disposal work of this long-established trust institution is steadily advancing along a legalized path.
On January 28, Huaxin Trust's official website was the first to republish an announcement from the Dalian Intermediate People's Court of Liaoning Province, clarifying the specific arrangements for the first creditors' meeting of its bankruptcy reorganization case. A review of the announcement reveals that, in accordance with the Enterprise Bankruptcy Law of the People's Republic of China and relevant judicial interpretations, the Dalian Intermediate Court has scheduled this creditors' meeting to be held online via the National Enterprise Bankruptcy Reorganization Case Information Network on February 13, 2026. Creditors who have legally declared their claims are entitled to participate.
Two days later, on January 30, Huaxin Trust published an "Announcement on the Completion of Claim Declaration by Anding Company" on its official website, stating that, as required by the announcement from the Dalian Intermediate People's Court of Liaoning Province, creditors should declare their claims to the administrator of Huaxin Trust by January 30, 2026. Dalian Anding Enterprise Management Co., Ltd. has completed its claim declaration to the administrator on January 30, 2026.
"The convening of this first creditors' meeting is a critical node for clarifying creditor-debtor relationships by relying on a legalized path. Subsequent steps, whether it's the selection and introduction of strategic investors or the formulation and implementation of a debt repayment plan, all require a precise balance between two core objectives: protecting the legitimate rights and interests of creditors and restoring the institution's sustainable operational capacity, thereby achieving a coordinated consideration of multiple interests," said Shuai Guorang, a researcher at Use Trust.
As the only trust company in Liaoning Province, Huaxin Trust was founded in 1981, and its risk resolution journey has now lasted approximately six years. It was not until 2025 that the company's risk disposal achieved a breakthrough.
Looking back to January 2025, Huaxin Trust signed an Agreement with beneficiaries holding its Huaguan series, Huayue series, and the Yueying Robust Growth No. 72定向发行部分信托计划, stipulating that payments would be made to beneficiaries within 7 working days after signing. In August, Dalian Anding Enterprise Management Co., Ltd., which was funded by Dalian State-owned Financial Capital Management and Operation Co., Ltd. and is ultimately controlled by the Dalian Municipal Finance Bureau, intervened, committing to acquire eligible individual investors' trust beneficial rights before September 25. In September, Huaxin Trust released the "Announcement on Matters Related to Anding Company's Acquisition of Individual Investors' Trust Beneficial Rights in Huaxin Trust." By 5:00 PM on September 24, 2025, 3,004 individual investors had signed trust beneficial rights transfer contracts with Anding Company, achieving an overall signing rate of 95.5%. On November 28, 2025, the National Financial Regulatory Administration's Dalian Bureau approved Huaxin Trust's application to legally enter bankruptcy proceedings, marking the risk disposal of this trust company's entry into the final legalized stage.
In the view of industry experts, Huaxin Trust's risk case possesses a certain degree of特殊性.
"In recent years, against the backdrop of sustained stringent regulation and the industry's accelerated return to the fundamental purpose of trusts, risks have emerged successively in some institutions plagued by poor corporate governance and aggressive business layouts. Huaxin Trust's risk case has its特殊性. Its reorganization work must not only strictly adhere to the basic principles of market-oriented and legalized bankruptcy disposal but also balance the stability and continuity of regional financial services," analyzed Shuai Guorang.
The progress in Huaxin Trust's risk disposal is just one example of risk resolution within the trust industry in 2025. Throughout the year, risk disposal in the trust industry showed breakthroughs at multiple points, with the pace of risk clearance continuously accelerating.
Among these, the most watched was Sichuan Trust. After years of risk disposal, this institution was officially renamed "Sichuan Tianfu Trust Co., Ltd." and restarted its business under a new identity. The compensation process for individual investors of New Times Trust was nearing completion. Jilin Trust, early in 2025, increased its capital by 1.055 billion yuan, successfully removing its designation as a high-risk institution.
Industry insiders widely believe that risk disposal for trust companies is not an endpoint but a new starting point for transformation and development. From an industry-wide perspective, while a group of high-risk institutions are gradually being cleared out, many trust companies that have completed restructuring and rectification have already taken the lead in embarking on a transformation path, exploring new models for high-quality development.
Jianyuan Trust (formerly Anxin Trust) leverages its state-owned background advantage to deepen its transformation towards standard products and optimize risk management and control. Its performance for the first half of 2025 showed an 84.89% growth in operating revenue and a 13.36% growth in net profit, and it recently received a new financial license. Xingbao Trust (formerly Huarong Trust), after completing its equity restructuring, saw the China Trust Industry Protection Fund become its controlling shareholder. Its risk disposal work is largely complete, and the company's operations are gradually stabilizing.
In the view of industry professionals, the effective resolution of risks at some high-risk institutions has not only continuously optimized the industry's ecosystem and boosted market confidence but has also created favorable conditions for the entire trust industry to break away from traditional path dependence, overcome development bottlenecks, and shift towards high-quality development.