China Trust Industry Report, 2010-2011

【Abstract】：
 
China trust industry has experienced six reformations since 1979, with the number of trust companies declining from over one thousand at the peak to 64 at present. The assets managed by Chinese trust companies grew at a CAGR of 64% from RMB150 billion in 2005 to over RMB3 trillion at the end of 2010, presenting the best performance in all subsectors of the financial industry.

In terms of the trust company, CITIC, Zhong Rong International Trust Co., Ltd and other five trust companies have ranked top 10 by trust assets for two consecutive years. In 2010, Shandong International Trust Corporation and China Foreign Economy and Trade Trust & Investment Co., Ltd. were enrolled into the top 10 companies for the first time, whose YoY growth rates of trust asset scale were all over 79%.

CITIC: Founded in 1988, the registered capital of CITIC is RMB1.2 billion. Its operating income reached RMB2.412 billion in 2010, up 16.2% YoY; its net income achieved RMB1.153 billion, up 20.2% YoY; and its trust asset scale accumulated to RMB332.8 billion, up 61% YoY. As an industry leader, CITIC has strong capability of project investment and capital channel control, and relatively huge business potential on financial management.

China Ping An Trust & Investment Co., Ltd.: Established in 1984, its registered capital is RMB6.988 billion. In 2010, it accomplished net income of RMB2.848 billion and distributed trust profit of RMB10.077 billion to beneficiaries. The trust business scale achieved through cross-selling business channel accumulated to RMB5.65 billion, accounting for 4.5% of its total trust business scale.

China Resources SZITIC Trust Co., Ltd.: Established in 1982, its registered capital is RMB2.63 billion. As of 31 Dec., 2010, its total assets and net assets accumulated RMB9.72 billion and RMB8.301 billion respectively. In 2010, its net income achieved RMB1.38 billion, ranking No.1 in the industry for two consecutive years. Meanwhile, its per capita profit hit RMB12.27 million, with an ROE of 18.43%. In addition, it has strong capability of operating inherent business, and 54.57% of its inherent assets are employed for long-term equity investment.

Zhong Rong International Trust Co., Ltd.: Founded in 1987, with registered capital of RMB1.4 billion, it has been the fastest-growing one among its peers. In terms of the trust income, its industry ranking has soared from No.32 in 2006 to No.3 in 2010, and its share in the industry has expanded rapidly from merely 0.49% in 2006 to 7.58% in 2010. It also has obvious industry influence and strong competitiveness in real estate investment trust.

Anxin Trust & Investment Co., Ltd.: Founded in 1987, it was listed on the SSE (600816) in 1994. In 2010, its operating income registered as high as RMB310 million, up 78.61% YoY. Meanwhile, its operating profit achieved RMB120 million, an increase of nearly 1.8-fold against the previous year.

Shaanxi International Trust Co., Ltd.: Founded in 1985, it was listed on the Shenzhen Stock Exchange (000563) in 1992. In 2010, its operating income reached RMB220 million; its operating profit was RMB106 million, nearly doubled against year 2009; its net income hit RMB82 million, almost a one-fold increase over the RMB44 million in 2009. It has started the clean-up of industrial investment since 2010, with the aim to establish trust business as its major source of income.

【Table of Contents】 

1. Overview of China Trust Industry
1.1 Definition
1.2 Development History of Trust Industry in China
1.3 Business Scope of Trust Company
1.4 Supervision on Trust Company
1.5 Industry Laws and Regulations are Improving, Policies are
Leading Trust Companies to Focus on Trust Business 

2. Operation of Trust Companies in China
2.1 Quantity
2.2 Fixed Asset and Equity
2.3 Operating Income
2.4 Total Profit
2.4.1 Rate of Return
2.4.2 Industry Leverage and ROE
2.4.3 Company Ranking by Net Income

3. Operation of Trust Assets in China
3.1 Trust Assets
3.1.1 Rapid Growth
3.1.2 Ratio of Assembled Funds Trust Gradually Increase
3.1.3 Ratio of Actively Managed Trust Assets Gradually Increase
3.2 Fund Trust
3.2.1 Flexible Application of Trust Fund
3.2.2 Diversified Channels of Trust Investment
3.3 Feature Businesses 
3.3.1 Cooperation between Bank and Trust Company
3.3.2 QDII Business

4. Key Trust Products
4.1 Real Estate Trust
4.2 Infrastructure Collective Products

5. Key Trust Companies in China
5.1 CITIC - Highest Comprehensive Ranking
5.1.1 Powerful Financial Clique Shareholder
5.1.2 Backdoor Listing through Anxin Trust
5.1.3 Key Operation Data
5.2 China Ping An Trust & Investment Co., Ltd. - Largest Registered
Capital
5.2.1 Sufficient Capital Guarantees Business Development
5.2.2 Comprehensive Financial Service Platform
5.2.3 Key Operation Data
5.3 China Resources SZITIC Trust Co., Ltd. - Highest Profitability
5.3.1 Profitability
5.3.2 Strong Capability of Operating Inherent Business, and
Financial Equity is the Investment Subject
5.4 Zhong Rong International Trust Co., Ltd. - Fastest Growth
5.4.1 Profile
5.4.2 Key Operation Data
5.4.3 Real Estate Trust is the Dominant Trust Business
5.5 Chongqing International Trust & Investment Co., Ltd. - Highest
Development Potential
5.5.1 Profile
5.5.2 Operation Data
5.5.3 High Ratio of Actively Managed Trust Products
5.6 Anxin Trust & Investment Co. Ltd. – Highest Growth Potential
5.6.1 Profile
5.6.2 Rapid Growth of Operating Income and Profit
5.6.3 Operation of Trust Business
5.6.4 Asset Reorganization
5.7 Shaanxi International Trust Co., Ltd. - Active Transformation
for Development
5.7.1 Profile
5.7.2 Operation
5.7.3 Boost in Income from Inherent Business Investment
5.8 China Railway Trust Co., Ltd. - Fastest Profit Growth
5.8.1 Profile
5.8.2 Operation Data
5.8.3 Rapid Profit Growth in 2010
5.9 Zhonghai Trust Co., Ltd.
5.9.1 Profile
5.9.2 Operation
5.10 China Credit Trust Co., Ltd.
5.10.1 Profile
5.10.2 Operation
5.11 Zhongyuan Trust & Investment Co., Ltd.
5.11.1 Profile
5.11.2 Operation
5.12 New China Trust & Investment Co., Ltd.
5.12.1 Profile
5.12.2 Operation
5.13 Shandong International Trust & Investment Corp.
5.13.1 Profile
5.13.2 Operation
5.14 China Foreign Economy and Trade Trust & Investment Co., Ltd.
5.14.1 Profile
5.14.2 Operation

6. Development Potential of China Trust Industry
6.1 High-end Financial Management Market in China
6.1.1 Private Investable Assets
6.1.2 Quantity of High Net Worth Individuals
6.2 Comparative Advantage of China Trust Industry
6.2.1 Comparison between Trust Products and Other Financial Products
by Rate of Return
6.2.2 Comparison between Trust Assets and Other Financial Assets by
Market Share

7. Development Trend of Trust Industry
7.1 Rate of Return of Trust Industry will Improve Significantly
7.2 Net Capital will Become Core Competitiveness of Trust Companies
7.3 Going Public will Once Again Become a Trend among Trust
Companies
7.4 Wealth Management Will Be a Development Orientation of Trust
Industry
7.5 Investment Value of Trust Company

【Figures & Tables】

Five Development Stages of China Trust Industry
Business Scope of Trust Company
Regulatory Course on Trust Industry in China
Six Reorganizations of Trust Company in China
Core Laws and Regulations of China Trust Industry
Main Supervisory Policies Concerning Trust Industry, 2010
Number of Trust Companies in China,1982-2011
Inherent Assets and Equity of China Trust Industry, by 2011Q1
Operating Income of China Trust Industry, by 2011Q1
Revenue Structure of Trust Business, 2007-2011Q1
Total Profit of China Trust Industry, 2010Q1-2011Q1
Rate of Return of China Trust Industry, 2010Q1-2011Q1
Trust Leverage & ROE of China Trust Industry, 2010Q1-2011Q1
Top 10 Trust Companies by Net Income, 2009-2010
Trust Assets of China, by 2011Q1
Trust Assets of China, 2005-2011
Top 10 Trust Companies by Trust Asset, 2009-2010
Trust Funds Source Structure, 2009-2011Q1
Monthly Scale of Collective Trust, 2009-2011
Companies that Issue Larger-Scale Collective Trust, 2010-2011
Trust Business Structure
Investment of Trust Funds in China, by 2011Q1
Capital Utilization of China Trust Industry, by 2011Q1
Investment Fields of China Trust Industry, 2004-2011
Feature Trust Businesses in China, End of 2011Q1
Cooperation Business Scale between Banks and Trust Companies,
2010Q3-2011Q1
Newly Increased Real Estate Trust and Its Proportion, 2010Q1-2011Q1
Proportion of Real Estate Trust in Trust Funds, 2010Q1-2011Q1
Internal Structure of Real Estate Trust, 2010-2011
Capital Utilization of Real Estate Trust, 2010-2011
Investment of Infrastructure Collective Products, 2009-2010
Shareholders of CITIC
Operating Profit of CITIC, 2007-2010
Comparison between CITIC and China’s Entire Trust Industry by Trust
Assets, 2007-2010
Comparison between Stand Alone Trust and Assembled Funds Trust of
CITIC, 2007-2010
Comparison between CITIC and China’s Entire Trust Industry by Rate
of Return, 2004-2010
Self-supporting Assets Utilization and Distribution of Ping An
Trust, 2010
Trust Assets Utilization and Distribution of Ping An Trust, 2010
Operation of SZITIC, 2007-2010
Financial Indicators of SZITIC, 2010
Self-supporting Assets Utilization and Distribution of SZITIC, 2010
Trust Assets Utilization and Distribution of SZITIC, 2010
Shareholders of Zhongrong Trust
Financial Indicators of Zhongrong Trust, 2010
Self-supporting Assets Utilization and Distribution of Zhongrong
Trust, 2010
Trust Assets Utilization and Distribution of Zhongrong Trust, 2010
Real Estate Trust Business of Zhongrong Trust, Jan.-May,2011
Monthly Growth of Real Estate Trust Business of Zhongrong Trust,
Jan.-May, 2011
Operation of Chongqing Trust, 2007-2010
Self-supporting Assets Utilization and Distribution of Chongqing
Trust, 2010
Trust Assets Utilization and Distribution of Chongqing Trust, 2010
Scale of Active Trust Products & Passive Trust Products of Chongqing
Trust, 2010
Financial Indicators of Chongqing Trust, 2010
Operation of Anxin Trust, 2009-2011
Trust Assets of Anxin Trust, 2010
Scale of Active Trust Products & Passive Trust Products of Anxin
Trust, 2010
Trust Assets Utilization and Distribution of Anxin Trust, 2010
Operation of Shaanxi Trust, 2009-2010
Scale of Active Trust Products & Passive Trust Products of Shaanxi
Trust, 2010
Assets Size of China Railway Trust, 2009-2010
Revenue of China Railway Trust, 2009-2010
Financial Indicators of China Railway Trust, 2010
Shareholders of Zhonghai Trust
Self-supporting Assets Utilization and Distribution of Zhonghai
Trust, 2010
Trust Assets Utilization and Distribution of Zhonghai Trust, 2010
Trust Assets of Zhonghai Trust, 2010
Scale of Active Trust Products & Passive Trust Products of Zhonghai
Trust, 2010
Financial Indicators of Zhonghai Trust, 2010
Self-supporting Assets Utilization and Distribution of China Credit
Trust, 2010
Trust Assets Utilization and Distribution of China Credit Trust,
2010
Trust Assets of China Credit Trust, 2010
Scale of Active Trust Products & Passive Trust Products of China
Credit Trust, 2010
Financial Indicators of China Credit Trust, 2010
Self-supporting Assets Utilization and Distribution of Zhongyuan
Trust, 2010
Trust Assets Utilization and Distribution of Zhongyuan Trust, 2010
Trust Assets of Zhongyuan Trust, 2010
Scale of Active Trust Products & Passive Trust Products of Zhongyuan
Trust, 2010
Financial Indicators of Zhongyuan Trust, 2010
Shareholders of New China Trust
Self-supporting Assets Utilization and Distribution of New China
Trust, 2010
Trust Assets Utilization and Distribution of New China Trust, 2010
Trust Assets of New China Trust, 2010
Scale of Active Trust Products & Passive Trust Products of New China
Trust, 2010
Financial Indicators of New China Trust, 2010
Self-supporting Assets Utilization and Distribution of Shandong
Trust, 2010
Trust Assets Utilization and Distribution of Shandong Trust, 2010
Profit of Shandong Trust, 2010
Trust Assets of Shandong Trust, 2010
Scale of Active Trust Products & Passive Trust Products of Shandong
Trust, 2010
Financial Indicators of Shandong Trust, 2010
Shareholders of FOTIC
Self-supporting Assets Utilization and Distribution of FOTIC, 2010
Trust Assets Utilization and Distribution of FOTIC, 2010
Trust Assets of FOTIC, 2010
Scale of Active Trust Products & Passive Trust Products of FOTIC,
2010
Financial Indicators of FOTIC, 2010
Investable Private Assets in China, 2008-2013
Quantity of HNWI in China, 2007-2013
Comparison of Financial Products by Rate of Return, 2011
Comparison of Financial Market Segments by ROI in China, 2003-2011
Proportion of Different Financial Assets, 2010
Scale of Different Financial Assets, 2005-2010
Trust Management Fees, 2010
Equity of Trust Companies Acquired by Financial Institutions