◎ Reporter He Kui
Insurance asset management companies have successively implemented pilot asset securitization (hereinafter referred to as "Exchange ABS") business on exchanges.
since the beginning of this yearsmoothbingo, Taikang Assets and China Life Assets have successively implemented the ABS business of the exchange. Among them, Taikang Assets serves as the plan managersmoothbingo"Taikang Assets-China Power Investment Corporation Leasing No. 1 Carbon Neutrality Green Asset Support Special Plan" was successfully issued on the Shanghai Stock Exchange, with an issue amount of approximately 12smoothbingo.64 billion yuan; China Life Assets completed the first fundraising and issuance of the "China Life Life-Entrepreneurship Financial Leasing Asset Support Special Plan" for ABS business on the exchange, with an issuance amount of approximately 800 million yuan. The total amount of the two ABS businesses is approximately 20smoothbingo.64 billion yuan.
In the view of industry insiders, insurance asset management companies can deeply participate in exchange ABS business as both managers and investors, which can increase the enthusiasm of insurance investment and financing linkage. Specifically, insurance asset management companies participate in the exchange's ABS business, realizing full industry chain participation in the asset allocation and management of ABS business. This is not only conducive to deeply improving the industry's asset management capabilities and further improving the safety of the use of insurance funds; it is also conducive to enriching the form of ABS business participating institutions, optimizing the supply structure of business entities, and improving the quality and efficiency of serving the real economy.
In October 2023, the Shanghai and Shenzhen Stock Exchanges agreed to the first batch of five insurance asset management companies, namely China Life Assets, Taikang Assets, CPIC Assets, PICC Assets and Ping An Asset Management, to pilot ABS and REIT business.
For the exchange's ABS business, the first batch of approved insurance asset management companies are more enthusiastic. At the beginning of the approval of the qualification, CPIC asset-related business personnel told the Shanghai Securities News reporter that the company had specially established the Structural Financing Department as a full-time department of the ABS business, and followed the principles of sound, unity, rationality, independence, and checks and balances to build a clear and reasonable ABS business organizational structure, complete business system and professional ABS business IT system platform.
Only two months after the qualification was approved, CPIC Assets 'first order of ABS products as manager reported to the Shanghai Stock Exchange was accepted by the Shanghai Stock Exchange, namely Pacific-Haitong Hengxin Special Plan for High-Quality Development Assets Support of Small and Micro Enterprises. The planned issuance scale is 2 billion yuan.
Wang Xiangnan, deputy director of the Insurance and Economic Development Research Center of the Chinese Academy of Social Sciences, said in an interview with reporters that in the future, insurance funds can invest more in these two non-standardized financial assets with clear structures and large market potential. On the one hand, they can promote the real estate market. Smooth operation improves the liquidity of various compliant assets; on the other hand, it also promotes the diversification of insurance fund asset allocation, allowing insurance asset management companies with strong risk management capabilities to obtain better investment returns.
The above-mentioned industry insiders believe that in the future, insurance funds will participate in revitalizing existing assets on a wider and deeper scale. Insurance funds can also make full use of the investment and financing channels in the ABS market, actively support major national strategies, and help local governments and state-owned enterprises revitalize existing assets.