In an interview, the reporter learned that a number of trust companies have received regulatory notices requesting explanations and reports on interbank accounts that have not been traded since the account was opened. Some trust companies also claim that for accounts with subsequent transaction arrangements, it is likely that the account will need to be closed before applying, and if they need to be kept, the specific reasons must be clearly stated. In fact, in the first half of this year, the regulatory authorities issued the “Notice on Forwarding the Contents of the Asset Management Division's Notice for the Fourth Quarter of 2025” to several trust companies, clearly informing the trust industry that there are irregularities in the management of bond transactions. For example, individual trust products are interfered with or even controlled by relevant outsiders, and trust companies carry out bond transactions in the interbank market according to their wishes and instructions; relevant external entities ultimately obtain benefits through multiple illegal actions; the net value management of cooperative bond investments between trust companies and financial management companies is inadequate, and the valuation service agencies and valuation principles and policies used , technology, and methods do not strictly comply with relevant regulations on the valuation and accounting of financial instruments, such as corporate accounting standards and “new asset management regulations”. There are hidden risks such as deviating from fair value, concealing the real risk return of assets, increasing liquidity risk, regulating product returns, and treating investors unfairly.

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