近段時間以來(lai)，中小基金公(gong)(gong)(gong)(gong)(gong)司(si)股權(quan)變(bian)更中頻頻出(chu)(chu)現信托(tuo)公(gong)(gong)(gong)(gong)(gong)司(si)身影。近日中航信托(tuo)、山西信托(tuo)等多家信托(tuo)公(gong)(gong)(gong)(gong)(gong)司(si)紛(fen)紛(fen)掛牌(pai)出(chu)(chu)售所持有的(de)公(gong)(gong)(gong)(gong)(gong)募基金公(gong)(gong)(gong)(gong)(gong)司(si)股權(quan)。業內專(zhuan)家表示，上述情(qing)況一方面是(shi)部分(fen)信托(tuo)公(gong)(gong)(gong)(gong)(gong)司(si)自身的(de)資金需求(qiu)和對(dui)公(gong)(gong)(gong)(gong)(gong)募基金公(gong)(gong)(gong)(gong)(gong)司(si)估值處(chu)于相對(dui)高位的(de)判斷；另一方面則是(shi)信托(tuo)機構和公(gong)(gong)(gong)(gong)(gong)募基金之(zhi)間的(de)業務協同有限而主(zhu)動(dong)轉讓，聚焦(jiao)主(zhu)業發(fa)展，為自身轉型鋪(pu)路。

　　8月2日(ri)(ri)，廣東聯合產權(quan)交易中(zhong)心官網(wang)信(xin)息(xi)顯示，中(zhong)航信(xin)托(tuo)持(chi)有嘉合基(ji)金27.27%股(gu)權(quan)正處于(yu)掛牌展示期。據(ju)了解(jie)，該筆股(gu)權(quan)為(wei)“二(er)股(gu)東”中(zhong)航信(xin)托(tuo)在(zai)嘉合基(ji)金的全部股(gu)份，對(dui)應轉讓(rang)底價約1.68億元(yuan)，掛牌展示期從6月21日(ri)(ri)起至8月2日(ri)(ri)止(zhi)。

　　6月29日，山西(xi)信托持(chi)有(you)(you)的匯豐晉信基金管理(li)有(you)(you)限公司31%股(gu)權(quan)也(ye)在全(quan)國公共資源交易平臺（山西(xi)省）開啟掛(gua)牌，掛(gua)牌期間共計(ji)40個工作日，掛(gua)牌轉讓(rang)價格(ge)為10億元(yuan)。此外(wai)，7月16日，已破產的新華信托所持(chi)有(you)(you)的新華基金35.3103%股(gu)權(quan)也(ye)將于阿里司法拍賣平臺公開拍賣，股(gu)權(quan)評估價值為4.23億元(yuan)，起拍價4.23億元(yuan)。

　　對于出售嘉合基金27.27%股權，中(zhong)航(hang)信托解釋稱，公(gong)司(si)轉讓(rang)所(suo)持部(bu)分金融股權，主要目(mu)的是優化資(zi)產結構，更好地發(fa)揮資(zi)源稟(bing)賦，促進回歸信托本源業務。同時，進一(yi)步(bu)圍繞主業聚焦航(hang)空相(xiang)關(guan)產業、綠色(se)航(hang)空、雙碳資(zi)產等(deng)領(ling)域(yu)，凸顯公(gong)司(si)差異化發(fa)展特色(se)。

　　對此，用益(yi)信(xin)(xin)托(tuo)(tuo)(tuo)網(wang)研究(jiu)(jiu)員帥(shuai)國讓表(biao)示，信(xin)(xin)托(tuo)(tuo)(tuo)公(gong)(gong)司(si)(si)(si)(si)出(chu)售子公(gong)(gong)司(si)(si)(si)(si)股(gu)權，主要是為(wei)了聚焦主業(ye)，嚴控風險(xian)(xian)性(xing)資(zi)(zi)(zi)產，避免公(gong)(gong)司(si)(si)(si)(si)風險(xian)(xian)擴大。“信(xin)(xin)托(tuo)(tuo)(tuo)公(gong)(gong)司(si)(si)(si)(si)近(jin)期出(chu)售掛(gua)牌基(ji)(ji)金(jin)(jin)公(gong)(gong)司(si)(si)(si)(si)股(gu)權的(de)(de)原(yuan)因是多樣的(de)(de)，有(you)的(de)(de)是和外商(shang)合資(zi)(zi)(zi)，現在允許外商(shang)全資(zi)(zi)(zi)控股(gu)，信(xin)(xin)托(tuo)(tuo)(tuo)公(gong)(gong)司(si)(si)(si)(si)就逐步退出(chu)；還有(you)可能信(xin)(xin)托(tuo)(tuo)(tuo)公(gong)(gong)司(si)(si)(si)(si)完善戰(zhan)略布局，將(jiang)部分持股(gu)的(de)(de)公(gong)(gong)募公(gong)(gong)司(si)(si)(si)(si)股(gu)份退出(chu)。”資(zi)(zi)(zi)深(shen)資(zi)(zi)(zi)管研究(jiu)(jiu)員袁吉偉(wei)則表(biao)示，早(zao)期信(xin)(xin)托(tuo)(tuo)(tuo)公(gong)(gong)司(si)(si)(si)(si)熱衷于參控股(gu)公(gong)(gong)募基(ji)(ji)金(jin)(jin)公(gong)(gong)司(si)(si)(si)(si)主要作為(wei)一(yi)種固有(you)資(zi)(zi)(zi)金(jin)(jin)配(pei)置的(de)(de)探(tan)索。早(zao)期公(gong)(gong)募基(ji)(ji)金(jin)(jin)股(gu)東資(zi)(zi)(zi)質(zhi)要求比較高，信(xin)(xin)托(tuo)(tuo)(tuo)公(gong)(gong)司(si)(si)(si)(si)是有(you)資(zi)(zi)(zi)格發起(qi)設立公(gong)(gong)募基(ji)(ji)金(jin)(jin)的(de)(de)，既有(you)歷史背景，也有(you)一(yi)些(xie)信(xin)(xin)托(tuo)(tuo)(tuo)公(gong)(gong)司(si)(si)(si)(si)探(tan)索的(de)(de)意義(yi)。

　　事(shi)實上，自2022年以來，已(yi)有山(shan)東(dong)國信(xin)、中(zhong)融信(xin)托(tuo)(tuo)(tuo)、上海信(xin)托(tuo)(tuo)(tuo)、中(zhong)航信(xin)托(tuo)(tuo)(tuo)等(deng)多家信(xin)托(tuo)(tuo)(tuo)公司先后出售所持公募基金(jin)公司股(gu)份(fen)，其(qi)中(zhong)上海信(xin)托(tuo)(tuo)(tuo)、山(shan)東(dong)國信(xin)、中(zhong)融信(xin)托(tuo)(tuo)(tuo)旗下公募基金(jin)公司股(gu)份(fen)轉(zhuan)讓(rang)事(shi)宜(yi)目前均(jun)已(yi)完成。

　　“信(xin)(xin)托公(gong)司(si)出售子公(gong)司(si)股(gu)權，既(ji)可以削減非(fei)主業(ye)，聚(ju)焦主業(ye)發展，回歸(gui)本(ben)源，亦(yi)可以給信(xin)(xin)托公(gong)司(si)在當下轉型(xing)發展關鍵期帶(dai)來一筆(bi)不錯的(de)(de)現金(jin)流，加快轉型(xing)步(bu)伐。另外，這也符合監管(guan)層多(duo)次要求(qiu)信(xin)(xin)托公(gong)司(si)梳理子公(gong)司(si)架構的(de)(de)要求(qiu)。”有業(ye)內專家表示。

　　記者注意到(dao)，2021年(nian)7月30日，原銀保(bao)監會發布《中國銀保(bao)監會辦公(gong)(gong)廳關(guan)(guan)于(yu)清(qing)理規(gui)范信托公(gong)(gong)司非(fei)金融子公(gong)(gong)司業務的通(tong)知》。該通(tong)知認(ren)為，近年(nian)來，部分信托公(gong)(gong)司通(tong)過非(fei)金融子公(gong)(gong)司進(jin)行監管套利(li)、隱匿風(feng)險；開展違規(gui)關(guan)(guan)聯交易、進(jin)行不當利(li)益輸送，給信托業發展造成潛在風(feng)險。文件要求加強(qiang)信托公(gong)(gong)司境(jing)內一級非(fei)金融子公(gong)(gong)司管控，明確清(qing)理規(gui)范工作安排，比如從(cong)事私募股權投資等(deng)業務的境(jing)內一級非(fei)金融子公(gong)(gong)司等(deng)。