Non-standard trusts are expected to fully implement diversified investment strategies, and the single financing model is about to come to an end.

It is reported that China Securities Depository and Clearing Corporation (ChinaClear) will implement new trust pre-registration review standards starting from September 1, 2025. For asset management trusts, trust companies should implement portfolio investment requirements and not engage in trust business that essentially provide financing to a single financing party. According to information obtained from trust companies, ChinaClear recently issued an announcement on the trust registration system to trust companies, updating and releasing the "Trust Registration Business Guidelines". Industry professionals indicated that this requirement will have no substantial impact on standard asset management trusts, but will mainly affect non-standard trusts. The "Registration Guidelines" include requirements for full disclosure. For example, in terms of transaction chains, if trust funds are indirectly invested in underlying assets through special purpose vehicles such as limited partnerships or financial products, the complete transaction chain, various nested SPVs, the ultimate underlying assets, and the ultimate fundraising entity should be disclosed.