FINANCE

China Orders 205 Firms to Drop ‘Financial Holding’ From Names

Published: Apr. 20, 2026 10:26 p.m. GMT+8

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Established in August 2025 by the Ministry of Finance and Central Huijin Investment Ltd., China Galaxy Financial Holdings Co. Ltd. has total assets of about 770 billion yuan. Photo: IC

Beijing’s financial regulators have ordered 205 companies, including major state-owned enterprises, to remove the unapproved use of “financial holding” or “financial group” from their names within three months.

The move underscores China’s ongoing campaign to tighten oversight of financial holding platforms and eliminate unlicensed financial activities at the source.

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Beijing regulators ordered 205 companies, including state-owned China Galaxy Financial Holdings (770B yuan assets), to remove unapproved "financial holding" terms from names within 3 months.
List released April 10 by NFRA Beijing branch; firms have 1 month to contest, face penalties if non-compliant.
Licensing since 2020; only 3 approved (Citic, Beijing Financial Holdings, China Merchants); thresholds: 500B yuan assets with bank or 100B without, 5B yuan min capital.

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Who’s Who

China Galaxy Financial Holdings Co. Ltd.: China Galaxy Financial Holdings Co. Ltd., a centrally-owned state enterprise established in August 2025 by the Ministry of Finance and Central Huijin, has 770 billion yuan ($113B) in assets and 12.9 billion yuan registered capital. It controls China Galaxy Securities (2025 net profit: 12.5B yuan). Ordered to remove "financial holding" from name within 3 months for lacking a license. (62 words)

Beijing Chengtong Financial Holding Investment Co. Ltd.: Beijing Chengtong Financial Holding Investment Co. Ltd. is one of 205 companies, including major state-owned enterprises, ordered by Beijing’s financial regulators to remove the unapproved term “financial holding” from its name within three months. Failure to comply risks further action.

China Everbright Group: A subsidiary of China Everbright Group is among 205 companies ordered by Beijing regulators to remove unapproved "financial holding" or "financial group" from their names within three months, as part of a crackdown on unlicensed financial activities. Non-compliance risks further action. (48 words)

China Galaxy Securities Co. Ltd.: China Galaxy Securities Co. Ltd. is a Shanghai-listed financial institution controlled by China Galaxy Financial Holdings Co. Ltd. It reported a net profit of 12.5 billion yuan in 2025.

Central Huijin Investment Ltd.: Central Huijin Investment Ltd. co-established Galaxy Financial Holdings Co. Ltd. in August 2025 with China's Ministry of Finance. The firm, a major state-owned enterprise on Beijing's unauthorized "financial holding" list, has 770 billion yuan ($113B) in assets and controls China Galaxy Securities. (45 words)

Citic Group Corp. Ltd.: Citic Group Corp. Ltd. (中信集团有限公司) is one of only three state-owned financial holding companies approved by Chinese regulators, alongside Beijing Financial Holdings Group and China Merchants Financial Holdings Co. Ltd.

Beijing Financial Holdings Group: Beijing Financial Holdings Group is one of only three state-owned financial holding companies approved by Chinese regulators under the 2020 licensing regime.

China Merchants Financial Holdings Co. Ltd.: China Merchants Financial Holdings Co. Ltd. is one of only three state-owned financial holding companies approved by regulators to date, alongside Citic Group Corp. Ltd. and Beijing Financial Holdings Group.

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