On June 7th, Dagong Europe Credit Rating Srl (“Dagong Europe”), a subsidiary of the emerging international
rating agency Dagong Global Credit Rating, has been approved by ESMA and successfully acquired license as a
registered credit rating agency. The approval of registration will enable it to start its rating business in all
EU countries from June 13th, 2013, making Dagong Europe the first rating agency with shareholders from China as
well as Asia, which has been formally registered in Europe.
On May 13th, the EU Council has passed a legislation that suggests that the EU Commission finish the report on the
current situation of rating market before July 1st, 2016 and put forward necessary legislation proposals. Market
players believe that the fact the Dagong Europe acquires the EU rating license in such a context when the EU
reinforces its regulation over credit rating agencies symbolizes the commencement of a new rating system.
Since the financial crisis in 2008, the three dominating rating agencies, namely the US-based Moody’sS&P and
Fitch, have monopolized the rating market and constantly released wrong rating information, which resulted in the
twists and turns of European debt crisis that has made Europe the mostly affected area by the debt crisis and also
the single biggest uncertainty in dragging the growth of the world economy in the future.
China is the largest creditor and capital export country, and its professional rating agency Dagong has been
formally approved to enter the European rating market and to satisfy the needs for credit information. This will
build a more effective channel and provide a more secure and smooth path in the field of capital flow and mutual
investment between two big economies of China and Europe.
Some experts comment that the registration of Dagong in the EU region will pose positive significance on reforming
the existing rating system in the region, because it owns original rating theory and rating criteria with
proprietary intellectual property rights.
Dagong Europe, based in Milan, Italy was established in April, 2012. As the only entity in Europe of the emerging
global credit rating agency, Dagong Europe will gradually provide rating services to corporates and financial
institutions in the EU region while complying with the local regulatory requirements and rules.
About the shareholders of “Dagong Europe”
Mandarin Capital Partners
Mandarin Capital Partners (www.mandarincp.com.cn) is the largest Chinese-European private equity fund, managed by
a global team with offices in Luxembourg, Switzerland, Milan, Frankfurt, Shanghai and Beijing. The Fund currently
focuses on in such niches as pharmaceutical and healthcare related, advanced manufacturing, fashion and high-
quality consumer goods, environmental protection and clean technology industries, etc. The fund strategy follows
two guidelines: “China-to-Europe” and “Europe-to-China”. Mandarin will continue the efforts in promoting the
cooperation of companies in China and Europe through investments, and combine advanced technology, management
experience of Europe with the cost-competitive production capacity and high-growth market of China, to achieve
good synergy and economic benefits. Because of its important role and contributions in promoting the investment
between China and Italy, Mandarin Capital has high evaluation and recognition from the governments and enterprises
of China and Italy. Mandarin has been playing a key role in assisting Dagong Global in setting up professional
teams and credit rating license application in Europe.
About Dagong Global Credit Rating Co., Ltd.
Incorporated in 1994 upon the joint approval of the People’s Bank of China and the former State Economic and
Trade Commission, Dagong Global Credit Rating Co., Ltd. (“Dagong”) has obtained all the credit rating
certifications authorized by the Chinese government. Taking the striving for more say in international ratings as
an important component of rejuvenation of China, Dagong sticks at the development path of internationalization of
a national brand, aiming at the goal of evolving into the most influential credit rating agency by 2019. After 19
years of unremitting efforts, Dagong has become a credit rating agency with the biggest staff, most powerful
research strength, a very high level of professionalism, standardized management operation and a competitive edge
in the research of rating theories and criteria. It is staffed with over 600 employees, boasting the only post-
doctoral program in the credit rating sector in China. It established “Dagong Credit Management School” – the
first of this kind across the globe in collaboration with Tianjin University of Finance and Economics. Dagong is
the advocator and promoter of international rating system reform. As a non-Western credit rating agency that first