Beijing, 18 April 2019 –the signing ceremony of China Reform Holdings Corporation Ltd. (hereinafter referred to as “CRHC”) on the strategic restructuring of Dagong Global Credit Rating Co., Ltd. (hereinafter referred to as “Dagong”) was held in Beijing.
Founded in March 1994, Dagong is a professional credit rating agency with well-established reputation in China. As one of the earliest credit rating companies, Dagong possesses all the rating qualifications recognized by the government regulatory authorities, furthermore, in more than 20 years it has developed the theories and methodologies leading the global credit rating industry.
As one of the two pilot SOEs to conduct state capital operation, as set by the SOE Reform Leading Group under the State Council, CRHC has been focusing on the target screening and functional positioning, and actively exploring the market-oriented and specialized capital-operating paradigm. Recently, it has basically formed a “5+1” business pattern, encompassing five sectors composed of fund investment, financial services, asset management, equity operation and overseas investment, plus one full-time platform to serve the centrally-administered SOEs’ external directors. CRHC, future-oriented, will aim to become a first-class comprehensive state-owned capital operation company with global competitiveness, bearing in mind the initial mission and aspiration, implementing the national strategy, and constantly exploring the mode innovation on state capital operation.
Today, under the background where measures on “prevention and resolution of significant risks” should be implemented as requested by the authorities, the importance of credit rating in risk revelation is increasingly prominent, in order to further improve the function of state capital operation, commit the responsibility of centrally-administered SOE, and promote high-quality development, after friendly negotiation with Dagong, the two parties reached a consensus on the strategic restructuring.
After the strategic restructuring, CRHC will advance Dagong, under the guidance of the regulatory authorities, to further strengthen itself “internally,” to rebuild the brand, to set the goal of building a “world-class” rating agency, to improve the corporate governance to ensure its independence; increase R&D investment to improve professional ability; strengthen internal control system to improve compliance management; establish long-term incentive and constraint mechanism to galvanize the enthusiasm of key employees, so as to provide customers with a higher quality and professional rating service that is in line with international standards, and make due contributions to the development and progress of China's rating industry.