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HONG KONG, Oct 6, 2014 - (ACN Newswire) - Hanhua Financial Holding Co., Ltd. ("Hanhua" or the "Company", and, together with its subsidiaries, the "Group"; stock code: 3903), the largest credit guarantee company and the third-largest lender of micro and small loans in China in terms of geographical presence, today announced that Hanhua Guarantee Corporation Limited ("Hanhua Guarantee"), its wholly-owned subsidiary, received a credit rating report from China Chengxin Securities Rating Company Limited ("CCXR") and was granted an "AA+" issuer credit rating with "Stable Outlook" in late September 2014. This is the second "AA+/Stable" credit rating granted to Hanhua Guarantee since its upgrade of credit rating to "AA+" by Shanghai Brilliance Credit Rating & Investors Service Co., Ltd ("SBCR") in early September. The Group believes that the credit ratings demonstrate that while the Group's business experience rapid development, the enhancement of its guarantee capacity and continual improvement of management are maintained. This marks another major breakthrough of Hanhua's robust development providing a strong credit guarantee for the Group's product innovation and diversification, and expanding the development space for the enlargement of credit enhancement business in the capital market.
CCXR, the first professional and authoritative credit rating agency recognized by China Securities Regulatory Commission for stock market in accordance with the new issuing mechanism of corporate bond, initiated a credit rating to Hanhua Guarantee. After a comprehensive analysis of the industry policy, market trend and Hanhua Guarantee's credit standing, CCXR committee affirmed the listing's positive effect on the Group, as well as its national network layout, high risk management capability, high asset quality and other positive factors which can provide long-term support to Hanhua Guarantee. CCXR issued Hanhua Guarantee an "AA+" issuer credit rating with "Stable" outlook for strong potent compensation ability, as well as strong capability of risk and performance management and low risk.
In addition, SBCR upgraded Hanhua Guarantee from "AA" to "AA+" and adjusted the rating from "Positive" to "Stable" in early September. As a national large-scale and influential credit rating agency, SBCR is the first one in China's credit rating industry covering a full range of rating qualifications. SBCR comprehensively evaluated Hanhua Guarantee's credit standing in aspect of its operating environment, internal management, business and strategy, profitability, compensation ability, asset adequacy, external support and debt performance. SBCR fully affirmed the positive results that Hanhua achieved from 2013 in terms of its shareholders' support, capital strength, risk management capability, quality of guaranteed assets as well as liquidity of assets. According to SBCR's tracking rating report, Hanhua Guarantee's internal organizational structure is rational with well-organized management system and high risk management capability. Hanhua Guarantee is recognized by SBCR for its strong asset strength, expanding business scale, low client concentration, high guarantee compensation coverage ratio and scattered risks. The report also mentions that Hanhua Guarantee is of good liquidity of assets, strong profitability, sufficient risk reserve, potent compensation ability without debt default record.
Mr. Zhang Guoxiang, Chairman, executive Director and President of Hanhua said, "The grant of 'AA+' credit ratings by two different agencies to Hanhua Guarantee demonstrates the high recognition of Hanhua's business and development by the market. With the trust and support of the markets on our shoulders, we will strive to develop credit enhancement business by leveraging on our refined risk management and "AA+" credit rating, and actively pursue opportunities and plan to further expand our bond insurance business by actively seeking cooperation with SMEs that contemplate issuing corporate bonds in China, so as to further develop our credit enhancement in bond business. We will continue to ride on our current competitive advantages to meet the diverse financing and business needs of SMEs and microenterprises, and offer comprehensive credit-based financial services so as to enlarge our market share and generate fruitful returns for our shareholders."
About Hanhua Financial Holding Co., Ltd.
Hanhua Financial Holding Co., Ltd. ("Hanhua" or the "Company", and, together with its subsidiaries, the "Group" ; stock code: 3903) is the largest credit guarantee company and the third largest lender of micro and small loans in China in terms of geographical presence. The Group offered credit guarantee services and entrusted loans in 21 provinces. It also developed micro and small loan services in 9 provincial-level cities. As of 31st December 2013, the Group entered into cooperation arrangements with 65 commercial banks in China. These banks have agreed to extend over RMB38 billion of credit lines in aggregate to borrowers which the Company provides bank financing guarantees. With a strong capital base and robust financial performance, Hanhua received favourable ratings from many of the credit rating agencies recognized by the Chinese government authorities. Hanhua seeks to
further grow its business into a premier diversified and integrated financial service company in China.
About China Chengxin Credit Rating Co., Ltd.
Founded in 1997, CCXR has obtained the following qualifications and licenses: License of National Enterprise Bond Rating granted by China Securities Regulatory Commission; and License of Credit Rating for National Bonding Companies granted by the Shanghai Headquarter of the People's Bank of China, being the first credit rating agency recognized by China Securities Regulatory Commission for stock market in accordance with the new issuing mechanism of corporate bond.
About Shanghai Brilliance Credit Rating & Investors Service Co., Ltd.
Founded in 1992, Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. has obtained the following qualifications and licenses: License for National Inter-bank Bond Market Rating granted by the People's Bank of China; License for National Enterprise Bond Credit Rating granted by the National Development and Reform Commission of the People's Republic of China; License for Stock Market Credit Rating granted by China Securities Regulatory Commission; and License for Eligible Credit Rating Agency granted by China Insurance Regulatory Commission, being the first rating agency in the People's Republic of China credit rating industry possessing a full range of rating qualifications.
Issued by Porda Havas International Finance Communications Group for and on behalf of Hanhua Financial Holding Co., Ltd.
Porda Havas International Finance Communications Group
Mr. Paul Sham +852 3150 6730 paul.sham@pordahavas.com
Ms. Camille Xiong +852 3150 6799 camille.xiong@pordahavas.com
Ms. Karen Li +852 3150 6713 karen.li@pordahavas.com
Ms. Coco Cheng +852 3150 6795 coco.cheng@pordahavas.com
Fax: +852 3150 6728
Topic: Press release summary
Source: Hanhua Financial Holding Co., Ltd.
Sectors: Daily Finance, Daily News
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