Chengdu Small & Medium Enterprise Credit Guarantee Co., Ltd. Received 1 Billion Yuan from Jiuding Ca
ChinaVenture news on the afternoon of December 2nd (Beijing time)—Chengdu Small & Medium Enterprise Credit Guarantee Co., Ltd (CSMECG), a subsidiary of state-owned Chengdu Industry Investment Group Co., Ltd. (CIIG), introduced strategic investors including BOC Investment Limited, CITIC PE, Bohai Industrial Investment Fund, Standard Chartered Investment, Jiuding Capital and Chengdu Chengchuang Investment Co., Ltd.
The investment was reported to amount to 1.035 billion yuan, which would be used in expanding its guarantee business (service scope and associated services), enhancing additional values and carrying out shareholding system transformation so as to achieve IPO.
Dai Xiaoming, Secretary of the Party Committee and President of Chengdu Industry Investment Group Co., Ltd., said that after raising capital CSMECG would achieve a registered capital of 1.5 billion yuan and net assets of 3 billion yuan, becoming the biggest SME guarantee institution in Western China and even all over the country. Meanwhile, the equity structure would be diversified to improve the legal administration structure, establish market-oriented business management and stimulate employees by performance evaluation.
CSMECG is a professional guarantee institution approved by Chengdu Municipal Government aiming to push the establishment of SMEs’ service systems and perfect their development situations. By the end of October, it has profited 144 million yuan and provided more than 30 billion yuan of guarantees for over 6,000 SMEs. The guaranteed enterprises have achieved sales of 48 billion yuan, ranking first among the Midwest cities due to their large business scale and comprehensive strength, and topping the list among Chinese financial guarantee markets.