S & P maintains stable BB + rating outlook of Zhongrong trust

On the 23rd, standard & Poor’s maintained the rating of “BB +” of Zhongrong International Trust Co., Ltd. (hereinafter referred to as “Zhongrong trust”) and looked forward to stability.

S & P said that although the asset management scale of Zhongrong trust was reduced under the guidance of supervision in 2021, the company’s revenue and net profit performance were better than the industry, and the profit margin was also improved. Therefore, the rating agency believes that Zhongrong trust will maintain a leading market position and low leverage in the industry, with stable development prospects.

According to public data, by the end of 2021, the total scale of assets under management of Zhongrong trust and its subsidiaries was RMB 812308 billion, a slight decrease year-on-year; The total operating revenue was 5.858 billion yuan (consolidated), and the net profit was 1.487 billion yuan, both of which achieved growth.

In addition, Jingwei Textile Machinery Company Limited(000666) ( Jingwei Textile Machinery Company Limited(000666) . SZ) also disclosed in the 2021 annual report that in order to further enhance the capital strength of the company’s holding subsidiary Zhongrong trust, meet regulatory needs, enhance risk resilience and promote long-term sustainable development, the company agreed to increase the registered capital of Zhongrong trust with undistributed profit of RMB 2.668 billion according to the shareholding proportion of each shareholder. It is expected that after the conversion, the registered capital of Zhongrong trust will increase from 12 billion yuan to 14.668 billion yuan, ranking second in the industry. (CIS)

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