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Gold Network Bid China Energy Construction Supply Financial Platform

author:Supply Chain Industry Watch

Xiaosui recently learned that supply chain financial platforms such as China Energy Construction and Wuhan Urban Construction have completed bidding, and the penetration rate of supply chain financial platforms in the construction industry has further improved.

Public information, showing:

China Energy Construction Supply Chain Finance Platform was won by Jinnetwork Digital, the main construction content of the platform includes: factoring business system, digital debt certificates and asset securitization, etc., Jinnetwork won the bid for the project by means of traffic distribution.

Wuhan Urban Construction Supply Chain Finance Platform This tender mainly builds digital debt certificates and factoring asset securitization system, and Wuhan Urban Construction Supply Chain Finance Platform is won by CITIC Wutong Port.

Xiaosui noted that some construction enterprises take the financing function as the entry point to carry out supply chain financial services including digital debt certificates, order financing, inclusive finance, asset securitization products and other supply chain financial services through the establishment of factoring companies under them. Some construction enterprises rely on internal e-commerce or centralized procurement platforms, take scenarios as the entry point, and rely on e-commerce platforms to carry out supply chain financial business. There are also some comprehensive construction enterprises that have a supply chain financial service model with multiple business models and multiple entities coexisting.

Gold Network Bid China Energy Construction Supply Financial Platform

Source: Supply Chain Industry Watch

The small supply is briefly compiled below for reference.

01 China State Construction Group, Central Enterprises, AAA

China State Construction Group Co., Ltd. (hereinafter referred to as China State Construction Group), formally established in 1982, is one of the investment and construction groups with the longest professional development, the earliest market-oriented operation, the highest degree of integration and the largest scale in the world. China State Construction Group is mainly based on the listed enterprise China State Construction Co., Ltd. (stock abbreviation: China State Construction Co., Ltd., stock code 601668. SH) carries out operation and management activities for the platform, with 7 listed companies and more than 100 secondary holding subsidiaries. China State Construction is the world's largest engineering contractor and represents the highest level in China's housing construction sector.

Relying on the construction industry and supply chain scenarios, China State Construction Group also represents a very high level of supply chain finance and industry integration in terms of participants, platform construction, product layout and transaction scale. Specifically, it is mainly reflected in:

At the group level, China Construction Capital (China Construction Factoring), China Construction Finance and China Construction E-commerce, the secondary subsidiaries of China Construction Group, have built a supply chain fintech platform based on their own and in-depth services to each member unit and their upstream and downstream based on their business positioning and business scenarios.

At the product level, based on the upstream and downstream transaction scenarios of the supply chain, China State Construction Group and its secondary companies have in-depth layout of standardized products (including but not limited to supply chain ABS/ABN, accounts receivable ABS/ABN, project final payment ABS/ABN, etc.), non-standardized products (including but not limited to blockchain electronic debt certificates, non-standard supply chains, etc.), forward factoring, reverse factoring products, etc.

Promotion level: Each implementing entity makes full use of its own business advantages to build a supply chain financial service platform based on functions, funds, scenarios, and financing.

Gold Network Bid China Energy Construction Supply Financial Platform

Figure: Financial layout of China's construction supply chain

China State Construction Capital Holdings Limited (hereinafter referred to as "China State Construction Capital") was incorporated in Beijing on August 20, 2015, with a registered capital of 3 billion yuan (RMB, the same below), and is a wholly-owned subsidiary of China State Construction Corporation Limited (hereinafter referred to as "China State Construction Corporation"). In November 2018, China State Construction Capital moved its registered office to Shenzhen.

At present, China Construction Capital has formed a professional financial service cluster with China Construction Fund as the industrial fund business management and operation platform, China Construction Factoring as the supply chain business management and operation platform, China Construction Yingda as the unified platform for insurance business, and China Construction Financial Leasing as the unified platform for leasing business, and through the market-oriented operation mechanism, it has built a professional financial team with China Construction characteristics that matches the development of the main business.

China State Construction Capital developed and launched the trial operation of the "Rongzhu Starchain" supply chain financial platform with independent intellectual property rights, with an online operation asset scale of 3.8 billion yuan in 2021, actively promoting "product scenarios, intelligent risk control, data assets, and service ecology" to build an industrial financial ecosystem in the construction field.

China Construction Factoring was established in October 2017 with a registered capital of 500 million yuan and registered in Qianhai, Shenzhen. According to the information of China State Construction Capital Holdings, China State Construction Capital positions China Construction Factoring as the supply chain business management and operation platform of China State Construction Group.

With the means of interconnection and data sharing to create supply chain financial services, China Construction Factoring aims to promote the standardization and intelligent development of its own business, and relies on financial technology means, in 2019, China Construction Factoring introduced Zejin Financial's financial technology services, through the Internet, big data and blockchain technology, with China Construction Factoring as the main operating body, to play the "China Construction e-Factoring" industrial financial platform, realizing the online operation of the industrial financial ecosystem.

The "China Construction e-Factoring" platform fully applies leading financial technology means such as the Internet, digital signature, big data, and AI recognition to meet the financial service needs of core enterprises and enterprises in the industrial chain (including small and micro enterprises) in the construction engineering industry ecology in various scenarios, improve the efficiency of capital use and business growth under the conditions of risk compliance, and greatly improve the management efficiency of China Construction Factoring.

As the original rights holder or acting as the original rights holder, China Construction Factoring serves the main business of China Construction to coordinate the issuance of ABS products. At the level of product business innovation, China Construction Factoring innovatively realized the first "agent" asset securitization model of central enterprises. China Construction Factoring believes that carrying out securitization business in the mode of "original rights holder's agent", giving full play to the credit advantages of central enterprise factoring companies, effectively optimizing business processes, reducing comprehensive costs, reducing transaction links, and controlling business risks, is a business innovation in the field of supply chain finance ABS.

From the landing of the company's first non-recourse factoring business in 2018, to the successful issuance of the first central enterprise agency mode supply chain ABS business on the Shanghai Stock Exchange in 2019, to the completion and successful issuance of the 35 billion yuan ABS final payment ABS of the Shanghai Stock Exchange project and the debt financing plan of Beijin in 2021.

Over the past three years, China State Construction Capital has realized the "from 0 to 1" and optimized and upgraded a number of supply chain financial businesses, carried out a total of 50 factoring businesses, issued 53 issues of various ABS products, revitalized the asset scale of its main business of more than 33 billion yuan, provided supply chain financing services for more than 10,000 small and medium-sized enterprises, and ranked first in the industry in the issuance scale of ABS business for the final payment of projects in 2021, effectively promoting the flow of funds to the real economy and promoting the coordinated development of upstream and downstream enterprises in the industrial chain.

China State Construction Finance Co., Ltd. was officially opened on November 29, 2010 and is a non-bank financial institution with independent legal personality approved by the China Banking Regulatory Commission. With a registered capital of RMB 6 billion, the company is the only wholly-owned financial licensed institution in China State Construction Group. The company is committed to comprehensively building a "group capital concentration platform, capital allocation platform and financial service platform", and contributing financial wisdom and strength to the construction of "world-class demonstration enterprise" by China State Construction Group.

On October 16, 2019, the first batch of units of China State Construction Finance Company's supply chain financial service platform online promotion meeting was successfully held in Chengdu. However, due to the impact of the new regulations of financial companies, this type of business may be greatly affected at present.

At the beginning of 2023, the "Zhuqiao Pass" bill discount platform jointly developed by China State Construction Finance Company and Yunzhu (China Construction E-commerce) completed trial operation and was officially launched. The platform can provide efficient and convenient one-stop bill financial technology services for suppliers inside and outside the group, realize the financing discount of silver bills and commercial bills, achieve "no need to open an account, interbank discounting, and second-level lending", effectively improve the capital turnover efficiency of small and medium-sized suppliers, and help member units grow steadily and prevent risks.

Founded in 2015, China State Construction E-commerce is a vertical e-commerce platform focusing on material procurement, labor management and supply chain finance in the construction industry in response to the national "Internet +" strategy.

In addition to serving all levels of the China Construction System, China Construction E-commerce has also expanded large buyers of central and private enterprises such as China Light Industry and Zhongnan Construction; Serving more than 200,000 suppliers. With Yunzhu Network as the core, China State Construction E-commerce has five sub-brands: Yunzhu E-commerce, Yunzhu Labor Services, Yunzhu Financial Services, Yunzhu Data and Yunzhu Technology, and its business covers B2B e-commerce, labor service management, supply chain financial services, inclusive finance, construction industry big data and smart construction sites.

Cloud Construction Financial Service is a supply chain financial technology service platform built by China Construction E-commerce Cloud Construction Network based on Internet + Construction + Finance, and is committed to providing efficient and convenient supply chain financial services for platform users. While continuously expanding financing channels, introducing benign competition and reducing financing costs, it is also developing innovative financing products to provide users with more choices.

As of October 10, 2019, Yunzhu Financial Services served a total of 807 suppliers in 2019 and completed 3,266 financings, with a financing scale of 7.06 billion yuan. According to public information reports, in June 2018, China Construction "Cloud Construction Network" and Sheng Ye Technology reached a strategic cooperation, the two sides will cooperate closely in financial business, construction engineering, big data and other fields, and cooperate to create "Factoring" products.

The advantages of the cloud financial service platform are mainly reflected in:

The first is to innovate business models. Through the docking of the three major platforms of cloud construction centralized procurement, cloud construction financial services and bank financing platform, the four streams of "business flow, capital flow, logistics and information flow" are formed; It has built an open interaction and information sharing platform for banks, core enterprises and their sub-suppliers, and fundamentally optimized the financing method, financing efficiency and risk management level.

The second is to reduce operating costs. Introduce a variety of financing channels to achieve healthy competition, obtain preferential financing interest rates from banks, and reduce financing costs; Pay the sub-supplier in a timely manner through factoring, obtain the spot price and reduce the procurement cost.

The third is to improve management efficiency. Cloud Construction Financial Services has built a convenient and efficient online financing channel with standardized processes to help core enterprises reasonably reduce interest-bearing liabilities and optimize asset structure. At the same time, the data statistics function of the financial service platform provides a management grasp for enterprise capital management.

The fourth is to try innovative technologies. Cloud-based Financial Service is committed to applying blockchain technology to promote the transformation of traditional supply chain finance to digital and intelligent, and has built a blockchain universal collaboration platform, which allows suppliers of China Construction Group to simultaneously deposit supply and marketing materials to the collaboration platform after completing the procurement process such as bidding, signing and ordering. Better integrate and analyze information flow, capital flow and logistics, and establish a dynamic credit evaluation system, so as to achieve efficient and high-quality investment of funds.

The supply chain financial products provided by Yunzhu Financial mainly include:

Factoring (reverse factoring): Based on the online reverse factoring financing service of supply chain transactions in the construction industry, the platform has been docked with a number of mainstream banks and financial institutions, serving the internal members of China State Construction and providing financing services for nearly 1,000 suppliers, which is the main product of Yunzhu Financial.

Factoring (forward factoring): Based on the factoring financing service of supply chain transactions in the construction industry, this business model does not occupy the credit of China State Construction internal member units in banks, and suppliers spontaneously initiate financing applications to platform cooperative financial institutions, which is more flexible and more convenient to operate.

CouponPass: In January 2019, Yunzhu Financial Services and CMB jointly connected to the "Ticketpay" system of the Ticket Exchange, which is a bill witness payment product launched by Shanghai Bill Exchange, which is an online bill payment service based on B2B e-commerce and supply chain scenarios, and has the function of bill witness payment.

Payroll: Based on the labor salary system management labor salary online payment and financing business, it can realize the functions of identity registration, attendance management, wage settlement and payment, supervision and other functions for construction site labor service personnel, and realize the online payment function of salary through docking with commercial banks.

In addition to actively using the above-mentioned three major platforms of China Construction Factoring, China Construction Finance and China Construction E-commerce to carry out supply chain finance business, each member unit actively carries out supply chain business by relying on its own business process scenarios and financing needs. Based on the financing demand, it is mainly reflected in the fact that in addition to issuing supply chain ABS through China Construction Factoring, each member unit actively carries out various forms of factoring and asset securitization business based on its own needs.

In addition to ABS, member units have also made useful attempts in financial technology and industrial layout, such as China Construction Seventh Bureau initiated the establishment of Shenzhen Wanrong Factoring, in May 2020, Hengfeng Bank landed the first online refactoring business, through digital process innovation, replacing offline processes in the form of electronic data, standard interfaces and platform docking, providing scenario-based, customized and integrated agile services for Wanrong Factoring.

02 China Communications Construction, Central Enterprises, AAA

China Communications Construction Group Co., Ltd. (hereinafter referred to as "CCCC") is the world's leading super-large infrastructure integrated service provider, operating in 157 countries (regions) around the world, with the ability to integrate the whole industry chain in the field of large transportation and large cities, and has unique advantages in internationalization and river and lake governance. In order to promote the upgrading and development of the Group's international business, build a new platform for overseas development, expand new momentum, expand new increments and release new vitality, CCCC established the International Direct Business Division (International Engineering Branch) in early 2021.

Similar to China State Construction, CCCC's supply chain finance business is carried out through CCCC Capital, CCCC e-commerce platform (CCCC Cloud Merchant) and various member units. The difference is that the engineering bureaus of CCCC explored the digital supply chain financial business earlier, and the current system has formed:

CCCC Capital Supply Chain Financial Platform, CCCC Xiongan Leasing Supply Chain Financial Platform, CCCC Yunshang Supply Chain Financial Platform, CCCC Dredging Supply Chain Financial Platform, CCCC First Public Bureau Supply Chain Financial Platform, CCCC Second Aviation Bureau's "Second Airlines Chain" platform "Second Airlines Huirong", etc.

On April 28, 2022, CCCC First Public Bureau Group's digital financial management platform successfully issued the first online electronic debt certificate "CCCC OneChain", marking the official launch of "CCCC OneChain" and another innovative measure to strengthen financial support of the company.

At the end of December 2020, CCCC Shanghai Dahua Surveying and Mapping Co., Ltd. effectively reduced the negative impact caused by supply chain bottlenecks through the "self-developed CCCC Shanghai Aviation Administration Supply Chain Financial Service Platform", created a healthier enterprise ecological chain, and laid a solid foundation for enterprises to be at the forefront of high-quality development. CCCC Dredging Supply Chain Financial Service Platform, since its launch in August 2019, has been running smoothly for 22 months, with more than 1,000 settled enterprises; As of June 18, 2021, core enterprises had issued about RMB4.3 billion in cloud tickets; The cumulative transaction volume of the supply chain exceeded 4.9 billion yuan; Suppliers received financing of more than 3 billion yuan. Up to now, the platform has completed the docking with China Construction Bank, Bank of Communications, China Merchants Bank, Everbright Bank, Minsheng Bank, Bank of China cloud ticket business, completed the docking with Ningbo Bank commercial bill business, and docked with other financial institutions such as China CITIC Bank and Bank of Shanghai is also about to land.

On October 8, 2021, CCCC-2 successfully launched the first financial middle platform with industrial Internet characteristics built by CCCC-2 Aviation Bureau, and the digital circulation certificate of "Erhang Huirong" on the "Second Airlines Chain" platform was successfully issued, empowering the supply chain ecosystem.

CCCC Xiongan Leasing, a subsidiary of CCCC Capital, launched the "CCCC Xiongan e-Trust" supply chain financial platform. In May 2021, CCCC Xiongan Financial Leasing Co., Ltd. and ICBC Xiong'an Branch successfully issued the first "CCCC Xiongan E-Letter" digital credit certificate, completing financing and asset transfer, which greatly alleviated the financial pressure of small and micro enterprises participating in the construction of the New District. Xiong'an New Area has added another online supply chain inclusive financing product. According to the information released by ICBC, after the launch of CCCC Xiongan e-Xin, the transaction scale may exceed 8 billion yuan in less than one year.

CCCC Capital Holdings Co., Ltd. (hereinafter referred to as "CCCC Capital") was established on August 18, 2021 with a registered capital of 10 billion yuan and is a wholly-owned subsidiary of CCCC. As a financial holding and capital service platform of CCCC Group, CCCC Capital is committed to becoming a capital platform company with distinctive characteristics of CCCC. Adhere to the development orientation of industrial finance, based on the main business of the service group, steadily face the market, optimize the layout of industry and capital, deepen the combination of industry and finance as the guide, around the three core elements of "capital, assets and capital", coordinate and carry out various types of industrial finance and capital operation business, including financial leasing, private equity funds, factoring business, equity direct investment, securities investment, real estate investment, etc., to refine finance and optimize capital, and continue to promote CCCC's "resource assetization, asset capitalization and capital securitization". Promote the transformation and upgrading of CCCC's industry and the preservation and appreciation of state-owned capital, and contribute financial wisdom and capital strength to help CCCC accelerate the construction of a world-class enterprise with global competitiveness in science and technology, management and quality.

In May 2022, CCCC Capital was approved to establish CCCC Factoring, coordinate the development of the group's digital supply chain financial business, and launch the "CCCC eTrust" supply chain financial service platform.

As of the end of May this year, the scale of CCCC e-credit platform exceeded 11

Gold Network Bid China Energy Construction Supply Financial Platform

CCCC's e-commerce platform "CCCC Cloud Merchant" also actively uses e-commerce scenarios to carry out supply chain finance, and currently has launched various supply chain financial products such as financing guarantee and CCCC financing on the platform, of which CCCC Finance is essentially a digital debt certificate.

Gold Network Bid China Energy Construction Supply Financial Platform

Figure: Schematic diagram of CCCC cloud merchant supply chain financial products

On November 23, 2022, under the guidance of the Group's overall supply chain strategy, CCC Cloud Merchant joined hands with its strategic financial partner MYbank to launch a new product - "Winning Loan". The exclusive "winning loan" product launched by CCCC Cloud Provider and MYbank for the winning suppliers of CCCC Group is based on the winning bid information of the suppliers in the core enterprises of CCCC Group, providing high-amount loan services for the winning suppliers and solving the immediate capital turnover problem after the suppliers win the bid.

03 PowerChina, central enterprises, AAA

China Power Construction Group Co., Ltd. (hereinafter referred to as "PowerChina") is a central enterprise directly managed by the State-owned Assets Supervision and Administration Commission of the State Council on the basis of 14 provincial (municipal and district) electric power survey and design, engineering and equipment manufacturing enterprises under China Water Conservancy and Hydropower Construction Group Corporation, China Hydropower Engineering Consulting Group Corporation and State Grid Corporation and China Southern Power Grid Co., Ltd. PowerChina is a global leader in clean and low-carbon energy, water resources and environmental construction, the backbone of global infrastructure connectivity, a leading enterprise serving the "Belt and Road" construction, and an engineering construction investment developer that provides customers at home and abroad with integrated services for the whole industrial chain of investment and financing, planning and design, construction contracting, equipment manufacturing, management and operation, and a package of overall solutions. In addition, entrusted by relevant ministries and commissions of the state, it undertakes the planning and review functions of clean energy and new energy such as national hydropower, wind power and solar energy.

China Power Construction Group Co., Ltd. has set up PowerChina Commercial Factoring Co., Ltd. and other institutions to carry out supply chain finance-related business. PowerChina Commercial Factoring Co., Ltd. (hereinafter referred to as PowerChina Factoring) is a holding subsidiary of China Power Construction Co., Ltd., with a registered capital of 1 billion yuan. In June 2022, Power Construction Factoring was rated AA+ as an entity.

Relying on the high-quality commercial credit resources of Power Construction Group, Power Construction Factoring Company adheres to the innovative concept of continuous pioneering and enterprising, realizes the integration of traditional industries, the Internet and finance, and provides member enterprises and upstream and downstream enterprises with reliable, most convenient and professional supply chain financial services on the basis of a sound risk control system. PowerChina's "PowerChina Supply Chain Financial Sharing Service Platform" by PowerChina Factoring was selected as a typical case of "digital ecology" because it highlighted the concepts of "sharing" and "ecology". The concept of platform sharing is in line with the "open and shared" supply chain financial service platform encouraged by the State-owned Assets Supervision and Administration Commission in the future.

In response to the release of the new financial enterprise system of Power Construction Finance Company in 2022, the platform actively connects with the non-company financial enterprise system, and uses information technology to achieve efficient and smooth financial enterprise integration, ensure that various core business collection and payment scenarios are met, and successfully pass the business peak verification before the Spring Festival. In terms of opening up to the outside world, up to now, Power Construction Rongxin has connected 29 sub-production lines of various core enterprises in the local agricultural bank and ICBC, and the credit scale of sub-production lines has reached nearly 10 billion.

The power construction Rongxin platform was launched on November 16, 2018, and the opening scale exceeded 10 billion yuan on January 15, 2020, and the financing scale exceeded 10 billion yuan on May 27, 2020, with a financing rate of 75%. As of November 16, 2022, there are nearly 20,000 certified suppliers of PowerChina Rongxin platform, and the platform scale is about to exceed 80 billion yuan. At the same time, the turnover rate of Power Construction Rongxin among suppliers of Power Construction Group was 46.79%. At present, the maximum number of transfers of a single electric construction Rongxin has reached 7 lots. The payment rate of the Group's suppliers using Power Construction Ronshine as a settlement tool also increased from 5.59% in 2019 to 10.41%.

While the platform of Power Construction Rongxin is developing steadily, Power Construction Rongxin has landed the above-mentioned first "owner Rongxin" business, realizing the extension of the platform to the downstream services.

According to the introduction of PowerChina Rongxin, the owner Rongxin essentially refers to the platform output of Power Construction Rongxin to downstream business units, through the personalization of protocol resources and differentiated configuration of vouchers, etc., to build a "sub-account set platform output" for PowerChina's downstream owner units, and finally realize the business model of owner units (as core enterprises) to open their own Rongxin on the platform. The opening of the "owner credit" model solves the short-term and medium-term financial pressure of the upstream and downstream supply chains of member units and owner units in the short term, and helps member enterprises to reduce the pressure of two golds; In the long run, the construction of PowerChina's supply chain financial sharing service platform for the owners of local government platform companies has enhanced the stickiness of business cooperation between PowerChina's member enterprises and local governments, and provided impetus for the construction of PowerChina's exclusive brand of financial technology.

Xiaosui believes that the "owner credit financing" model is a very powerful breakthrough, which provides a good idea and reference for the central enterprise supply chain financial platform to extend downstream.

As of March 16, 2023, Power Construction Rongxin issued a scale of 84.5 billion yuan and a financing scale of 58.9 billion yuan; accounts receivable factoring of 39.3 billion yuan; Asset securitization issuance amounted to RMB56.2 billion (cumulative financing scale exceeded RMB150 billion).

04 China Railway, Central Enterprises, AAA

China Railway Engineering Group Co., Ltd., hereinafter referred to as "China Railway", founded in March 1950 and headquartered in Beijing, is a multi-functional and extra-large enterprise group integrating infrastructure construction, survey, design and consulting services, engineering equipment and parts manufacturing, real estate development, railway and highway investment and operation, mineral resources development, material trade and other businesses, and is also the largest multi-functional comprehensive construction group in China and Asia, which is a central enterprise managed by the State-owned Assets Supervision and Administration Commission of the State Council. In December 2018, it ranked 292nd in the "2018 Top 500 World Brands" compiled by the World Brand Lab. Ranked fifth in the 2021 Fortune China 500 list.

China Railway Engineering Group Co., Ltd. has set up China Railway Commercial Factoring Co., Ltd., China Railway Finance Co., Ltd. and other institutions to carry out supply chain finance-related business.

In October 2019, China Railway Factoring Supply Chain Financial Platform was put into trial operation, issued the first China Railway E-letter certificate, and completed the first business, which took only one hour from the issuance of E-letter to financing and lending. The successful launch of China Railway Factoring Supply Chain Financial Platform marks the official opening of the company's new business model of "Internet + Fintech". At present, the platform has the factoring function of accounts receivable and payable, and the function of China Railway E-letter with the properties of dismantling and financing, and will be launched in the near future.

On November 17, 2021, China Railway Investment and Construction Group (hereinafter referred to as "Iron Industry Investment") and Industrial and Commercial Bank of China (Beijing Branch West Railway Station Sub-branch) landed the first China Railway E-letter direct financing business, marking the smooth completion of ICBC direct financing, the supply chain financial platform of China Railway Capital Factoring, and the layout of the platform's bank direct financing mode to the next city, which is also the third bank directly connected to China Minsheng Bank and China Construction Bank.

In January 2022, the first E-credit direct financing business of Agricultural Bank of China (Beijing Fengtai Sub-branch) relying on the company's own credit was launched, marking that the cooperation between China Railway Capital Factoring Company and Agricultural Bank of China entered the fast lane of informatization, and the innovative model of "industrial Internet + supply chain finance" was fully applied to inclusive finance. ABC has also become the fifth cooperative bank directly connected to the China Railway Supply Chain Finance Platform after Minsheng, CCB, ICBC and Bank of Beijing, making a good start for improving the platform's main business capacity in financing services in 2022.

On November 22, 2022, China CITIC Bank Beijing Branch and China Railway Beijing Bureau successfully launched the first China Railway E-trust direct financing business, and China CITIC Bank also became the sixth bank after Minsheng Bank, China Construction Bank, ICBC, Bank of Beijing and Agricultural Bank of China, marking a new stage in the bank-enterprise direct connection business of China Railway Capital Factoring's supply chain finance platform.

05 China Railway Construction, Central Enterprises, AAA

China Railway Construction Group Co., Ltd., referred to as China Railway Construction Co., Ltd., is a large-scale construction central enterprise managed by the State-owned Assets Supervision and Administration Commission of the State Council, with a registered capital of 12.338 billion yuan. CRCC is one of the most powerful and large-scale super-large comprehensive construction groups in China and even the world, ranking 80th in Fortune's "Global 500 Enterprises", 2nd in "Global 225 Largest Contractors" and 11th in "Top 500 Chinese Enterprises" in 2014. In August 2016, China Railway Construction Corporation ranked 14th among the top 500 Chinese enterprises in 2016. On July 12, 2017, China Railway Construction Corporation was awarded Grade A in the 2016 annual business performance assessment of the State-owned Assets Supervision and Administration Commission. ‘

China Railway Construction Asset Management Company and its subsidiary CRCC Factoring are the main platforms for its supply chain finance business.

China Railway Construction Asset Management Co., Ltd. (hereinafter referred to as "China Railway Construction Asset Management") was established in March 2011 with a registered capital of RMB 3 billion, a wholly-owned subsidiary of China Railway Construction Co., Ltd., and its direct shareholder is China Railway Construction Capital Holding Group Co., Ltd.

China Railway Construction Asset Management is positioned to serve the main business of China Railway Construction and promote the deep integration of industry and finance, while relying on the core platform role in China Railway Construction industry chain, cultivating strategic emerging industries, innovating business development models, and providing support for the transformation and upgrading of China Railway Construction.

China Railway Construction Asset Management Holdings China Railway Construction Commercial Factoring Co., Ltd. and China Railway Construction Financial Services Technology (Tianjin) Co., Ltd., participated in the establishment of heavy high-speed railway development (Chongqing) commercial factoring Co., Ltd., Beijing Jiuqi Jinjian Technology Co., Ltd. and other companies. At present, China Railway Construction Asset Management mainly has five major sectors of business, including Railway Construction Yinxin, Railway Construction Fund, Railway Construction Asset Management, Railway Construction Mall and Gold Production Platform, and its business scope covers Internet finance, commercial factoring, asset management, investment and mergers and acquisitions, emerging industry investment and e-commerce.

On July 19, 2022, the registered capital of Chongqing Commercial Factoring Co., Ltd. increased from 500 million yuan to 1 billion yuan, achieving a 100% increase in registered capital. In August 2022, China Railway Construction Co., Ltd.'s Heavy High-Speed Railway Development (Chongqing) Commercial Factoring Co., Ltd. was rated AA+ as an entity credit rating.

CRCC Yinxin platform is mainly operated by China Railway Construction Factoring. According to reports, as of September 1, 2021, CRCCB has provided factoring financing services for small and medium-sized enterprises in China's railway construction industry chain with a cumulative amount of more than 100 billion yuan (transaction scale is nearly 300 billion yuan), becoming the first "100 billion central enterprise supply chain financial service platform". CRCC Asset Management is mainly responsible for CRCC's "asset securitization" business, carrying out products including but not limited to ABS, ABN, infrastructure Reits, private debt financing plans and other products. CRCC Mall is a comprehensive e-commerce service platform of CRCC, which integrates information, trading, finance and management, and creates a new model of "Internet + Construction + Finance" scene service.

China Railway Construction Financial Services Technology (Tianjin) Co., Ltd. (hereinafter referred to as "China Railway Construction Financial Services Technology") was established on June 17, 2018, funded by China Railway Construction Asset Management Co., Ltd. and China Railway Construction International Group Co., Ltd. with a capital of 100 million yuan, and China Railway Construction Financial Services Technology was registered in Tianjin.

At present, China Railway Construction Financial Service is mainly responsible for the construction and operation of "Railway Construction Mall". In accordance with the requirements of China Railway Construction Co., Ltd. to "promote the deep integration of industry and finance and create a new model of 'Internet + construction + finance' construction industry management", it was established through the reorganization of financial means and business models, and its core business "Railway Construction Mall" can provide one-stop solutions such as enterprise-level material procurement, electronic bidding, supply chain finance, labor management, business travel consumption, etc., and has provided services for 18 engineering bureaus and more than 500 engineering projects in the system since its launch.

"Railway Construction Mall" is China's railway construction engineering building auxiliary materials e-commerce procurement platform, coordinate the internal engineering materials procurement and supply business of the system, has established a sound second and third types of material trading, material management, office supplies procurement and other functional modules, can provide the demand side with comparison, inquiry, bidding, bidding, supermarkets and other procurement methods. After the electronic bidding and circular material management modules are launched, in the future, efforts will be made to build five major e-commerce platforms, including "electronic bidding platform", "labor management service platform", "financial service platform", "material trading platform" and "material recycling platform", and seamlessly connect with "Railway Construction Bank" to alleviate the pressure of capital advance through rich payment methods, improve capital turnover, and realize the integration of industry and finance.

Gold Network Bid China Energy Construction Supply Financial Platform

06 China Energy Construction, Central Enterprises, AAA

Founded on September 29, 2011, China Energy Construction Group Co., Ltd. (CEEC) is a super-large energy construction group approved by the State Council and directly managed by the State-owned Assets Supervision and Administration Commission of the State Council, consisting of power survey, design, construction and construction enterprises in 15 provinces (municipalities and districts) under China Gezhouba Group Corporation, China Power Engineering Consulting Group Corporation (Electric Power Planning and Design Institute) and China Southern Power Grid Co., Ltd. China Energy Construction Group Co., Ltd. is a wholly state-owned company that performs the duties of investor by the State-owned Assets Supervision and Administration Commission of the State Council. The registered capital of China Energy Construction is 26 billion yuan, the new contract amount signed in 2018 is 461.95 billion yuan, the operating income is 224.03 billion yuan, the total pre-tax profit is 11.68 billion yuan, and the total number of employees is 130,000.

China Energy Construction Group Co., Ltd. consists of Beijing Energy Construction Guohua Commercial Factoring Company, China Energy Construction Group Finance Co., Ltd., China Energy Construction Group Financial Leasing Co., Ltd. and other institutions to carry out supply chain finance-related business.

On October 27, 2021, Beijing Neng Jian Guohua Commercial Factoring Company (hereinafter referred to as "Nengjian Guohua Factoring" and "the Company") was approved for establishment. The company was established by China Energy Construction Group Co., Ltd. (60% shareholding) and Guohua Investment Holdings Co., Ltd. (40% shareholding) jointly invested by RMB 100 million.

On November 22, 2022, China Energy launched the construction of a supply chain financial service platform, and recently, the platform announced the bidding results of the gold network bid.

Gold Network Bid China Energy Construction Supply Financial Platform

07 China Chemical Engineering Group, Central Enterprises, AAA

China National Chemical Engineering Group Corporation Ltd. (CNCEC) is a large-scale engineering construction enterprise group directly supervised by China the State-owned Assets Supervision and Administration Commission of the State Council, which is the most fully qualified, the most functional, the most complete business chain, knowledge-intensive engineering company in the field of industrial engineering in mainland China, and the founder of the mainland petroleum and chemical industry system. It is a provider of advanced industrial comprehensive solutions, a pioneer in the reform of engineering construction systems and mechanisms, a vanguard in jointly building the "Belt and Road", a leader in the field of clean energy engineering, and a practitioner in building a beautiful China. Since 1995, it has been selected as one of the world's 250 largest contractors published by the authoritative American publication Engineering News Record (ENR), and ranked second in the ranking of engineering and construction companies in the global oil and gas industry.

China Chemical Commercial Factoring (Guangzhou) Co., Ltd. (hereinafter referred to as "China Chemical Factoring"), the actual controller is China National Chemical Engineering Group Co., Ltd., as the only wholly-owned factoring company under China Chemical Engineering Group, based on the main business of the group, actively responds to the group's "three-year five-year plan and ten-Chinese New Year's Eve-year vision goals", and helps to build China Chemical Engineering Group into a world-class enterprise with global competitiveness integrating R&D, investment, construction and operation.

According to public information, since Donghua Technology announced the sale of Donghua Factoring's shares, in just a few months, China Chemical Factoring Company has completed the acquisition and relocation, organizational structure construction, information construction, factoring business launch, financial institution channel construction and the first storage shelf application for ABS in the group's supply chain.

According to SSE information, on February 21, 2021, the China National Chemical Engineering Group-China Chemical Factoring Supply Chain Phase 1-20 asset-backed special plan was approved. This series of asset-backed plans has a storage shelf size of 5 billion yuan, the manager is Huatai Securities (Shanghai) Asset Management Co., Ltd., and the original rights holder and asset service provider are China Chemical Commercial Factoring (Guangzhou) Co., Ltd. (hereinafter referred to as "China Chemical Factoring").

Under the strong leadership and strong support of the group company and Nantou company, after nearly one year of system iteration and product polishing, following the development policy of "combining industry and finance and creating value together", it has solidly promoted technological innovation, actively introduced external financial institutions, smoothed the efficient cycle of science and technology, capital and industry, and further enriched the financing methods of Sinochem Factoring in the supply chain finance.

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08 China MCC, central enterprises, AAA

China Metallurgical Science and Industry Group Co., Ltd. (hereinafter referred to as MCC) is a large enterprise group in China, the earliest steel industry construction force in New China, and the pioneer and main force of China's steel industry. MCC Group is the world's largest and strongest metallurgical construction contractor and metallurgical enterprise operation service provider; It is one of the key resource enterprises determined by the state; It is the largest steel structure manufacturer in China; It is one of the first 16 central enterprises with real estate development as its main business identified by the State-owned Assets Supervision and Administration Commission of the State Council.

On December 20, 2022, the supply chain financial service platform of China Minmetals treasury system was officially launched, and on the day of the launch, the four core enterprises of China Metallurgical Group, a subsidiary of China Minmetals, and their suppliers completed the registration and quota allocation on the China Minmetals supply chain financial service platform, and with the successful opening of the first "Minmetals Easy Pay" supply chain debt certificate, bank financing was issued.

China Minmetals member units can pay upstream suppliers by issuing "Minmetals Easy Pay" supply chain debt certificates, and suppliers can self-sustain, finance or split circulation.

The above platform is built by Longteng Yunchuang Industrial Internet (Beijing) Co., Ltd. (hereinafter referred to as "Longteng Yunchuang"), a subsidiary of Minmetals Group. Longteng Yunchuang will face the modern logistics system of bulk commodities, cultivate technological innovation capabilities, break through blocking points, make up for shortcomings, improve the operational efficiency of various elements of the supply chain, reduce the cost of each link of the supply chain, improve comprehensive service capabilities, and provide customers with one-stop, all-round, integrated services and ultimate experience integrating display trading, warehousing and processing, multimodal transport, supply chain finance and information technology. At present, Longteng Cloud has built supply chain service platforms such as Longteng Cloud Warehouse, Longteng Intermodal Transport and Longteng Cloud Merchant.

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09 Beijing Construction Group, Beijing State-owned Enterprise, AAA

Beijing Construction Engineering has the special qualification of general contracting of construction engineering, the special qualification of general contracting of municipal public engineering construction, and the special qualification of general contracting of highway engineering construction, ranking among the world's 250 largest international engineering contractors, top 500 Chinese enterprises and top 80 Chinese contractors.

Beijing Construction Engineering in order to build a leading enterprise in Beijing's construction industry, Beijing Construction Engineering and Beijing Municipal Road and Bridge Group in 2019 to implement merger and reorganization, the total assets of the restructured enterprise exceeded 160 billion yuan, the annual marketing volume exceeded 170 billion yuan, the annual output value exceeded 110 billion yuan, the annual resumption of work area exceeded 40 million square meters, the group has 3 core business units, 84 second-level enterprises, 58 domestic and foreign branches, and its business covers 32 provinces and cities in China and 33 countries and regions abroad. Relying on the strong synergy of integrated development and high-quality development, Beijing Construction Engineering has continued to contribute to major national strategies such as the construction of Beijing's "four centers", the coordinated development of Beijing-Tianjin-Hebei, the construction of Xiong'an New Area, the construction of the Yangtze River Economic Belt, the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and the construction of the "Belt and Road". Beijing Construction Engineering is mainly engaged in engineering construction. Beijing Construction adheres to the integrated development of the whole industrial chain.

In terms of commercial factoring, CITIC Construction Co., Ltd. and Beijing Construction Group Co., Ltd. jointly initiated the establishment of Yinxin Commercial Factoring Co., Ltd. (hereinafter referred to as "Yinxin Factoring"), which is a market-oriented and specialized factoring company controlled by large state-owned enterprises.

On January 27, 2022, Beijing Construction held the 2022 Work Conference, which made important arrangements for the promotion of digitalization and the development of supply chain finance.

In order to achieve multi-level docking with the capital market and continuously improve the level of investment and financing, Beijing Construction Engineering mentioned the need to improve the investment risk management system of the whole process, carry out forward-looking investment layout, accelerate the listing of qualified enterprises first, consolidate the advantages of the main real estate business, build a property service brand, and explore new fields and new businesses such as old city transformation, rural revitalization, and health care projects. At the same time, the meeting focused on the deployment of supply chain finance business:

Continue to optimize the financing structure and vigorously develop supply chain finance business.

In 2022, ICBC Beijing Branch coordinated and integrated big data, finance, technology and other resources to build a complete supply chain financial service system for Beijing Construction Engineering Group, including all member units with supply chain financing needs under the group into the core enterprise category, and through the product matrix based on its own ICBC e-information platform and supplemented by a third-party digital supply chain service platform, as of late September 2022, the platform has injected financial vitality into more than 460 small, medium and micro enterprises in the group's supply chain, covering 14 provinces and municipalities across the country.

10 Beijing Urban Construction Group, Beijing State-owned Enterprise, AAA

Beijing Urban Construction Group is a leading enterprise in the construction industry in Beijing, with special qualifications for general contracting of housing construction engineering and highway engineering, with six major industries as its main business, including urban construction engineering, urban construction real estate, urban construction design, urban construction garden, urban construction real estate, and urban construction capital, from early investment planning to later service operation, creating a complete industrial chain linked upstream and downstream, and is committed to transforming and upgrading to "leading urban construction comprehensive service provider in China".

Beijing Urban Construction Group is one of the "Top 500 Chinese Enterprises", one of the "ENR Global and International Large Engineering Contractors", and won the honorary titles of "China's Most Influential Enterprise", "Beijing's Top Ten Most Influential Enterprises", "National Excellent Construction Enterprise", "National Advanced Unit for Ideological and Political Work", "National Advanced Enterprise for Enterprise Culture Construction of Construction System" and so on. The existing total assets exceed 300 billion yuan, and the operating income exceeds 100 billion yuan; There are 25 wholly-owned and holding subsidiaries, including 1 A-share listed company and 1 H-share listed company.

In August 2020, the board of directors of Beijing Urban Construction agreed that the company would carry out supply chain financial asset-backed notes with a registered scale of not more than RMB3 billion (subject to the amount finally accepted for registration by the NAFMII) and issue them in installments within 2 years after obtaining the approval of the NAFMII, with the issuance period of each project not exceeding 18 months, and the issuance interest rate was confirmed according to the actual market interest rate level at the time of issuance.

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11 Shanghai Construction Group, Shanghai State-owned Enterprise, AAA

Haijian is the first enterprise in Shanghai to achieve overall listing. Formerly known as the Construction Engineering Bureau of Shanghai Municipal People's Government founded in 1953, it was restructured into a group enterprise with Shanghai Construction (Group) Corporation as the parent company in 1994. In 1998, he initiated the establishment of Shanghai Construction Group Co., Ltd. and was listed on the Shanghai Stock Exchange. In 2010 and 2011, after two major restructurings, the overall listing was completed.

Shanghai Construction Engineering is a pioneer and vanguard in China's construction industry. As a competitive state-owned enterprise, it has always actively participated in fierce market competition, continuously enhanced the vitality of enterprise operation, ensured the preservation and appreciation of state-owned assets, and maintained a steady trend of double-digit growth in business performance for many years. In the newly released "2021 Ranking of the World's Top 500 Enterprises", Shanghai Construction Group ranked 363rd. As a pioneer and vanguard in China's construction industry, Shanghai Construction Engineering has more than 300 wholly-owned and holding enterprises, and its business covers more than 30 countries and regions around the world.

Shanghai Construction Engineering connects the supply chain financial products of a number of commercial banks through the construction business platform, including but not limited to CCB E-Point, ICBC E Information Communication and ABC Factoring E-Finance.

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Figure: Website screenshot

In 2015, Shanghai Construction Engineering joined hands with Inspur to build an e-commerce platform - builder, through the "three-step" strategy of building a trading platform, service platform and industrial platform, while realizing its own innovation and development, but also driving the digital transformation of the industrial chain and supply chain. Through the builder platform, Shanghai Construction Engineering has built a digital industrial chain, realized the sharing of upstream and downstream industrial chain resources, promoted the transformation of "engineering contractors" into "construction service providers", and become a successful example of the digital transformation of the industrial chain driven by industry leading enterprises and chain master enterprises.

The first is to build a trading platform to realize basic procurement management. Shanghai Construction Engineering has developed and built an e-procurement platform of "three portals and one platform", namely external e-procurement portal, supplier portal, expert portal, and e-procurement platform for internal procurement management of enterprises, so as to realize the procurement of the whole process of construction. The platform docks with China's public service platform for bidding and bidding, supports a variety of sourcing methods, and supports the whole process control of enterprise procurement business. By using the advantages of the platform, it helps enterprises gather suppliers, give full play to the scale advantages, realize large-scale online procurement, and reduce enterprise procurement costs

The second is to build a service platform to achieve optimal procurement management. On the basis of the construction of the e-procurement platform, Shanghai Construction Engineering has gradually expanded its e-procurement varieties and procurement-related businesses to realize online procurement of various materials. At the same time, Shanghai Construction Engineering has built a supermarket cloud to build a business mall, connecting multi-party e-commerce, supporting cross-e-commerce shopping, self-operated enterprises, suppliers to settle and open stores, and provide internal employees or individuals with office supplies procurement services. Through the construction of the mall, Shanghai Construction Engineering uses Internet thinking to optimize procurement management, builds a control process of online and offline procurement process, provides customers with one-stop services of purchase, order, payment and delivery, provides overall solutions for Shanghai Construction Engineering e-commerce procurement, breaks through the limitations of traditional procurement models, establishes a new profit model and shared service system, realizes the unification of commodity flow, capital flow and invoice flow, and provides services for the enterprise by optimizing procurement methods and supplier hierarchical management systems. Help enterprises standardize procurement management.

Finally, build a supply chain ecosystem. On the basis of the first two steps of platform construction, Shanghai Construction Engineering has built a settlement and payment platform and a financial platform, built an external service portal integrating procurement information and payment transactions, and provided value-added services such as corporate finance.

Recently, Shanghai Construction has further enriched the platform's supply chain financial products based on the online "Yingxin" of builders.

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12 Shaanxi Construction Group, AAA, 600248.SH

Founded in March 1950, Shaanxi Construction Holding Group Co., Ltd. is a wholly state-owned enterprise directly under the Shaanxi Provincial Government, with a registered capital of 5.1 billion yuan, and has international engineering contracting, construction industry investment, urban rail transit, steel structure production and installation, commercial mixed production and distribution, engineering decoration and decoration, ancient landscaping, boiler R & D and production, logistics distribution and supply, real estate development and construction, medical and health education, tourism hotel operation and other industries.

Shaanxi Construction Group Co., Ltd., the core enterprise to which it belongs, is a provincial large-scale state-owned comprehensive enterprise group with 9 special qualifications for general contracting of construction engineering, 4 special qualifications for general contracting of municipal public engineering construction, 1 special qualification for general contracting of petrochemical engineering, 1 special qualification for general contracting of highway engineering construction, 17 grade A design qualifications, and overseas operation rights, with general contracting capabilities integrating project investment, survey, design, construction and management. With its strong strength, Shaanxi Jian ranked 17th among ENR's Top 250 Global Engineering Contractors, 181st among China's Top 500 Enterprises and 5th among China's Top 200 Construction Industry Competitiveness Enterprises.

In October 2020, Shaanxi Construction Group independently developed the "Shaanxi Construction Letter" supply chain financial platform.

Shaanxi Construction Information Platform realizes the purpose of low financing costs, simple procedures (one website solves all problems), and no account opening for small and medium-sized private enterprises in the downstream of Shaanxi Jian, solves the financing problem of industrial chain suppliers, and also realizes the use of enterprise credit for financial resources by state-owned enterprises.

As of the end of December 2020, the "Shaanxi Construction Letter" supply chain financial platform independently developed and operated by Shaanxi Jian Group Financial Settlement Center has accumulated more than 500 registered external supplier users in the past three months since its establishment, and the issuance scale has exceeded 500 million yuan, providing a convenient and efficient financing channel for upstream and downstream suppliers. From January to August 2021, the "Shaanxi Construction Letter" platform issued more than 2,000 orders, with a cumulative investment of more than 5 billion yuan, saving more than 4 billion yuan in cash expenditure for enterprises, accumulating more than 4,000 suppliers and saving more than 200 million yuan in financing costs for suppliers.

At present, in addition to Shaanxi Construction Letter, Shaanxi Jian Supply Chain Product Zone has also launched Shaanxi Jian E loan series products, including Shaanxi Jian Supply Loan, China Construction Bank Cloud Tax Loan, Bank of China Construction Loan, Shaanxi Xinhe Qin V Loan, MYbank Order Loan and other products cooperated with WeBank.

In September 2021, the supply chain bill system of the Shanghai Bills Exchange (hereinafter referred to as the "Exchange") was officially launched, and Shaanxi Construction Engineering successfully opened an order of 400 million yuan on the first day of the system's launch, making it the largest order for a single customer in China on the first day of launch. This time, Shaanxi Construction Engineering accesses the supply chain bill business of the Ticket Exchange through the "cloud certificate" platform of China Merchants Bank, which not only improves the group's visibility and recognition in the national bill market, but also enriches the payment and settlement methods of enterprises, leads the trend of bill settlement, reduces the financial pressure of enterprises, breaks through the restrictions of existing bank credit, connects financial resources within the national market, further expands financing channels, helps reduce the financing cost of the industrial chain, benefits small and medium-sized private enterprises, and reflects the social responsibility of state-owned enterprises of Shaanxi Jian.

It is understood that Shaanxi Construction intends to connect the self-built "Shaanxi Construction Letter" supply chain financial platform system with the supply chain bill system of the Stock Exchange in the next step.

In March 2022, Shaanxi Construction Engineering and Lianyirong issued ABS with Shaanxi Construction Information as the underlying asset.

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Photo: Shaanxi Construction Letter ABS poster

Shaanxi Construction Industrial and Commercial Factoring Co., Ltd., a subsidiary of Shaanxi Construction Engineering, was established on May 22, 2018. On December 9, 2021, Shaanxi Construction Industrial and Commercial Factoring Co., Ltd. and Minsheng Bank Xi'an Branch successfully issued the first phase of 1.209 billion supply chain financial directional asset-backed notes in 2021. This is the first supply chain ABN in the construction industry in Northwest China, the first accounts payable ABN issued by Shaanxi Jian Group to upstream enterprises, and the first non-real estate supply chain ABN in the Minsheng banking system.

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13 Shanxi Construction Investment, Shanxi State-owned Enterprise, AAA

Shanxi Construction Investment Group Co., Ltd. (hereinafter referred to as Shanxi Construction Investment) is the largest comprehensive state-owned investment and construction group company in Shanxi Province, formerly known as Shanxi Construction Engineering (Group) Corporation, completed the company system reform in September 2017 with a registered capital of 5 billion yuan. Shanxi Construction Investment is one of the top 500 Chinese enterprises, one of the top 80 Chinese contractors, and one of the top 250 global contractors and top 250 international contractors by the US Engineering News Record (ENR). It has 7 buildings, 3 municipal utilities and 1 petrochemical industry, a total of 11 engineering construction general contracting special qualifications, 11 industry grade A design qualifications, and more than 150 general contracting and professional contracting qualifications.

The supply chain finance business of Shanxi Construction Investment Group Co., Ltd. is mainly carried out through its subsidiary, Jinjian Commercial Factoring (Hengqin) Co., Ltd. (hereinafter referred to as "Jinjian Factoring").

Relying on the group's industrial chain, Jinjian Factoring serves the group's main business, supports the group's transformation and upgrading, innovates business models in accordance with the laws of the financial market and development, takes integrity-based, standardized operation and steady operation as the principle, and aims at marketization, specialization and differentiated services, and provides factoring services for upstream and downstream enterprises in the industrial chain of the group's core enterprises.

Shanxi Construction Investment Supply Chain Financial Service Platform is an online management platform jointly developed by Jinjian Factoring, Lianyirong Digital Technology Group Co., Ltd. and Shanxi Construction Investment.

Since its official launch in August 2019, the platform has given full play to the role of technology-enabled finance to serve micro, small and medium-sized enterprises. In November 2021, Shanxi Construction Investment Supply Chain Financial Service Platform and Shanghai Pudong Development Bank achieved system docking and mutual recognition of "JineFinance" digital debt certificates. In March this year, with the joint efforts of both parties, the first multi-level circulation of digital debt certificates was successfully financed and paid.

In January 2021, Shanxi Jiantong Technology Co., Ltd. and Jinjian International Commercial Factoring (Zhuhai Hengqin) Co., Ltd. conducted the docking of "Zhufu Cloud-Jinjian Supply Chain Financial Platform".

After the platform is docked, users of Zhufu Cloud can select Jinjian Factoring Company for factoring financing application in the "Financial Market - Financial Enterprise" of the platform, and click "Apply Now" to directly jump to Jinjian Supply Chain Finance Platform for factoring financing.

As of March 2022, the platform has accumulated 673 online customers and managed accounts receivable of more than 5.5 billion yuan.

In the field of securitization, Jinjian Factoring has effectively contributed to the industrial development of Shanxi Construction Investment and achieved the landing of a number of first orders. On August 11, 2021, the "Jiaoxin 2021 Jinjian No. 1 Supply Chain Directional Asset-Backed Commercial Paper" was successfully issued by the National Association of Financial Market Institutional Investors (NAFMII), with Jinjian International Commercial Factoring (Zhuhai Hengqin) Co., Ltd. (hereinafter referred to as "Jinjian Factoring") as the original rights holder and asset service institution, and Bank of Communications as the lead underwriter, which is the first "N+N+N" asset-backed commercial paper project in China.

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14 Anhui Construction Group, AAA, 600502.SH

Anhui Construction Group Holdings Co., Ltd. (hereinafter referred to as "Anhui Construction Group") is a large-scale modern construction enterprise group in Anhui Province, a world-renowned multinational contractor, and has been ranked among the top 500 Chinese enterprises, the top 250 ENR global contractors and the top 80 Chinese contractors for more than 10 consecutive years. In 2017, the group achieved the overall listing (stock code 600502), mainly engaged in construction engineering and engineering technical services, investment and asset management, real estate development and operation, business covers investment and financing, consulting and design, building construction, testing and supervision, machinery manufacturing, building materials logistics, operation management, education and training and other construction industry chain, with 7 construction general contracting special qualifications, national postdoctoral research workstations, national technology centers, 8 provincial technology centers, 8 high-tech enterprises.

Anhui Construction Commercial Factoring Co., Ltd., a subsidiary of Anhui Construction Engineering, was established by Anhui Construction Group Holdings Co., Ltd., one of the top 500 Chinese enterprises, and China National Nuclear Industry Group Co., Ltd., a central enterprise, with a registered capital of 200 million yuan, established on January 26, 2016, registered in Qianhai, Shenzhen, and is a subsidiary of Anhui Construction Engineering Holdings. Anjian factoring is the main body of Anhui Construction Supply Chain Financial Business Implementation.

Adhering to the business tenet of "relying on industry, serving industry and amplifying industry", Anjian Factoring has built the Anxin industry and finance platform, and established an exclusive service team of the Anxin industry and finance platform.

By the end of 2020, the cumulative investment scale of Anjian factoring business exceeded 10 billion. As of September 10, 2021, the cumulative business scale of Anjian Factoring has exceeded 15 billion yuan. This is another leap after exceeding 10 billion in December 2020. Anjian Factoring has always been based on the main business and adhered to its original intention. Take multiple measures to escort customers in the industrial chain and reduce the burden and help the real economy take off.

Adhering to the business tenet of "relying on industry, serving industry and amplifying industry", Anjian Factoring has built the Anxin industry and finance platform, and established an exclusive service team of the Anxin industry and finance platform.

By the end of 2020, the cumulative investment scale of Anjian factoring business exceeded 10 billion. As of September 10, 2021, the cumulative business scale of Anjian Factoring has exceeded 15 billion yuan. This is another leap after exceeding 10 billion in December 2020. Anjian Factoring has always been based on the main business and adhered to its original intention. Take multiple measures to escort customers in the industrial chain and reduce the burden and help the real economy take off.

On December 6, 2021, Anjian Factoring's "Anxin Industry and Finance Platform" and China Merchants Bank's first RMB700,000 bank-enterprise direct connection online supply chain business was successfully launched in multiple links such as approval, system joint investigation, supplier account opening, and business landing marketing. In the field of securitization, Anjian Factoring assisted Anhui Construction Engineering in the issuance of multiple asset securitizations.

On August 26, 2022, Anjian Factoring's "Anxin Industry and Finance Platform" and Huishang Bank's bank-enterprise direct connection online supply chain business completed the first successful launch.

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15 Zhejiang Construction Investment Group, AAA, 002761.SZ

Zhejiang Construction Investment Group is the earliest state-owned enterprise in Zhejiang Province and the largest construction enterprise group in Zhejiang Province. Formerly known as the 21st Army of the Seventh Corps of the Third Field Army of the Chinese People's Liberation Army, Zhejiang Construction Company was established on July 11, 1949 (then a government management department), and has experienced 15 changes such as Zhejiang Urban Construction Bureau, Zhejiang Construction Engineering Bureau, Zhejiang Provincial Construction Industry Department, Zhejiang Provincial Capital Construction Bureau, and Zhejiang Construction Engineering Corporation, and was reorganized into Zhejiang Construction Investment Group Co., Ltd. on March 28, 2016. Over the years, the comprehensive economic and technical indicators have maintained the leading position of peers in all provinces, autonomous regions and municipalities in China, and have been continuously selected as ENR's 250 largest international contractors, top 80 Chinese contractors, top 500 Chinese enterprises, top 100 enterprises in Zhejiang Province and top 100 taxpayers.

In 2021, Zhejiang Construction Investment has established its own Zhejiang Jian e-chain supply chain financial platform, which has completed the access and launch of a number of capital parties, and the business of the company's holding subsidiaries has also been successively migrated to the Zhejiang Jian e-chain platform.

Zhejian's e-chain platform can effectively integrate the synergy between the company (including holding subsidiaries) and suppliers and capital parties at the capital end and asset end of the entire supply chain, and at the same time enhance the company's control over subsidiaries and supply chain, aiming to build a multi-party mutually beneficial and win-win supply chain financial ecosystem led by the company.

In 2022, Zhejian Group's digital supply chain financial service platform interface development service procurement information publicity shows that Jianxin Rongtong Co., Ltd. undertook the interface development of Zhejian Group's digital supply chain financial service platform, realizing the docking of Bank of Shanghai and Zhejian Group's digital supply chain financial service platform system.

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16 Hunan Construction Investment Group Hunan Province State-owned Enterprise, AAA

Founded in July 1952, Hunan Construction Group is a large-scale 100-billion-level state-owned enterprise group with comprehensive strength such as survey and design, engineering investment, construction operation, building scientific research, higher vocational education, building installation, road and bridge construction, water conservancy and hydropower construction, new energy construction, engineering equipment manufacturing, real estate development, foreign project contracting, labor service cooperation, import and export trade, and urban comprehensive operation. With a registered capital of 20 billion yuan and an annual production (construction) capacity of more than 200 billion yuan, the group has been selected as "Top 500 Chinese Enterprises", "Top 80 Chinese Contractors and Top 60 Engineering Design Enterprises" for 17 consecutive years, and won 113 Luban Awards for China Construction Engineering for 20 consecutive years. The Group's operating area has covered the whole of China, and has established companies or engineering project departments in more than 30 countries and regions in Asia, Africa, Latin America and Oceania, and has engineering projects in Senegal, Malaysia, Liberia, Tanzania, Nigeria, Saudi Arabia, Ghana, Fiji, Samoa, Sri Lanka, Australia, Mongolia, Sierra Leone, Vietnam, Laos, Guinea and other countries.

In July 2022, Hunan Construction Group Co., Ltd. and Hunan Communications and Water Conservancy Construction Group Co., Ltd. merged to form "Hunan Construction Investment Group Co., Ltd."

On July 5, 2021, Zhongxiang Jianrong Commercial Factoring (Shenzhen) Co., Ltd. (hereinafter referred to as Zhongxiang Jianrong Factoring) was officially established.

As the first commercial factoring company in the construction industry in Hunan Province, this move has become an important measure for Hunan Construction Group to implement the "three highs and four new" strategy in Hunan Province, improve the layout of the whole life cycle of the construction industry, and achieve cost reduction and efficiency increase, as well as an important layout for improving the financial license of Hunan Construction Group and exploring and optimizing the supply chain system.

On December 20, 2021, Xingxiang Factoring and Zhongxiang Jianrong Factoring signed a joint factoring business cooperation agreement, landing the first joint factoring business in Hunan Province, the first joint factoring business is the construction project of pig breeding base in Ningyuan County undertaken by Hunan Second Engineering Co., Ltd., with an investment of 90 million yuan, which can not only promote the integrated development of local animal husbandry production, supply and marketing, drive agricultural efficiency and increase farmers' income, but also achieve a high degree of unity of ecological benefits, social benefits and economic benefits. Promote rural revitalization through industrial development.

On May 9, 2022, Hunan Construction Investment Group Supply Chain Financial System Platform Project announced that CCB Rongtong Co., Ltd. won the bid for the Hunan Construction Group Supply Chain Financial System Platform Construction Project.

On August 10, 2022, Hunan Construction Investment Supply Chain Xiangqiao Platform was officially launched, which directly connects China Construction Bank, Changsha Bank, China CITIC Bank, factoring companies and other investors, laying a good foundation for the Group to improve supply chain efficiency, achieve cost reduction and efficiency increase, and empower its main business.

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17 Guangxi Construction Group, member of Greenland Group, AAA

Guangxi Construction Group is a member of Greenland Group and a 100 billion yuan enterprise in Guangxi Zhuang Autonomous Region, covering construction and installation, real estate, construction machinery manufacturing and leasing, concrete, building materials sales, infrastructure investment, international business, mining and other sectors, forming a development pattern of one industry as the main and diversified and progressive. It has 30 subsidiaries, including 7 special qualification enterprises. Won the double AAA credit rating of Oriental Jincheng and China Chengxin. There are 33,000 employees, nearly 18,000 professional and technical personnel, and more than 10,000 construction engineers. More than 250,000 jobs were created.

In August 2020, it implemented strategic restructuring with Greenland Group, a Fortune 500 company, to form a mixed ownership enterprise with a three-way shareholding structure of state-owned capital, Greenland Group and core employees.

In September 2021, Guangxi Rural Credit Cooperative, Guangxi Construction Group and China Enterprise Cloud Chain signed a tripartite cooperation agreement on supply chain finance. The business carried out this time is mainly digital debt certificate business.

According to the tripartite cooperation agreement on supply chain finance, the three parties will carry out extensive and in-depth cooperation in supply chain finance and commercial factoring and other related fields on the basis of mutual benefit and reciprocity, rely on financial technology innovation, carry out cloud information business, conduct information interaction through the system management platform, realize the online transmission of business data and information, continuously optimize the comprehensive financial service capabilities of all parties' platforms, smooth supply chain financing channels, constantly innovate cooperation methods, jointly promote the integration of industry and finance, and achieve strong alliance, mutual benefit and win-win results.

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18 Gansu Construction Investment Group Gansu State-owned Enterprise, AAA

Founded in 1953, Gansu Construction Investment is one of China's top 500 enterprises, ENR's world's top 250 international contractors, China's top 80 contractors and China's top 100 competitive construction enterprises, and has won 17 Luban awards. It has more than 10 first-class qualifications such as general contracting qualification for housing construction and more than 10 first-class qualifications such as housing construction, municipal public utilities, mechanical and electrical installation, steel structure engineering, building decoration engineering, nuclear engineering, earthwork engineering, and lifting equipment installation, and has the right to operate abroad. It has more than 50 wholly-owned holding subsidiaries (branches), 12,000 professional and technical personnel of various types, and a total of 12 experts enjoy special government subsidies. It has been approved as a national enterprise technology center, a national intellectual property advantage enterprise, a national prefabricated construction industry base, a national desertification control (mechanical sand control project) experimental demonstration base, and a national high-tech enterprise. It has been ranked among the top 500 Chinese enterprises for 9 consecutive years and ranked 298th in 2019.

On June 21, 2021, Gansu Construction Investment (Holding) Group Co., Ltd. was approved to establish Hualong Commercial Factoring. Tianjin Local Financial Supervision Administration approved the establishment of Hualong Commercial Factoring (Tianjin) Co., Ltd., with a registered capital of 100 million yuan.

On May 26, 2021, the "Construction Investment Bulk" supply chain financial platform - "Guangze Yisheng" was officially launched, and on the day of launch, the platform's first order of Guangze Yixin business was successfully opened.

The "Guangze Yisheng" platform is a powerful attempt and breakthrough of Gansu Construction Investment to innovate the supply chain finance development model, which will promote the improvement of the functions of the "Construction Investment Bulk" e-commerce platform, enhance the influence and competitiveness of the platform, and help Gansu promote the standardization, standardization and professional development of the supply chain finance industry.

On March 18, 2022, Gansu Construction Investment Property Operation Company and Shanghai Pudong Development Bank Lanzhou Branch held a signing ceremony for supply chain finance cooperation, and jointly witnessed the first supply chain finance business carried out by Shanghai Pudong Development Bank Lanzhou Branch on the "Construction Investment Bulk" e-commerce platform.

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19 Shandong Expressway and Bridge Group Co., Ltd., 000498.SZ, AA+

Shandong Expressway and Bridge Group Co., Ltd. was founded in 1948 and listed on the Shenzhen Stock Exchange in 2012. Securities abbreviation: Shandong Luqiao, stock code: 000498. The group company has highway engineering construction general contracting special grade, municipal public engineering construction general contracting special grade, engineering design highway industry grade A, municipal industry grade A, construction engineering construction general contracting level I, steel structure engineering, bridge engineering, highway pavement engineering, highway subgrade engineering, highway traffic engineering (highway safety facilities) professional contracting level 1, tunnel engineering professional contracting level 2 and other qualifications, and at the same time has the qualification of general contracting enterprise of complete sets of foreign aid projects. Shandong Road and Bridge has been selected as the "New Record of Chinese Enterprises" 22 times and was named ENR's "World's Top 250 Contractors". The group company has a transportation industry R&D center recognized by the Ministry of Transport and five provincial technology research and development centers and other scientific research platforms, a number of asphalt pavement recycling technology patents and construction methods have won provincial and ministerial scientific research awards and selected into the Ministry of Transport major scientific and technological innovation achievement database.

On September 25, 2020, in order to broaden financing channels and revitalize existing assets, Shandong Luqiao planned to carry out supply chain financial asset securitization business. The specific issuance plan is that GF Securities Asset Management (Guangdong) Co., Ltd. as the plan manager and Beijing Yifang Commercial Factoring Co., Ltd. as the original equity holder will issue a series of products of "Shandong Expressway and Bridge-Beijing Yifang-GF 1-25 Supply Chain Financial Asset-Backed Special Plan", and the company will carry out supply chain financial asset securitization business as the core enterprise of this project/join the debtor. At the same time, the special plan adopts the method of applying for the issuance of shelf quota in installments, with a total issuance of no more than 5 billion yuan, and the specific scale of each phase is subject to the announcement when the special plan is actually established.

On July 29, 2021, Seco Commercial Factoring (Tianjin) Co., Ltd. was successfully registered in Tianjin Pilot Free Trade Zone with a registered capital of 100 million yuan.

Shandong Expressway and Bridge Investment Management Co., Ltd., which invested 45 million yuan, accounting for 45%; 40 million yuan invested by Seco (Shenzhen) Investment Co., Ltd., accounting for 40%; Beijing Yifang Commercial Factoring Co., Ltd. invested 15 million yuan, accounting for 15% of the capital.

On April 11, 2022, Seco Commercial Factoring (Tianjin) Co., Ltd. (hereinafter referred to as "Seco Factoring") and Beijing CICC Yunchuang Software Co., Ltd. (hereinafter referred to as "CICC Yunchuang") jointly built an industrial digital service platform.

Seco Factoring hopes to build a digital service platform for industry and finance to carry out industrial supply chain financial business, revitalize the existing assets of the industrial chain, optimize the efficiency of industrial supply chain management, and improve the service satisfaction of industrial chain enterprises. The construction of this platform will give priority to relying on the Group's good credit system, based on the online confirmation of accounts payable of core enterprises, to achieve the goals of holding, splitting, circulation and financing of electronic debt certificates. As a capital provider, Seco Factoring will provide convenient, efficient and safe factoring financing services for upstream and downstream enterprises in the industrial chain, support the sustainable and healthy development of enterprises in the industrial chain, and enhance their core competitiveness. In the future, Seco Factoring will combine different scenarios of the industrial chain and continue to expand other products and services, so that the digital service platform of industry and finance will further meet the different financial demands of enterprises in different scenarios of the industrial chain, empower the good development of the industrial chain, and improve the comprehensive service capabilities of Seco Factoring.

In addition, as the third batch of access institutions, the Tonghui Capital supply chain bill platform under Shandong Expressway was late in access and vigorous, and the platform business scale exceeded 10 billion yuan in 2022, with a cumulative service of more than 1,000 enterprises, and landed the first supply chain bill second sticker and rediscount business in the whole market, empowering 11 core enterprises in a SaaS way.

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20. Sichuan Huaxi Group Co., Ltd., AA+, a state-owned enterprise in Sichuan Province

Sichuan Huaxi Group Co., Ltd. was founded in May 1950, which is formed by the first bureau of the Ministry of Construction, the construction engineering bureau of the Sichuan Provincial People's Government and the southwest management bureau of the Ministry of Construction, formerly known as the Sichuan Provincial Construction Department, Sichuan Construction Engineering Corporation and Sichuan Huaxi Group Corporation. After more than 60 years of development and evolution, it has now become one of the large-scale state-owned construction groups with important influence in the west, the whole country and even overseas.

The group has 4 housing construction general contracting special qualification enterprises, the business involves engineering contracting, real estate development, building materials, foreign investment, overseas business, scientific research and design, finance, weekly material leasing, hospitals and other fields, the market covers more than 30 administrative regions in the country and more than 20 countries and regions overseas, with an annual operating income of more than 50 billion yuan. It is currently ranked 314th in the "Top 500 Chinese Enterprises" and 14th in the "ENR Top 80 Chinese Contractors".

Shenzhen Huaxi Qianhai Commercial Factoring Co., Ltd. was established on June 21, 2017, with a registered capital of 200 million yuan, and its main shareholders are Sichuan Huaxi Financial Holdings Co., Ltd. and China Huaxi Enterprise Co., Ltd.

Sichuan Huaxi Commercial Factoring Co., Ltd. (hereinafter referred to as "Huaxi Factoring") was established on November 22, 2018 with a registered capital of RMB 100 million, which is the first commercial factoring company approved by the Chengdu Administrative Committee of Tianfu New Area in Sichuan Province and registered in Chengdu Free Trade Zone of Tianfu New Area.

With the purpose of combining industry and finance, the company provides comprehensive factoring services around the upstream and downstream of the supply chain of Huaxi Group, construction and other industry enterprises. Huaxi Factoring is a wholly-owned subsidiary of Sichuan Huaxi Financial Holdings Co., Ltd. (hereinafter referred to as "Huaxi Financial Holdings"). Huaxi Financial Holdings is a state-owned holding company wholly-owned by Sichuan Huaxi Group approved by the State-owned Assets Supervision and Administration Commission of Sichuan Province, and its business covers capital operation, commercial factoring, financial leasing, small loans, insurance brokerage, etc.

In May 2020, the online supply chain finance project of China Merchants Bank and West China Group was successfully launched, aiming to provide high-quality, convenient and efficient financial services for supply chain enterprises. Relying on the online supply chain financial system independently developed by China Merchants Bank and the "cloud procurement network" of West China Collective Procurement, China Merchants Bank and West China Group Online Supply Chain Financial Services effectively integrate the two with financial technology means and vertically apply them to supply chain financing scenarios, which can realize online collaboration in the whole process of accounts receivable financing between banks and enterprises.

Huaxi Centralized Procurement is an e-commerce platform for supply chain management, e-commerce transactions, supply chain financial services and logistics services in the construction industry relying on Huaxi Group's stable procurement needs, high-quality supplier resources and convenient financial support. After the suppliers of Huaxi Group complete the procurement processes such as bidding, signing and orders on the "cloud mining network" platform of Huaxi Centralized Procurement, the transaction data will be retained in the "cloud procurement network". When the supplier needs to finance the accounts receivable, submit the financing application to the bank on the "cloud mining network", and the system will automatically retrieve the trade background information and transmit it to the bank, and China Merchants Bank will directly review it online and quickly release the loan. During the whole process, China Merchants Bank also integrated many financial technology measures to improve business efficiency and user experience, such as automatic invoice verification and online signing of agreements, etc., truly realizing the whole process online. At present, more than 50,000 suppliers have registered and traded on the "cloud mining network", with an annual bidding of 50 billion yuan.

On March 15, 2022, Huaxi Collective Procurement and Xinwang Bank signed the ""Shanjian Cloud" Digital Platform Financing Strategic Cooperation Agreement in the Group. Relying on their respective resources and technological advantages, Huaxi and Xinwang Bank have created new financial solutions for the upstream and downstream of the construction industry chain that are completely different from traditional financing methods, fully driving the coordinated development of digitalization of upstream and downstream enterprises in the construction industry chain, stimulating new momentum, deriving new models, building new business formats, and achieving high-quality economic development.

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21. Chengdu Construction Engineering, a state-owned enterprise in Chengdu, and its parent company, Chengdu Xingcheng, invested in AAA

Chengdu Construction Group Co., Ltd., formerly known as Chengdu Construction Engineering Bureau, dates back to 1950 and was restructured by Chengdu Construction Engineering Group Corporation in September 2018 to change its current name. Chengdu Construction Group Co., Ltd. is the most competitive state-owned super-large comprehensive construction enterprise group in the central and western regions of the mainland, ranking among the "Top 500 Chinese Enterprises" 11 times and awarded the title of the first batch of "National Prefabricated Construction Industry Base". The total assets of the company exceed 60 billion yuan, and there are more than 40 wholly-owned and holding enterprises; It has 12,000 employees, more than 5,000 professional and technical personnel, and more than 150,000 employees. The company has 3 special qualifications for general contracting of construction projects approved by the Ministry of Housing and Urban-Rural Development, 3 Grade A qualifications for construction industry (construction engineering) design, more than 20 first-class qualifications for general contracting of construction engineering, municipal public works, highway engineering, mechanical and electrical engineering, more than 170 professional contracting qualifications, and the first batch of foreign economic cooperation business qualifications and import and export business qualifications approved by the Ministry of Commerce in Sichuan Province. The business area has expanded to more than 20 provinces, municipalities and autonomous regions such as Beijing, Tianjin, Chongqing, Guangdong, Fujian, Hainan, Yunnan, Guizhou, Qinghai and Tibet, as well as international markets such as Angola, Kenya, Mongolia and Gabon.

Chengdu Jiaozi Commercial Factoring Co., Ltd. was established in June 2019 with a registered capital of 400 million yuan, which is the highest registered commercial factoring company in the province. The shareholders of the company are Chengdu Jiaozi Financial Holding Group Co., Ltd., Chengdu Construction Group Co., Ltd. and Chengdu High-tech Investment Group Co., Ltd., and the controlling shareholder is Chengdu Jiaozi Financial Holding Group Co., Ltd.

In February 2020, Jiaozi Factoring's first factoring business landed, with a contract amount of 28.1 million yuan. The business applicant has a clear main business, strong core competitiveness, mainly provides labor outsourcing services to core enterprises, and has no contract disputes and quality problems in the past cooperation. Moreover, the accounts payable party of this project is a wholly-owned secondary subsidiary of Chengdu Construction Group Co., Ltd., a high-quality state-owned enterprise in our city, and the source of repayment is clear. This single business is an important measure for the company to implement the "Regulations on Guaranteeing the Payment of Wages for Migrant Workers", providing liquidity support for labor service suppliers of construction units during the Spring Festival, ensuring that migrant workers receive wages on time and in full, so that migrant workers can "earn income from their work and get value for their work". The company will continue to focus on industry research and factoring product innovation, strictly control risks, participate in market-oriented competition, steadily expand factoring business, and provide customers with professional factoring services on the basis of ensuring the preservation and appreciation of state-owned assets.

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22 ANE, China

China ANE Construction Group Co., Ltd. was established in January 1981, in 2019, with the approval of the Party Central Committee and the State Council, after the Armed Police Hydropower Force was established as a state-owned enterprise, using the name of China ANE Construction Corporation, it has completed the corporate restructuring and changed its name to China ANE Construction Group Co., Ltd., and was included in the list of enterprises that perform the duties of investors on behalf of the State Council by the State-owned Assets Supervision and Administration Commission of the State Council.

On April 19, 2021, ANE's first product of supply chain finance for key customers will be launched online. ANE Key Customer Supply Chain Finance is a freight financing product developed in cooperation with financial institutions based on ANE's vigorous development of key customer business. The first supply chain financial product for major customers will be officially launched at the end of April. In view of the common problems of large customers who have long plagued the outlets, such as "long account period, large capital advance, and slow payment collection", ANE provides special freight financing services for large customers to effectively solve the urgent need for capital turnover of venture partners.

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23 Shanghai Urban Construction Group, AAA

Shanghai Urban Construction (Group) Co., Ltd. was established in October 1996 with the approval of the Shanghai Municipal Party Committee and the Municipal Government, and is authorized by the Municipal State-owned Assets Supervision and Administration Commission to operate the state-owned assets in the group, and is a large-scale enterprise group integrating engineering investment and construction, design, construction and management. Among China's top 500 enterprises, it has ranked among the top municipal enterprises for seven consecutive years. In 2008, it ranked 13th among the top 60 contractors in China, 26th among the top 100 enterprises in Shanghai, and entered the ranks of 225 international contractors in the world.

On August 29, 2011, Shanghai Urban Construction (Group) Company was selected as one of the top 500 Chinese construction enterprises by the China Construction Enterprise Federation, ranking 39th. Shanghai Urban Construction (Group) Co., Ltd. has the special qualification of general contracting of municipal public engineering construction, the first-class qualification of general contracting of highway engineering, housing construction and other construction, and the first-class qualification of real estate development, and the group has 15 wholly-owned and holding subsidiaries and 3 business departments. Among them, 2 special grade, 6 first-class construction enterprises and 5 Grade A survey and design institutes have formed a large-scale enterprise group with infrastructure design and construction general contracting as the leader, infrastructure investment and real estate development and operation as the support, integrating various types of engineering investment, design, construction, management, equipment and material supply.

There is currently no more information about the company's supply chain finance.

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24. Guangdong Construction Engineering Group Co., Ltd., Guangdong State-owned Enterprise, AAA

Guangdong Construction Engineering Group Co., Ltd. (hereinafter referred to as "Guangdong Construction Engineering Group") was established in 1953 and is a leading enterprise in the construction industry in the province. In January 2018, provincial construction engineering enterprises implemented restructuring and reform, and the former construction group and the former hydropower group were merged and reorganized into a new construction group. Guangdong Construction Group insists on building the brand with strength, enhancing the strength with the brand, continuously improving the industry status, and constantly showing its brand advantages. It has been ranked among the "Top 500 Chinese Enterprises" for 15 consecutive years, the "Top 80 Chinese Contractors" for 15 consecutive years, and the "Contract-abiding and Trustworthy Enterprise in Guangdong Province" for 25 consecutive years.

After the reorganization, Guangdong Construction Group has three categories and four general contracting special grades of construction engineering construction, municipal public works, water conservancy and hydropower construction, three grade A construction engineering consulting, water and soil conservation preparation, supervision and a qualification system with complete professional facilities; It has five Grade A design qualifications (planning, survey, construction, municipal, water conservancy industry); Own a listed company (Guangdong Hydropower, stock code: 002060); It has 2 national scientific research institutions, 19 provincial scientific research institutions and 26 high-tech enterprises. Four investment and construction platforms, including a provincial financing platform for shantytown reconstruction, a specialized housing leasing platform for provincial state-owned enterprises, a platform for reclamation paddy fields and Hengguangyuan Investment Company, have been built. Guangdong Green Construction Development Research Center, National Green Building Quality Supervision and Inspection Center, High-end Shield Equipment R&D and Manufacturing Base, Academician Expert Workstation, Postdoctoral Research Workstation, Guangdong Subtropical Building Technology Public Laboratory have been set up to comprehensively improve the comprehensive capabilities of the whole industrial chain of the construction industry, such as planning, survey, design, investment, construction, supervision, scientific research, testing, equipment components, operation and management.

There is currently no more information about the company's supply chain finance.

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25. Guangzhou Construction Group Co., Ltd., Guangzhou State-owned Enterprise, AA+

Guangzhou Construction Group Co., Ltd. (hereinafter referred to as "Guangzhou Construction"), founded in 1950, is a large state-owned enterprise directly supervised by the State-owned Assets Supervision and Administration Commission of Guangzhou Municipality, the first enterprise group in South China to hold both the general contracting of housing construction engineering and the construction industry Grade A design qualification, the municipal public engineering construction general contracting special qualification and the municipal industry Grade A design qualification, the existing construction general contracting special qualification 2, construction general contracting first-class qualification 39, professional contracting first-class qualification 109, Grade A design qualification 33, There are 5 Grade A qualifications for construction and municipal engineering supervision, and the business scope covers housing and municipal infrastructure construction, engineering survey and design, mechanical and electrical installation, decoration and decoration, environmental protection engineering, landscaping engineering, project supervision, building materials trade, real estate development and operation, engineering testing and testing, new material research and development, human resource services and financial services, etc., basically covering all professional fields of the construction industry and its related supporting industrial chain. In 2019, Guangzhou Construction achieved an operating income of 105.1 billion yuan, ranked 207th among the top 500 Chinese enterprises in 2020, and ranked 19th in the national construction industry.

There is currently no more information about the company's supply chain finance.

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26. Jiangxi Construction Group, Jiangxi State-owned Enterprise, AA+

Jiangxi Construction Group Co., Ltd. (hereinafter referred to as Jiangxi Construction Group) has a history of 60 years. It is a large-scale state-owned construction enterprise in Jiangxi Province, formerly known as Jiangxi Provincial Construction Engineering Bureau established in 1952. With a number of qualifications such as special grade general contracting of housing construction engineering, general contracting of municipal public engineering construction, level I general contracting of highway engineering construction, as well as the right to cooperate in foreign contracting projects and labor services, it has passed the quality, environment, occupational health and safety management system certification, and is a leading enterprise in the construction industry in Jiangxi Province, one of the top 500 enterprises in China, one of the top 50 in the national construction industry, and one of the top 10 enterprises in Jiangxi Province.

At present, the Group has 11 holding subsidiaries, 3 wholly-owned subsidiaries and 3 shareholding companies in China. In addition to 22 functional departments, the group headquarters has 17 general contracting engineering companies of branch nature, 1 overseas engineering company, and 1 architectural design and research institute. The total assets of the group are 60.7 billion yuan, the net assets are 6.7 billion yuan, the registered capital is 1.04 billion yuan, and the annual construction production capacity is nearly 50 billion yuan. The business scope involves housing construction engineering, foundation and foundation engineering, towering structure engineering, municipal public works, highway engineering, water conservancy engineering, landscape engineering, mechanical and electrical installation engineering, smelting engineering, fire protection facilities engineering, steel structure engineering, building decoration, building curtain wall, international engineering contracting and labor export and other fields, but also involved in project supervision, technical consulting, building testing, real estate development and other industries, has successively created a number of representative of China's construction industry the highest level of quality, The safety and civilization standardization demonstration site has shaped the image of the high-quality brand of "Jiangxi Construction Engineering". Domestic business covers all provinces, municipalities and autonomous regions, foreign business mainly in Zambia in Africa and Bangladesh and India in South Asia, is the first housing construction engineering general contracting special construction enterprise in Jiangxi Province, and has been ranked among the "Top 500 Chinese Enterprises", "Top 50 National Construction" and "Top 10 Jiangxi Enterprises" for 6 consecutive years.

At the same time, the group company has also formed a diversified and integrated project general contracting capacity for general contracting, professional contracting and labor subcontracting, and housing construction, municipal, road and bridge, water conservancy and hydropower, mechanical and electrical equipment installation, steel structure and other fields, as well as design, construction, supervision, fire protection, decoration and decoration and other industrial chain construction. By 2019, it has 3 special qualifications for general contracting of housing construction projects, 8 Grade A qualifications for design, 47 first-class qualifications and 23 second-level qualifications. The software and hardware strength such as business ability, construction technology, management level, financing ability, talent team and qualification level rank ranks the leading position in the same industry in the province and the upstream level of the same industry in China.

On April 9, 2022, Jiangxi Construction Group Supply Chain Management Co., Ltd. (hereinafter referred to as Supply Chain Company), a holding subsidiary of Jiangxi Construction Group Construction Industry Investment Co., Ltd., was officially registered. Supply chain company is a provincial state-owned large-scale bulk commodity circulation service integrated enterprise jointly funded by the production and investment company and Jiangxi Zhihe Material Trading Co., Ltd., with a registered capital of 100 million yuan. According to public information, the supply chain company will be based on the construction industry, based on the Jiangxi market, based on the steel supply chain, warehousing and logistics, bulk commodity trading, high-tech building materials promotion and other business fields, based on the centralized procurement of bulk commodities and the industrial extension of commodity supply chain financial services, through big data and blockchain and other modern technical means, is committed to building a high-quality supply chain service platform that integrates business flow, logistics, capital flow and information flow.

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27. Chongqing Construction Group, 600939.SH, AA+

Chongqing Construction Group was established in 1998 by the restructuring of Chongqing Municipal Construction Management Bureau, and after years of development, the group has become the only listed state-controlled large-scale construction enterprise group in western China. The group has 50 wholly-owned independent legal person enterprises at all levels, 20 holding enterprises and 19 foreign shareholding enterprises. In 2019, the group achieved an operating income of 52.130 billion yuan and a total profit of 787 million yuan. The company has been ranked among the top 500 Chinese enterprises for 17 consecutive years and the top 10 top 100 enterprises in Chongqing for 15 consecutive years. The group has more than 16,000 employees, more than 10,000 management and professional personnel, and is involved in housing construction, construction and installation, municipal infrastructure construction, water conservancy and hydropower, rail transit, real estate development, building materials, construction machinery manufacturing, investment and financing and construction industry modernization, and its business covers most provinces, municipalities, autonomous regions and more than 20 countries and regions in the world. In February 2017, China Construction Engineering Co., Ltd. was successfully listed on the Shanghai Stock Exchange (stock code: 600939), opening a new stage of development of Chongqing Construction Group. Chongqing Construction Group takes emancipation of the mind and change of concept as the guide, actively adapts to the market, changes the operation mechanism, accelerates the adjustment of industrial product structure, property rights structure and market structure, and takes "excellent architecture and better life" as its corporate mission, and strives to build Chongqing Construction Group into a first-class comprehensive construction enterprise group in China.

There is currently no more information about the company's supply chain finance.

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28. Yunnan Construction Investment Holding Group Co., Ltd., Yunnan State-owned Enterprise, AAA

Yunnan Construction Investment Holding Group Co., Ltd. (hereinafter referred to as "Yunnan Construction Investment Group") was established on April 21, 2016 by the integration and reorganization of the former Yunnan Construction Group, 14th Metallurgical Construction Group and Southwest Communications Construction Group, which is an important provincial state-owned backbone enterprise that performs the duties of investor and authorizes the state-owned capital investment and operation of Yunnan Province, and is the main body of state-owned capital investment, operation and construction in the construction field and related industries in Yunnan Province.

As of December 2020, the registered capital of the group is 103.470 billion yuan, the total assets are 594.16 billion yuan, and the net assets are 212.016 billion yuan. At present, there are more than 33,000 employees, more than 30,000 retirees, and more than 22,000 professional and technical personnel; There are 59 wholly-owned subsidiaries, holding companies and directly managed enterprises and institutions; It has 655 qualifications of various types, and is the only enterprise in Yunnan Province that has 6 special qualifications for general contracting of construction projects, 1 special qualification for general contracting of municipal public engineering construction, 1 special qualification for general contracting of highway engineering construction and 1 special qualification for general contracting of water conservancy and hydropower projects. In 2018, the Group ranked first among the top 100 enterprises in Yunnan; In 2020, it ranked 5th among the top 80 Chinese contractors and 45th among China's top 100 multinational companies; In 2020, it ranked 156th among the top 500 Chinese enterprises, and was selected into the 250 of the US Engineering News Record (ENR) for 11 consecutive times, ranking 106th.

The construction and investment logistics company of Yunnan Construction Investment Co., Ltd. has built the "Cloud Yingjia Smart Supply Chain Platform" based on the full life cycle management of the supply chain to build a digital platform with independent intellectual property rights independently developed by Yunnan Construction Investment Logistics Co., Ltd., integrating procurement performance, channel marketing, integrated logistics, customs clearance, payment, traceability and other supporting businesses, and realizing the integration and application of business flow, information flow, logistics and capital flow through the integration and application of modern information technology such as the Internet, Internet of Things and cloud computing. Support the diversification, multi-format and multi-mode development of front-end business, realize operation collaboration, business online, process visualization, information sharing, and management transparency, and effectively promote the cost reduction, efficiency increase, transformation and upgrading of the traditional industrial chain.

The "Cloud Home" platform was selected as the 2018 New Information Consumption Demonstration Project by the Ministry of Industry and Information Technology, the only one in Yunnan to be selected as a typical case of digital transformation of state-owned enterprises in 2020 by the State-owned Assets Supervision and Administration Commission of the State Council, and the first prize of the 2020 Science and Technology Progress Award of the China Federation of Logistics and Purchasing.

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29. Fujian Construction Group Co., Ltd., Fujian State-owned Enterprise, AA+

Founded in 1953, Fujian Construction Group Co., Ltd. (hereinafter referred to as the Group) is an important provincial backbone group enterprise supervised by the State-owned Assets Supervision and Administration Commission of Fujian Province. With 2 construction general contracting special grades, 5 construction general contracting level I and many construction professional contracting level I qualifications, with rich experience in operating BOT, EPC, PPP, investment and financing + construction general contracting, the business covers engineering construction, scientific research design and consulting, real estate development, investment development and operation and production service manufacturing sector, can provide the whole industry chain services from investment and development, planning, survey, design, construction, installation, decoration to operation and maintenance. The group has more than 150 subsidiaries, mainly including China Wuyi, Provincial Seven Construction Company, Provincial Installation Company, Provincial Design Institute, Provincial Academy of Construction Sciences, Construction Engineering Company, Infrastructure Company, Manpower Company, Huanhai Company, etc.

Adhering to the enterprise spirit of "self-improvement, pioneering and innovation", the Group actively participates in the construction of key and landmark projects in Fujian Province and at home and abroad, and has won the Luban Award of China Construction Engineering and more than 100 projects of National Excellent and Provincial Excellent Engineering Awards; It has been selected as one of the top 80 Chinese contractors for 16 consecutive years, and has won the honors of China's Top Double 100 Competitive Enterprises in the Construction Industry, AAA Credit Enterprise in the National Construction Industry, and National Contract-abiding and Credit-worthy Enterprise for many consecutive years.

There is currently no more information about the company's supply chain finance.

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30 Zhongyu Construction Investment Group Co., Ltd

On March 13, 2022, Henan Zhongyu Construction Investment Group Co., Ltd. (hereinafter referred to as "Zhongyu Construction Investment") was listed centrally. Henan Province has not previously had a provincial-level construction enterprise with universal influence. With the unveiling of Zhongyu Construction Investment, the image of "big construction" of Zhongyuan has been unveiled.

After the establishment of Zhongyu Construction Investment Group, it will break the long-term passive situation of "many, small, weak and scattered" construction enterprises in Henan Province, optimize the layout of state-owned capital in the construction sector in our province, create a provincial "big construction project", better play the role of state-owned enterprises as "ballast stone" and "main force" in the fields of new urbanization construction, emergency engineering and social public services in Henan, help our province transform from a large construction province to a strong construction province, and lead the high-quality development of Henan's construction industry to achieve "two guarantees" and implement the "ten major strategies" Make new and greater contributions.

After the listing, Zhongyu Construction Investment Group will actively transform from the traditional general construction contractor to the diversified industry role of "three businesses in one" integrating builders, investors and service providers, while expanding the market share of original buildings such as design and construction and green building materials, and gradually extending the chain to strategic emerging industries such as investment and financing, urban renewal and rural revitalization.

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31 Special Zone Construction

Special Zone Construction Group is a large-scale state-owned construction industry group wholly owned by Shenzhen established in December 2019 by the Shenzhen State-owned Assets Supervision and Administration Commission to deepen the comprehensive reform of regional state-owned assets and state-owned enterprises and promote the high-quality development of Shenzhen's construction industry. Special Zone Construction Group is positioned as the main force of urban modernization construction and services, the backbone of urban emergency rescue, the pioneer of high-quality development of the construction industry, and the comprehensive service provider of the construction industry chain; It covers "six major businesses" such as architectural design, building construction, building industrialization, urban services, comprehensive development, and building technology.

In 2021, Tianjian Group, a subsidiary of Special Zone Construction, achieved an operating income of 23.269 billion yuan, a year-on-year increase of 35.88%, a net profit attributable to shareholders of listed companies of 1.933 billion yuan, a year-on-year increase of 30.09%, and distributed a cash dividend of 3.3 yuan (including tax) to all shareholders for every 10 shares. Operating income, profit scale and new contract amount have reached record highs, and the comprehensive strength and industry status of Tianjian Group have been further improved.

In 2021, Tianjian Group continued to expand financing channels and reduce financing costs, increasing its credit scale by RMB16.7 billion, using ultra-short-term loans of RMB14.9 billion, issuing ultra-short-term financing of RMB4.2 billion on a rolling basis, issuing RMB2.5 billion of perpetual bonds, issuing RMB590 million of commercial bills and factoring of RMB15 million, achieving a historic breakthrough in supply chain finance.

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