Chengtou, list
This report tracks the characteristics of the use of funds for urban investment bonds in April 2024 and updates the list of urban investment as defined by the Industrial Research.
In terms of the use of raised funds, the proportion of funds raised by urban investment bonds used to borrow new to repay old ones has decreased month by month, and the proportion used to repay debts has increased. According to the data of Enterprise Early Warning, in April 2024, the proportion of funds raised by urban investment bonds used to repay old loans, repay interest-bearing debts, replenish flow and project construction was 77.8%, 16.6%, 2.5% and 3.0% respectively, of which the proportion of borrowing new to repay old ones continued to decrease by 5.2 percentage points compared with March, while the proportion used to repay interest-bearing debts increased by 4.3 percentage points compared with March. From January to April 2024, Guangdong, Shanghai, Hebei, Fujian, and Shanxi ranked among the top 5 in terms of the proportion of urban investment bonds used for replenishment or project construction[1], at 23.6%, 23.2%, 14.3%, 12.7%, and 11.5%, respectively.
In terms of market-oriented business entities, all of the new market-oriented business entities are still located in non-key provinces, and all of them have commercial business layouts. From a regional point of view, in April 2024, 20 new market-oriented business entities were distributed in 8 provinces, with Henan having the largest number of new market-oriented business entities, reaching 6, of which Zhengzhou added 3; Shandong, Zhejiang, and Fujian all have new market-oriented business entities every month. The level of newly added market-oriented business entities is still dominated by the prefecture and city levels, and the proportion of low-rated entities has increased. From the perspective of business characteristics, the business of the newly added market-oriented business entities has significant mixed characteristics, all of them are deployed in commercial businesses, and the vast majority of entities are also deployed in non-operating public welfare businesses (infrastructure, land consolidation, affordable housing, etc.). From the perspective of the use of bond funds, the use of funds is still mainly to borrow new to repay the old, and one of the new entities is used to repay bank loans, but it is still a debt repayment financing tool after penetration.
In terms of exiting financing platforms, in April 2024, local governments disclosed the withdrawal of four non-bond-issuing urban investment companies from financing platforms.
Combined with the use of bond funds, the declaration of being a market-oriented business entity and the announcement of the withdrawal from the financing platform, 31 new entities in April 2024 do not meet the definition criteria of Industrial Research Urban Investment. At the same time, two of the entities that issued public bonds for the first time in April 2024 have public welfare assets accounting for less than 30% (IB Research criteria), and they are not included in the list of IB Research Urban Investment.
For the list of the full amount of bond issuance and urban investment defined by the latest IB research, please refer to the "12345 Urban Investment Regional Database" (sub-column: Regional Urban Investment - List of Bond Issuing Urban Investment) launched on the X-CUBE ®® platform, and the login method can be found in the "Industrial Research "12345 Urban Investment Regional Database" Officially Launched" released in May 2024[2].
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