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Bulletin: A-share IPO Strengthens Position of Shanghai Rural Commercial Bank as a Leading Regional Bank in China

货币化安置再发力:城中村改造能否带动房地产企稳?

评级行动:评定“兴瑞2025年第六期不良资产支持证券” 优先档证券信用等级为AAAspc(sf)

Credit Rating Report: Zhejiang China Commodities City Group Co., Ltd., June 17, 2025

Credit Rating Report: Yiwu China Commodities City Holdings Limited, June 17, 2025


Bulletin: A-share IPO Strengthens Position of Shanghai Rural Commercial Bank as a Leading Regional Bank in China

S&P Global (China) Ratings today said that the initial public offering on the A-share market of Shanghai Rural Commercial Bank Co., Ltd. (SRCB; AAspc-/stable) has improved its capital supplement channel and further consolidated its position as a regional bank with the highest credit quality in China.

SRCB's A-share market listing further enhances its capital strength. It raised about 8.6 billion RMB in the IPO which elevated its capital adequacy ratios. Before the IPO, the bank's tier-1 capital adequacy ratio and total capital adequacy ratio were 12.05% and 14.28% respectively by the end of June 2021, comfortably above the minimum regulatory requirements.

After the listing, state-owned enterprises of Shanghai continue to hold the majority of its equity. We believe that the bank will remain highly important for Shanghai municipal government. With the increased capital base, the bank will play a greater role in serving local small and micro businesses and the rural sector.

The asset quality of SRCB is significantly better than the industry average, and its strong reserve buffer ensures the high quality of its capital. By the end of 2020, its non-performing loan ratio was 0.99%, and its special-mention loan ratio was 0.76%, 0.85% and 1.81% lower than the industry average respectively; its reserve coverage ratio was 419%, far higher than the average industry level of 184%.

In the first half of 2021, SRCB performed well. As of the end of June 2021, its total assets were 1.1 trillion RMB, up by 4% from the end of 2020. In the first half of the year, the bank realized an operating revenue of 12 billion RMB, and a net income attributable to parent of 5.1 billion RMB, representing a YoY increase of 7% and 18% respectively, showing robust development potential in the post-COVID era.

This bulletin does not constitute a rating action.



货币化安置再发力:城中村改造能否带动房地产企稳?

  • 各地政策规划和资金落实情况显示,今年城中村改造进度明显加快,反映出地方政府和金融机构对中央政策的有效执行,为政策见效奠定了坚实基础。
  • 与2015-2016年棚改货币化相比,本轮城中村改造货币化安置呈现三大特征:以高能级城市为主要支撑、房票制度广泛应用、资金来源更加多元化。
  • 城中村改造及城市更新对商品房销售的提振效果主要取决于货币化安置力度,其他形式的改造更新(如安置房建设、旧房修缮等)对商品房销售的直接影响相对有限。货币化安置比例与房票政策效果尤为关键,整体实施进展尚需观察。
  • 相较上一轮棚改货币化,当前的宏观环境和需求基本面已发生较大改变。城中村改造货币化安置是稳定房地产市场的重要政策工具,但要实现行业全面企稳仍需多措并举。

 

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评级行动:评定“兴瑞2025年第六期不良资产支持证券” 优先档证券信用等级为AAAspc(sf)

北京,2025年6月18日—标普信评宣布,已评定“兴瑞2025年第六期不良资产支持证券”项下优先档资产支持证券(以下简称“优先档证券”)的信用等级为AAAspc(sf)。该交易由兴业银行股份有限公司发起。

 

信用等级列表:  

优先档证券:AAAspc(sf)  

 

相关方法:  

标普信用评级(中国)— 结构融资评级方法论  

  

相关评论与研究:  

标普信用评级(中国)个人消费贷款资产支持证券分析方法

中国不良资产支持证券市场多维度观察2025版

  

传媒联络人:

雷文静,北京;(86)10-6569-2961;michelle.lei@spgchinaratings.cn

 

分析师

李佳蓉,北京;jiarong.li@spgchinaratings.cn

李开颜,北京;kaye.li@spgchinaratings.cn

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Credit Rating Report: Zhejiang China Commodities City Group Co., Ltd., June 17, 2025

On June 17,2025, S&P Global (China) Ratings published its latest credit rating report on Zhejiang China Commodities City Group Co., Ltd. Please click the link below to read the PDF.

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Credit Rating Report: Yiwu China Commodities City Holdings Limited, June 17, 2025

On June 17,2025, S&P Global (China) Ratings published its latest credit rating report on Yiwu China Commodities City Holdings Limited. Please click the link below to read the PDF.

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