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Postion>>Company>>Development History
Development History

 

New Century, New March and New Exploration

-On 20th anniversary of the founding of Shanghai Brilliance Rating

In spring 1992, Deng Xiaoping’s speech during his south China visit promoted powerfully market economic development in China. Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. (Shanghai Brilliance Rating) was founded. Mr. Daohan Wang inscripted “Financing for Prosperous Industries” for Shanghai Brilliance Rating in its early years. In the 20 years, Shanghai Brilliance Rating served for the real economy financing as its mission, and strived to serve the development of China stocks, credit and bond financing, to contributed itself to the development of China's financial system; in the 20 years, Shanghai Brilliance Rating grew sturdily, from small to large, the total number of staff from a dozen people to over 150 people currently, it planted flags all over the China; in the 20 years, Shanghai Brilliance Rating’s annual turnover was more than RMB 1 billion and has created seven first place in the history of credit rating industry in China in its 20 years of development, Shanghai Brilliance Rating:

Became the first credit rating agency obtained all qualitifications and licenses from the People’s Bank of China (PBC) (1997),National Development and Reform Commission (NDRC) (2003), China Insurance Regulatory Commission (CIRC) (2003), and China Securities Regulatory Commission (CSRC) (2007); edited and published the first book which introduced the credit rating in international perspective : Credit Rating (1996); edited and published the first English-Chinese Handbook on Terms of Credit Rating (2009); wrote and issued the first investment value report in securities market: The Investment Value Report of Tsingtao Brewery Company Limited (1994); rated the first commercial paper: Guotai Junan Commercial Paper which was issued successfully (2005); rated the first three issues of collective notes of small and medium enterprises (SMEs) which were issued successfully (2009); and rated the first Renminbi-denominated bond issued by foreign bank: the financial bond of the Bank of Tokyo-Mitsubishi UFJ (China), Ltd. which was issued successfully (2010)!

In the 20 years, China was reform and opening up to the market economy; the credit rating industry in China from scratch, from weak to strength; Shanghai Brilliance Rating strived to be strong and searched innovation and development.

Stage one: Foundation and Accumulation (1992-1997)

At first, Shanghai Brilliance Rating sought out the position accurately in the market, invested human and material resources into research and development around primary business, and developed Bond (Commercial Paper) Rating System which was endorsed by experts in October 1992. However, at the initial foundation period, since there was a slow development in China bond market, there were few credit rating transactions. Therefore, Shanghai Brilliance Rating seized the opportunity of initial development in China securities market, provided consulting and strategic planning services for enterprise shareholding system reform and initial public offering with its own strength, and achieved a good result. At the same time, Shanghai Brilliance Rating invested in research and development, Shanghai Brilliance Rating published Credit Rating in 1996; The book introduced credit rating systematically with a global view in both theory and practice, which influenced greatly the rating industry. The accomplishments at this stage laid a development foundation for Shanghai Brilliance Rating on human resources, technology and financial resources.  

Stage Two: Exploration and Adjustment (1998-2004)

In late 1990s, with the gradual development of China securities market, great changes took place in the market pattern of consulting and strategic planning services for shareholding system reform and initial public offering. Facing the changed market pattern, Shanghai Brilliance Rating adjusted actively its business structures. In 1996, the People’s Bank of China (PBC) promulgated Lending General Provisions. Subsequently, PBC Shanghai Branch ran a trial credit rating for borrowing enterprises in 1997 and 1998, and made it an official operation in 1999. Shanghai Brilliance Rating seized actively such development opportunity of borrowing enterprise credit rating, focused unwaveringly on borrowing enterprise credit rating while improving research and industrialization for other rating business, and resumed with expansion securities investment consultation, management consultation and asset appraisal. Shanghai Brilliance Rating shaped gradually a pattern of simultaneous development of such four core businesses with an integrated approach. At this stage, Shanghai Brilliance Rating obtained bond rating qualification from regulatory authorities such as PBC, National Development and Reform Commission, and China Insurance Regulatory Commission. Such laid a solid foundation for subsequent rapid development of Shanghai Brilliance.

Stage Three: Acceleration and Expansion (2005-present)

In 2005, there introduced commercial paper in China inter-bank bond market. Shanghai Brilliance Rating developed rapidly in bond rating. Since 2005, there introduced medium-term note, corporate bond, small and medium enterprises collective notes and other innovative products in China bond market. The size of credit and bond markets was increased substantially each year. At this period, Shanghai Brilliance Rating, being the first credit rating agency in China rating industry which obtained complete credit rating qualification from PBC, China Securities Regulatory Commission, National Development and Reform Commission, and China Insurance Regulatory Commission, increased rapidly its size of bond rating business. Bond rating revenue became major revenue of Shanghai Brilliance Rating. At this stage, Shanghai Brilliance Rating rated the first three small and medium enterprises collective notes in China, the first foreign bank’s Renminbi bond in China, Shanghai World Expo Bonds, Shanghai Yangshan Deep Water Port Enterprise Bond and Commercial Aircraft Corporation of China Enterprise Bond, having won some degree of brand influence. Simultaneously, Shanghai Brilliance Rating made an important breakthrough in external relations and cooperation. In 2008, Shanghai Brilliance Rating started technical cooperation with Standard and Poor’s officially. This marks that Shanghai Brilliance Rating has integrated its rating technology with international standards. In April 2012, Shanghai Brilliance Rating started full strategic cooperation with Standard and Poor’s officially. This marks that Shanghai Brilliance Rating has made a solid step toward a brand rating agency with both Chinese characteristics and international standards.

During 20 years exploration and development, Shanghai Brilliance Rating formed its own brand gradually: the theory and technology of “International Standard, Chinese Characteristics”, the vision and the development path of “base on Shanghai, serve in China and orient to the world”, the management idea of “prudent operation, fair and transparent”, created “Shanghai Brilliance Rating” as a top-ranking brand.

Looking forward, the credit rating industry has great respects under the background of constructing multi-level capital market and developing bond market. Shanghai Brilliance Rating seizes each time of change with its whole passion and intelligent, adheres to the development strategy of "three local": "with local organizations as the platform, with the local people as the main body, service for the local international market and investors”, and forge a famous credit rating agency with international level and Chinese characteristics!

                                                                                                                        (July 2012, the 20th Anniversary of Shanghai Brilliance Rating )



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