TEDA’s Leading Factoring Company Launches its First Joint Factoring Business with a Central SOE

Recently, TEDA’s leading enterprise, China Reform Commercial Factoring Co., Ltd. has joined hands with CCCC Commercial Factoring Co., Ltd. to provide 2 billion yuan of factoring financing for CCCC Group’s projects in Canton-Hong Kong-Macau region, which marked the first joint factoring business between Central SOE and China Reform Commercial Factoring has launched successfully. China Reform Commercial Factoring Co., Ltd. is currently the largest factoring company in China and the first Central SOE factoring company with a factoring scale of 100 billion yuan in China. Its capital has reached 7 billion yuan after five rounds of capital increase. By the end of August 2022, the company has provided factoring financing services of over 160 billion RMB, benefiting more than 7,000 core enterprises and upstream and downstream industrial chain customers.

TEDA is one of the first pilot cities (districts) for industry integration and one of the first pilot areas for “The Integration of Advanced Manufacturing and Modern Service Industries”, and is the financial symbol of Tianjin Pilot Free Trade Zone. In 2020, TEDA was approved to build the nation’s only “Tianjin Commercial Factoring Innovation Development Base”, after which 20 major innovation policies were introduced to encourage the factoring enterprises in TEDA to try boldly and venture out. The first cross-border RMB international factoring business, the first digital RMB factoring business and the first N+N all-form factoring asset ABS storage business for Central SOE s have been implemented one after another. The “Commercial Factoring Financing Service Alliance” has been established to build the first commercial factoring court in China, providing fertile ground for innovation and development of factoring enterprises.