According to 21st century business herald, an enterprise trust fund (limited partnership) was registered in Henan Province on April 27th, according to the national enterprise credit information disclosure system. This fund is a credit guarantee fund in Henan Province, which is used to reduce the debt risk and enhance the credit of state-owned enterprises in Henan Province. The total scale is 3 billion yuan, and the initial scale is 5 billion yuan. According to the industrial and commercial registration information, the business scope of Henan enterprises trust funds (limited partnerships) is to engage in equity investment, investment management, asset management and private equity funds and other activities, and the main business in the West is to build provincial financial departments.

the registered capital of the fund is 4 billion yuan, including Zhongyuan Henan Capital Holding Co., Ltd., Henan Airport Group Co., Ltd., Henan Communications Development Group Co., Ltd., Henan Investment Group Co., Ltd., Henan Water Conservancy Investment Group Co., Ltd. and Angang Co., Ltd.. Henan Agricultural Development Company, Henan Civil Aviation Development Investment Company, Pingmei Group, Yunenghua Holding Yongmei, Henan Railway Investment Company and other 24 provincial-level state-owned enterprises. Zhongyuan Yu Capital Holdings Co., Ltd. (wholly owned by Henan Provincial Department of Finance) is the largest shareholder and managing partner of Zhongyuan Yu Capital, with an investment ratio of 24.9975%. Yu Nenghua holds a 1.25% stake in Yongmei. The most direct problem is to solve the debt problem of Henan Energy. The establishment of Henan Credit Guarantee Fund is the reform and revival plan of Henan Energy and Chemical Industry Group.

Yongcheng Coal and Power Holding Group Co., Ltd. (defaulted on its bonds last November, and Yuneng was caught in a debt crisis. Yunenghua holds 96% shares of Yongmei in Yongmei, and Yongmei's assets account for 6% of the company's shares. Finally, Henan Nenghua and Yongmei formed the existing bonds? 5% balance extension? The disposal method. So far, * * * has 21 kinds of bonds, with a stock size of 23.42 billion yuan. Yongmei stock has 24 bonds with a stock size of 18.91 billion.

Market participants pointed out that the source and application of the credit guarantee fund are very important, and they are usually funded by local state-owned enterprises and financial institutions. This should be a priority and low, and the scale of relationship and fund management should be amplified through leverage. Used in emergency, the leverage effect is basically limited and the risk of loss is high. In any case, if external support is provided through credit enhancement, the leverage ratio can be doubled. For example, in December, 22, the central enterprise credit guarantee fund supported China Railway Materials Group Co., Ltd. to successfully issue 1 billion yuan of private corporate bonds and issue a bond to support the issuance, which helped it to return to the bond market four years later. At the same time, it supported the Conference Preparation Road and Bridge Construction Co., Ltd. to successfully issue 1 billion yuan of medium-term notes, which helped to reduce the cost of issuing bonds by about 2 basis points.