China National Investment & Guaranty

What China National Investment & Guaranty does

China National Investment & Guaranty (中国投融资担保股份有限公司, 'Zhongtoubao') is a state-affiliated professional guarantee institution founded in December 1993 as China's first nationwide credit guarantor, established under the Ministry of Finance and the former State Economic and Trade Commission with initial registered capital of 500 million yuan. In October 2006 the company was wholly integrated into State Development & Investment Corporation (SDIC Group, 国投集团), a central state-owned enterprise under SASAC, which subsequently injected capital that brought registered capital to 45 billion yuan (4.5 billion yuan). The firm operates a 'one body, two wings' model: guarantee credit enhancement as the core, with investment & asset management and financial technology as complementary wings, structured across six business segments — Financial Guarantee, Small/Micro Financial Guarantee, Engineering Guarantee, Investment & Asset Management, Financial Technology, and International Business. The company was renamed to its current form in 2013, completed joint-stock reform in August 2015, and listed on the Beijing Stock Exchange's New Third Board (NEEQ) in December 2015 under stock code 834777.

The firm's core product set spans public financing guarantees (bond credit enhancement, fund guarantees, interbank market product credit enhancement), securitization guarantees (ABS, CMBN, CMBS), small/micro enterprise financing guarantees, engineering and government procurement guarantees, and asset management services operated through wholly-owned subsidiary Zhongtoubao Xinyu Asset Management (中投保信裕资产管理). Underlying technology includes a 'Digital China Guarantee' transformation plan launched in 2021, a wholly-owned fintech subsidiary (Zhongtoubao Digital Technology), the Xinyi Jia electronic bond platform integrated with 40+ public resource trading centers, and a joint venture (Zhejiang Santan Technology, founded December 2014 with Hengsheng Electronics and Ant Group) providing digital risk management for photovoltaic energy, enterprise travel, and SME accounts receivable sectors. As of end-2025, the company reports total assets of 281 billion yuan, cumulative guarantee volume of 924 billion yuan, banking credit facilities of 1,354 billion yuan, capital market credit enhancement scale exceeding 410 billion yuan, and more than 1 million cumulative customers served.

Revenue mechanics are anchored in transaction-based guarantee fees across the public financing, securitization, small/micro, and engineering guarantee product lines, supplemented by subscription and performance fees from asset management products (accumulated scale exceeding 600 billion yuan as of end-2021) and by interest spreads and guarantee fees on sub-projects under the Asian Development Bank green finance facility. The go-to-market is B2B institutional sales through dedicated business consultation lines for each unit, supported by channel partnerships with leading banks (including Bohai Bank), securities firms (including CICC), government cooperation platforms (NDRC, Shanghai and Henan municipal authorities, CDB), and the self-serve Xinyi Jia electronic bond platform for small/micro suppliers in public procurement. Pricing is negotiated on a project-by-project basis reflecting guarantee amount, tenor, and risk profile; it is not publicly disclosed.

Name

China National Investment & Guaranty

Legal name

中国投融资担保股份有限公司

Website

https://guaranty.com.cn

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

101–250 employees

Short description

China National Investment & Guaranty is a state-affiliated professional guarantee institution founded in 1993 and a member of SDIC Group, providing credit enhancement, financing guarantees, and asset management services to government financing platforms, SMEs, and enterprises across China.

Ownership category

akta.pro rank

Product category

Credit Guarantee Services

NAICS

Credit Intermediation and Related Activities (522), Portfolio Management and Investment Advice (523940), Sales Financing (52222)

SIC

Asset-Backed Securities (6189), Miscellaneous Business Credit Institution (6159), Personal Credit Institutions (6141), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Mortgage Credit Enhancement Wraps & Financial Guarantees (Bond/Wrap Insurance) (FSALAJAG)

akta.pro secondary industries

Guarantor/Co-Signer Consumer Loans (FSAKAOAI), Securitized Products & Mortgage Credit (RMBS/CMBS/Non-Agency) (FSAHAGAD), Direct Lending — Specialty Finance (Consumer/SME Lending Platforms) (FSAHAJAF), Non-Agency/Private-Label RMBS Securitization & Issuance (FSALAFAB)

Keywords

• Credit guarantee services
• Bond credit enhancement
• SME financing guarantee
• Asset securitization guarantee
• Engineering performance bonds

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Financial Guarantee / Credit Enhancement: Core business providing public financing guarantee (债券增信, 基金担保, 银行间交易市场产品增信) and securitization product guarantee (ABS, CMBN, CMBS). Revenue generated through guarantee fees charged on issued guarantees. Government financing platform projects span 18 provinces and 63 cities, having saved local government platforms over 80 billion yuan in financing costs. Zero compensation record in financial guarantee portfolio.
2. Small/Micro Financial Guarantee: Policy-driven and commercial small/micro enterprise financing guarantee services. Includes cooperation with NDRC for strategic emerging industry financing guarantee risk compensation fund, Shanghai municipal government for SME financing guarantee system, Henan Sanmenxia for guarantee institution custody model, and CDB for bulk commodity reserve business. Also includes engineering guarantee, government procurement bonds, customs guarantee and similar letter of guarantee businesses.
3. Investment and Asset Management: Asset management business via wholly-owned subsidiary 信裕资管 (Xinyu Asset Management). Generates management fees and performance fees from standardized asset management and investment banking services including photovoltaic power station construction funds, non-performing asset investment, environmental protection, and capital market mezzanine investments. Accumulated asset management scale exceeding 600 billion yuan as of end of 2021.
4. Green Finance (ADB Project): Green finance project co-launched with Asian Development Bank (亚行) and SDIC. Phase 1 loan of 458 million euros for 15-year term supporting air pollution prevention in Beijing-Tianjin-Hebei region. Revenue from interest spreads and guarantee fees on sub-projects in clean energy, waste-to-energy, energy saving, green transportation, and SME energy services sectors.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

China National Investment & Guaranty is a state-affiliated professional credit guarantee institution providing public financing guarantee (bond credit enhancement, fund guarantees, interbank market credit enhancement), securitization product credit enhancement (ABS, CMBN, CMBS), small/micro enterprise financing guarantee, engineering guarantee (bid bonds, performance bonds), asset management, and green finance services. The company is a member of SDIC Group and the only NEEQ-listed guarantee firm with AAA ratings from three Chinese rating agencies. Its offering is anchored by the proprietary Xinyi Jia electronic guarantee platform serving over 11,000 SME clients.

Product overview

China National Investment & Guaranty (中投保) operates as a comprehensive guarantee and financial services institution with a '担保增信为主体，投资资管和金融科技为两翼' (guarantee credit enhancement as the core body, with investment asset management and fintech as the two wings) business structure. The company offers six main business segments: Financial Guarantee (金融担保) covering public financing and securities products; Small Business Financial Guarantee (小微金融担保) for SME financing; Engineering Guarantee (工程保证) including the Xinyi Plus (信易佳) electronic guarantee letter platform; Investment & Asset Management (投资资管); Financial Technology (金融科技) including Zhong Tou Bao Digital Technology and Sante Technology; and Green Finance (绿色金融) as part of international business. The company is a New Third Board listed entity (stock code: 834777) with 281 billion yuan in total assets and 9,240 billion yuan in cumulative guarantees as of end of 2025.

Differentiator

Problem solved

Functional benefit

Brands

• 信易佳: Electronic guarantee platform serving small and micro suppliers in public procurement, providing electronic bid bonds, performance bonds, and prepayment bonds.
• 中投保数字科技（北京）有限责任公司
• 浙江三潭科技股份有限公司
• 中投保信裕资产管理(北京)有限公司

Products and services

• Financial Guarantee (金融担保) Professional credit guarantee services introducing specialized guarantee mechanisms into public financing instruments such as bonds, funds, and interbank market products, and providing credit enhancement for securitization products such as ABS, CMBS, and CMBN. Targeted at government financing platforms, state-owned enterprises, and large enterprises seeking debt market access at lower cost.
• Small/Micro Financial Guarantee (小微金融担保) Specialized financing guarantee services for small, micro, and agricultural enterprises, combining policy-driven cooperative platforms (governments, banks) with commercial business guarantee models and investment-guarantee linkage models targeting high-growth SMEs.
• Engineering Guarantee (工程保证) Bid guarantees, performance bonds, advance payment guarantees, quality guarantees, supply guarantees, and transaction performance guarantees focused on construction engineering and government procurement sectors, delivered via the Xinyi Jia electronic guarantee platform and other channels.
• Investment and Asset Management (投资资管) Asset management and investment banking services delivered through wholly-owned subsidiary Xinyu Capital covering standardized asset management, credit enhancement, active management, intermediary services, photovoltaic power station construction funds, non-performing asset investment, environmental protection investment, and capital market mezzanine investments.
• Jiashan Water Supply Fee Revenue Right ABS (嘉善水务供水收费收益权ABS) ABS securitization product credit enhancement for water supply utility fee income rights, demonstrating Zhongtoubao's capability to support municipal infrastructure financing. The product won the 12th CSF Annual Emerging Project Award for Exchange Market Enterprise ABS.

Quantifiable outcome

• Cumulative guarantee total: 9,240 billion yuan; cumulative customers served: over 1 million; total assets: 281 billion yuan; banking credit facilities: 1,354 billion yuan; capital market credit enhancement: over 4,100 billion yuan
• +2 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• 渤海银行股份有限公司 (Bohai Bank Co., Ltd.)coreStrategic or Co-development Partner · 11 June 2026Bank-enterprise strategic cooperation agreement signed June 11, 2026 in Tianjin. Cooperation areas include: inclusive business, guarantee business, credit business, settlement business, and investment banking. Bohai Bank is one of China's youngest national joint-stock commercial banks with 'investment grade' ratings from both S&P and Moody's. The partnership aims to打通 'guarantee credit enhancement + bank credit' integrated business chain and replicate the model nationwide.
• 中国国际金融股份有限公司 (China International Capital Corporation / CICC)coreStrategic or Co-development Partner · 10 June 2026Business synergy cooperation agreement signed June 10, 2026 in Beijing. Partnership covers: research consulting services, bond underwriting, financing guarantee synergy, asset management, risk management, and investment business. Zhongtoubao and CICC have 30 years of cooperation history in bond underwriting, credit enhancement, and investment management. The agreement aims to provide higher-quality financial services for the real economy.
• 中国五冶集团有限公司 (China MCC5 Group Co., Ltd.)coreStrategic or Co-development Partner · 28 May 2026Strategic cooperation framework agreement signed May 28, 2026 in Chengdu. Focus areas: infrastructure construction, industrial investment and operation. China MCC5 is a core subsidiary of China Minmetals and China MCC. Zhongtoubao's credit service capabilities deeply integrate with MCC5's industrial scenarios. The partnership aims to innovatively use financial 'living water' to precisely irrigate the real economy.
• 四川发展融资担保股份有限公司 (Sichuan Development Financing Guarantee Co., Ltd.)minorStrategic or Co-development Partner · 27 May 2026Business exchange and cooperation discussion held May 27, 2026. Both parties discussed cooperation in asset securitization, green finance, and data asset areas. Sichuan Development Guarantee highlighted Zhongtoubao's industry benchmark role in business innovation and risk management. Central-local cooperation model explored in technology finance and green finance.
• 亚洲开发银行 (Asian Development Bank / ADB)coreStrategic or Co-development Partner · 1 January 2017Jointly launched ADB loan '京津冀区域大气污染防治中投保投融资促进项目' (Phase 1: 458 million euros, 15-year term; Phase 2: 127 million euros). Project supports clean energy, waste-to-energy, energy saving, green transportation, and SME energy services. Phase 1 supported 842 sub-projects with 11.19 billion yuan in social investment (2017-2021). Phase 2 expanded to include Yangtze River Delta region.
• 浙江三潭科技股份有限公司 (Zhejiang Santan Technology Co., Ltd.)coreTechnology or Integration · 1 January 2014Co-founded December 2014 jointly by Zhongtoubao, Hengsheng Electronics (恒生电子), and Ant Group (蚂蚁集团). Integrates strengths of all three shareholders in digital technology, platform-based operation management, and industry/financial risk management. Developed mature full-industry chain services in photovoltaic energy, corporate business travel, and SME accounts receivable sectors.
• 联合资信评估有限公司, 大公国际资信评估有限公司, 东方金诚国际信用评级有限公司 (Lianhe Ratings, Dagong International, Oriental Gold Credit)coreOthersThree major credit rating agencies that each assign Zhongtoubao a long-term issuer credit rating of AAA (AAA信用评级). These ratings are critical for the company's ability to provide credit enhancement on capital market products.
• 战略联盟：国内一流银行、证券公司、信托公司、金融资产管理公司及专业投资咨询机构 (Strategic Alliance with Leading Banks, Securities Firms, Trust Companies, Financial Asset Management Companies)coreStrategic or Co-development PartnerZhongtoubao has established broad strategic alliances with China's top-tier banks, securities companies, trust investment companies, financial asset management companies, and professional investment and consulting institutions. These alliances construct an operational platform for providing comprehensive financial and credit services and solutions to customers.

Scale indicators11 records

Recent moves11 records

Expansion highlights6 records

Regional players

• Hanhua Guarantee: Chongqing-based guarantee institution with national coverage in financing guarantee and small/micro financial guarantee. Directly competes in SME financing guarantee segments with similar policy-driven business models, but with stronger regional concentration in southwestern China.
• Chongqing Three Gorges Financing Guarantee Group: State-backed financing guarantee institution based in Chongqing serving western China. Competes in financial guarantee and SME financing guarantee with regional focus, comparable to CNIG's regional service networks but with narrower geographic footprint.

Broad incumbents

• Sinosure (China Export & Credit Insurance Corporation): China's state-owned export credit agency and dominant policy-driven credit insurance/guarantee provider. Both are state-backed credit enhancement institutions operating under regulatory frameworks with similar roles in facilitating market access to credit, though Sinosure focuses on trade/short-term credit while CNIG emphasizes bond and SME credit enhancement.
• Atradius: Dutch global trade credit insurer offering surety, credit insurance, and debt collection. Comparable to CNIG as a credit enhancement provider serving SMEs and corporates, though oriented toward trade credit rather than capital market credit enhancement.
• Coface: French-headquartered global credit insurance and guarantee provider serving SMEs and large enterprises across 100+ markets. Overlaps with CNIG in providing credit risk mitigation products and financial guarantee services to commercial borrowers.
• Ping An Insurance Surety & Guarantee: Ping An operates credit guarantee and surety subsidiaries in China, offering credit insurance and guarantee products. Comparable as a credit enhancement provider in the broader market, but as part of a much larger financial conglomerate offering diversified products rather than a focused guarantee specialist.
• Euler Hermes: Global leader in trade credit insurance and credit guarantees, owned by Allianz. Comparable as a credit-enhancement intermediary providing surety and guarantee products to enterprises, though focused on trade credit rather than bond/securitization credit enhancement.

Direct peers

• Zhongguancun Science-tech Financing Guarantee Co. Beijing-based financing guarantee institution focused on technology and SME financing guarantee. Overlaps with CNIG in policy-driven SME guarantee, technology enterprise credit enhancement, and engineering guarantee, though more regionally concentrated in Zhongguancun.
• China Alliance Guarantee Co. National-level guarantee institution providing financing guarantees to SMEs and capital market products including ABS and bond credit enhancement. Directly competes with CNIG in financial guarantee and securitization guarantee, with overlapping bank channels and SME segments.

Others

• China Development Bank (CDB) - Credit Enhancement Unit: China's policy bank provides credit enhancement and financing guarantee functions for policy projects. Indirectly comparable as a state-backed credit enhancement provider, though CDB operates at a larger scale with explicit policy bank mandate rather than commercial guarantee focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about China National Investment & Guaranty