Dagong International

What Dagong International does

Dagong International (大公国际资信评估有限公司) is a Chinese credit rating agency established in 1994 and headquartered in Beijing. As a central state-owned enterprise under China Guoxin Holdings (a SASAC-supervised entity), the company provides independent third-party credit ratings across the full spectrum of Chinese debt instruments — corporate bonds, financial institution bonds (including Tier 2 and perpetual capital bonds), government-related bonds, structured finance, Panda bonds, and Belt and Road bonds — as well as sovereign credit ratings covering 100 countries including G20 and Belt and Road nations. The company holds credit rating agency filings with the People's Bank of China, CSRC, CBIRC, and NDRC, and is the only Chinese rating agency recognized by the Central Bank of Russia under its foreign currency account standards (2020).

Name

Dagong International

Legal name

大公国际资信评估有限公司

Website

https://dagongcredit.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

251–500 employees

Short description

Dagong International is a Beijing-based, central state-owned credit rating agency under China Guoxin Holdings, providing bond, issuer, sovereign, and local government credit ratings across China and 100 countries, plus green finance certification through its Dagong Low Carbon subsidiary.

Ownership category

akta.pro rank

Headquarters

HQ city

Haidian

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. 债项评级服务 (Debt Instrument Rating Services): Fees charged to bond issuers for credit rating services on debt instruments including corporate bonds, financial institution bonds, government-related bonds, structured finance, and international instruments such as Panda bonds and Belt and Road bonds.
2. 主体信用评级服务 (Subject Credit Rating Services): Fees charged for credit assessments of corporate entities, financial institutions, local governments, and sovereigns, covering debt repayment capacity and willingness analysis.
3. 信用评价服务 (Credit Evaluation Services): Fees for credit evaluations beyond bond issuance including park enterprise ratings, reputation ratings, borrowing ratings, financing project ratings, and supplier credit evaluations.
4. 绿色金融认证服务 (Green Finance Certification Services): Revenue from green bond certification, green enterprise certification, green finance framework second-party opinions, green bank services, and low-carbon consulting provided through subsidiary Dagong Low Carbon Technology (北京) Co., Ltd.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Dagong International is a Chinese credit rating agency that issues credit ratings on bonds, issuers (subjects), sovereigns, and local governments, and provides credit risk evaluations and green finance certification services. Its offerings are directed primarily at regulators, bond issuers, financial institutions, and institutional investors in China and internationally.

Product overview

Dagong International operates as a comprehensive credit rating platform offering bond credit ratings, subject credit ratings, and credit evaluations. The core product portfolio includes bond ratings covering all debt financing instruments in the Chinese market, subject credit ratings for industrial/commercial enterprises, financial institutions, government financing platforms, and sovereign entities, plus specialized green financial services through its subsidiary Dagong Low Carbon. The company also provides a digital WeChat mini-program ('Bond比一比') for bond comparison and simulation, and issues sovereign credit ratings covering 100 countries. The platform also publishes credit research including bond market analysis, macroeconomic research, industry research, and special topic studies.

Differentiator

Problem solved

Functional benefit

Brands

• Dagong Global Hong Kong (大公香港): Hong Kong subsidiary focused on offshore bond market rating services and international business expansion.
• Dagong Low Carbon (大公低碳)
• Bond比一比 (Bond Comparison Mini Program)

Products and services

• Bond Credit Rating (债券评级) Credit rating opinions on bonds and structured finance instruments issued in China's interbank and exchange markets, used by issuers for regulatory issuance and by institutional investors for pricing and risk assessment.
• Subject (Issuer) Credit Rating (主体评级) Credit rating opinions on the overall creditworthiness of enterprises, financial institutions, and other issuers, distinct from the bond-level rating, used by issuers and investors for ongoing counterparty risk assessment.
• Credit Evaluation (信用评估) Customized credit risk evaluation and credit assessment services for enterprises, financial institutions, and government-related entities that need a credit opinion beyond a regulatory bond rating.
• Sovereign Credit Rating (主权信用评级) Credit rating opinions on national governments and sovereign issuers, covering more than 100 countries and used by sovereigns, multilateral institutions, and cross-border investors as a Chinese-domestic-agency sovereign credit view.
• Local Government Credit Rating (地方政府信用评级) Credit rating opinions on Chinese provincial and local government financing vehicles and related public-sector issuers, used by investors in municipal bonds and local government debt instruments.
• Green Financial Services (绿色金融服务) Green bond certification, second-party opinion, and ESG evaluation services for issuers of green bonds, sustainability-linked loans, and other ESG-themed financing in China and internationally.
• BiYiBi Mini-Program (笔易笔小程序) WeChat-based mini-program credit information tool that provides credit reference and lookup services to institutional and external users.

Quantifiable outcome

• CCTV (Chinese state broadcaster) multi-channel coverage of Dagong International's Latin America Regional Investment Environment Evaluation Report, broadcast on CCTV-1, CCTV-4, and CCTV-13.
• +2 more outcomes

Named customers8 records

Segments7 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

One partnership is on record.

• 清华大学一带一路战略研究院 (Tsinghua University Belt and Road Strategy Research Institute)flagshipStrategic or Co-development Partner · 21 October 2024Joint development and publication of the 'National Investment Environment Evaluation' reports covering new BRICS countries (Saudi Arabia, Egypt, UAE, Ethiopia), South Africa, Russia, and Latin America. The evaluation framework covers basic environment and efficiency environment dimensions with four adjustment factors. This partnership generates intellectual property recognized by CCTV and national media, supporting Belt and Road and dual-circulation national strategies.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Fitch Ratings: Global 'Big Three' rating agency operating Fitch (Bohai) in China. Provides sovereign, corporate, financial institution, and structured ratings; competes with Dagong both domestically and across the Belt and Road countries where Dagong also rates sovereigns.
• DBRS Morningstar: Internationally recognised rating agency providing corporate, financial institution, sovereign, and structured ratings. Comparable to Dagong in sovereign and cross-border rating scope, though it does not operate a full Chinese domestic JV.
• S&P Global Ratings: Global credit rating giant and one of the 'Big Three'. Operates a Chinese JV (S&P Global (China) Ratings) that directly competes with Dagong for Chinese bond ratings, while also serving as a benchmark for international sovereign and cross-border ratings.
• Moody's Ratings: Global 'Big Three' rating agency operating a domestic Chinese JV. Comparable to Dagong in providing corporate, sovereign, and structured finance ratings, though at much larger scale and global reach.

Direct peers

• China Lianhe Credit Rating: Top-tier Chinese credit rating agency offering corporate, financial institution, structured, and sovereign ratings. Competes directly with Dagong for interbank market bond ratings and LGFV ratings, with similar regulatory licensing scope.
• Shanghai Brilliance Credit Rating & Investors Service: Established Chinese CRA providing credit ratings for corporate bonds, financial institution bonds, and structured products. Another domestic peer sharing Dagong's customer base and product mix.
• Pengyuan Credit Rating: Major Chinese credit rating agency with comparable coverage of corporate bonds, financial institutions, and local government financing platforms. Competes head-to-head with Dagong in the domestic Chinese interbank market.
• Golden Credit Rating International: Chinese credit rating agency with full regulatory approvals rating corporate, financial institution, and local government bonds. Competes with Dagong particularly in LGFV and SOE issuer mandates.
• China Chengxin International Credit Rating (CCXI): One of the largest domestic Chinese credit rating agencies, similarly positioned across corporate, financial institution, structured finance, and local government ratings with full Chinese regulatory approvals. Directly comparable to Dagong in business model, customer base, and product portfolio.

Regional players

• ChinaBond Rating: Chinese domestic credit rating agency affiliated with ChinaBond and closely tied to the interbank bond market infrastructure. Comparable to Dagong in domestic bond market focus, with particular strength in tracking ratings for interbank issuers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/DagongGlobal
• Facebookfacebook.com/dagonghk
• LinkedInlinkedin.com/company/dagong-global

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Dagong International