The policy encourages funds to be active in many super-hard listed companies in Henan.

As an important financial business to revitalize corporate fixed assets, financial leasing has become the new favorite of listed companies with the encouragement and support of various policies this year.
According to incomplete statistics, from the beginning of 2016 to the present, Henan has 7 A-share listed companies and 17 new three-board listed companies with financial leasing and blood transfusion, with a total financing amount of 2.8 billion yuan.
While obtaining liquidity through financial leasing, it is more like listed companies such as Linzhou Heavy Machinery (002535) and Huaying Agriculture (002321). Among them, financial leasing is the first stop in the financial field.

Pile up shareholding financing lease
On November 29, 2016, Huaying Agricultural announced that it has signed a joint venture agreement with Fujia Co., Ltd. (Hong Kong) Co., Ltd. to jointly establish Huaying Financial Leasing Co., Ltd. The financial leasing company has a registered capital of 50 million US dollars, of which Huaying Agriculture has subscribed for 37.5 million US dollars, accounting for 75% of the registered capital.
“Since 2014, driven by a series of favorable policies, China's financial leasing industry has re-entered the track of rapid development. At present, the market penetration rate of financial leasing in developed countries is about 15%-30%, and financial leasing has become second only to The second largest financing method for bank credit. The penetration rate of China's financial leasing market is only one-fourth of the average level of developed countries, even less than one-seventh of that in the United States. The scale of financial leasing is not enough to match the current economic scale. Very large development space."
Huaying Agriculture believes that with the expansion of the company's business scale, the company's upstream and downstream industry chain and related companies are increasing, which provide better conditions for the company to carry out financial leasing business. The company can quickly integrate Huaying brand resources and company industry chain resources through the leasing business platform to optimize the industrial structure. At the same time, after the establishment of the financial leasing company, the company's business will enter a new field and become a new profit growth point.
It is not only Huaying Agriculture, which is a treasure trove of financial leasing.
According to the incomplete statistics of the Securities Times Road e company reporters, among the 74 A-share listed companies in Henan Province, there are 7 equity holding or holding financial leasing companies, and two Hong Kong-listed listed companies have also entered the financial leasing business across the border.
The National Enterprise Credit Information Publicity System shows that at present, Linzhou Heavy Machinery Co., Ltd. has participated in three financial leasing companies, including 70 million yuan to hold 35% of Zhongrong Kangtai Financial Leasing Co., Ltd.; and 245 million yuan to hold Yitong Financial Leasing Co., Ltd. 49% of the company's shares; invested 9.1 million US dollars to hold 13% of China Coal International Leasing Co., Ltd.
In addition, Longhua Energy Savings (300263), which is mainly engaged in research, development, design and manufacture of heat transfer equipment and water treatment, has also invested US$6.9 million in Zhenglong International Financial Leasing Co., Ltd., with a shareholding ratio of 23%.
In March 2016, Yutong Bus (600066), Tianlun Gas (01600.HK) and Zhengzhou Bank (06196.HK) jointly invested RMB 1 billion to establish Henan Jiuding Financial Leasing Co., Ltd., with a shareholding ratio of 29% and 20% respectively. %, 51%. In April 2016, Henan Province Agricultural Finance Leasing Company, the first agricultural finance leasing company in the province initiated by Henan Agricultural Comprehensive Development Company, was formally established. Cody Dairy (002770) controlling shareholder Cody Food Group Co., Ltd. was established. Participating shareholders, the first food industry in the Chinese food industry listed on the Nasdaq main board, is also one of the shareholders of the financial leasing company.
As early as 2014, Yituo Co., Ltd. (601038) had joined forces with Luoyang Bank to jointly establish Luoyin Financial Leasing Company, which is the main agricultural machinery leasing company. Yituo shares invested 110 million yuan, and the shareholding ratio was 18.33%.

Leverage the revitalization of fixed assets
Listed companies are eager to finance leasing, first to taste the sweetness of this financial business.
Take Huaying Agriculture as an example. Since January 2016, the company has successively announced four financing leases for some concrete and steel products, machinery and equipment for breeding duck hatcheries, and equipment for breeding equipment in the form of “sales and leaseback”. During the lease period, the company continues to use the items included in its “sales and leasebacks” in the form of leaseback, and only pays the rent and fees to the finance leasing company on schedule. In the past year, Huaying Agriculture has increased the amount of financing by 800 million yuan through this means, greatly expanding the company's cash flow.
In addition, the young eagle farming and animal husbandry (002477), which belongs to the same aquaculture industry, also concentrated on three financial leasing businesses in August this year. Some of the production equipments of its subordinate food branches were sold and leased back to Zhongyuan Aviation Finance Leasing Co., Ltd. The financial leasing business will be carried out, the financing amount will not exceed RMB 72 million, and the lease term will not exceed 36 months. At the same time, Jilin Young Eagle Farming and Animal Husbandry Co., Ltd. and Kaifeng Young Eagle Meat Processing Co., Ltd. intend to use their partial production equipment to carry out financial leasing business with Zhongyuan Aviation Finance Leasing Co., Ltd. in the form of sale and leaseback, respectively. The total amount of financing does not exceed RMB. 88 million yuan.
Since 2016, Luoyang Glass (600876), Zhongfu Industry (600595), Yu Diamond (300064), Axis Research Technology (002046), and Huanghe Cyclone (600172) have also joined the financial leasing army. According to incomplete statistics, this year, there are 7 A-share listed companies and 17 new three-board listed companies in Henan with financial leasing and blood transfusion, with a total financing amount of 2.8 billion yuan.

Policy drives financial leasing outbreak
Concerned about the financial leasing industry, there are not only listed companies in Henan. Since 2016, the fiery degree of China's financial leasing industry has continued to rise. According to the “China Financial Leasing Industry Development Report for the First Half of 2016”, by the end of June, the total number of financial leasing companies nationwide was about 5,708, an increase of 1,200 from the end of last year. The balance of the national financial leasing contract was approximately RMB 468 billion, an increase of approximately RMB 240 billion from the end of 2015, representing a year-on-year increase of 28%.
“Financing is rapid and the cost is low, which is an important reason for the financing leasing model to attract enterprises. From the perspective of the financial leasing business carried out by Henan listed companies this year, the financing period is mostly about 3 years, and the financing methods are mostly based on sale and leaseback. Compared with the usual bank loans, trusts, and debt issuance, the financing cost of the sale and leaseback method is low, even lower than 10% of the bank loans during the same period. Especially since the second half of the year, in the face of tight liquidity, bank credit difficulties The situation in the rental market is also more active."
Song Xiangqing, deputy dean of the Government Management Research Institute of Beijing Normal University and director of the Industrial Economic Research Center, believes that the establishment of a financial leasing company by a listed company in the traditional industry is also an effective way to seek financial business transformation. Compared with the traditional financial industry, financial leasing is currently the lowest entry barrier. By involving financial leasing, listed companies can improve financing efficiency, improve asset structure and financial status, and foster new profit growth points.
Jia Yijun, a financial leasing research office of the Beijing Enterprise Development and Legal Research Association, recently said in public that financial leasing is a new type of financial instrument. In developed countries, it is the second largest lender after banks, which can increase corporate financing channels. When the bank credit is restricted, the enterprise can sell the original assets to the leasing company, and then the leasing company returns the rent, which invisibly increases the working capital for the enterprise.
Financial leasing has been able to achieve rapid growth this year, also stemming from policy guidance.
In September 2015, the General Office of the State Council issued the “Guiding Opinions on Accelerating the Development of the Financial Leasing Industry”, and comprehensively deployed the system to accelerate the development of the financial leasing industry. The "Opinions" put forward the development goals of the market and competitiveness level of the financial leasing industry in the world by 2020.
In July and November 2016, the General Office of the People's Government of Henan Province also issued the “Implementation Opinions on Promoting the Healthy Development of the Financial Leasing Industry” and the “Implementation Opinions on Promoting the Development of the Financial Leasing Industry”. It is clearly stated that by 2020, a number of leading financial leasing enterprises with certain influence will be fostered.
In the local policy of Henan, the financial leasing industry has provided multiple benefits. It is proposed to vigorously cultivate, set up and actively introduce financial leasing companies, and support financial institutions to initiate financial leasing companies with diversified equity to support the main business in the province. A large-scale enterprise suitable for financing leased trading products initiates the establishment of a financial leasing company at its own risk.
The policy also proposes that a financial leasing company will not set a minimum registered capital limit when it establishes a subsidiary. Allow financial leasing companies to concurrently engage in commercial factoring business related to the main business. In addition, the policy also supports the establishment of a leasing asset registration and transfer platform for financial leasing enterprises, the improvement of the financial leasing assets withdrawal mechanism, and the revitalization of existing assets.

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