29 July 2025 - the People's Bank of China Credit Reference Center issued the *Circular on the Implementation of the Incentive and Constraint Mechanism for Data Quality of Non-Bank Financial Institutions in the Credit Reporting System for 2024*. SY Holdings Limited (referred to as "SY Holdings" or the "Group", Stock Code: 6069.HK), through its wholly-owned subsidiary SY Commercial Factoring Co., Ltd. (referred to as "SY Factoring"), was recognized as an "Outstanding Institution in Credit Reporting System Data Quality Work for Non-Bank Financial Institutions in 2024."
The Central Financial Work Conference emphasized the need to accelerate the building of a financial powerhouse, comprehensively strengthen financial regulation, improve the financial system, optimize financial services, mitigate and resolve risks, and steadfastly follow the path of financial development with Chinese characteristics to promote high-quality development in China's financial sector.
Earlier, the Credit Information Administration Bureau of the People's Bank of China (PBOC) released "Building a Comprehensive Credit Reporting System to Promote High-Quality Development of the Credit Industry," stating that advancing the high-quality development of the credit reporting industry is a crucial part of strengthening financial regulation, optimizing financial services, and preventing and resolving risks. The PBOC will remain firmly focused on serving the real economy and safeguarding against financial risks, continuously improving the nationwide credit reporting system, and enhancing both its capacity and operational efficiency.
It is understood that the Credit Reference Center established by the People's Bank of China (PBOC) operates the world's largest credit information database, which boasts the highest number of individuals covered, the most comprehensive information collection, and the broadest coverage and usage. This database provides strong support for the healthy development of the real economy. Since its establishment in 2013, SY Factoring has actively embraced regulatory requirements and adhered to compliant operations, fully supporting the national credit reporting system. It is one of the few commercial factoring companies that have simultaneously gained access to both the PBOC's second-generation credit reporting system (the "PBOC Second-Generation Credit System") and the PBOC's Unified Registration and Publicity System for Movable Property Financing (the "Zhongdeng Network").
Since gaining access to the PBOC's credit reporting system in 2020, SY Factoring has continuously improved its credit reporting mechanisms and enhanced data quality management. By optimizing system functionality and strengthening the operational management of front-end systems, the company strictly complies with regulatory requirements in the submission and use of credit information, achieving an upgraded service level for credit data reporting and further improving the quality of credit data. To date, SY Factoring has consistently received the highest "Grade A" rating in the PBOC's annual assessment on credit reporting compliance and information security for four consecutive years. Additionally, it has been awarded the highest regulatory rating of "Grade A" by the Tianjin Local Financial Regulatory Bureau for three consecutive years.
Notably, in March 2023, SY Factoring's second-generation credit reporting data submission system successfully passed the acceptance inspection by the People's Bank of China (PBOC), making it the first commercial factoring company in Tianjin to complete the transition to the second-generation credit system for data submission. This achievement significantly improved data collection and reporting efficiency, optimized supply chain inclusive financial services, and enhanced customer satisfaction.
In May 2025, according to the Notice on the Assessment of Credit Data Quality for Tianjin Local Credit Reporting Access Institutions in Q4 2024 issued by the Tianjin Branch Office of the PBOC, SY Factoring has maintained a perfect score of 100 in all three key metrics—data completeness, timeliness, and accuracy—for eight consecutive quarters (two full years) since the system transition. This outstanding performance has earned full recognition from regulatory authorities.
While steadfastly adhering to compliant operations, SY Factoring remains focused on advancing the overarching goal of developing an inclusive financial ecosystem. As of June 2025, SY Factoring has cumulatively facilitated over 3,000 SMEs in obtaining more than RMB 85 billion in inclusive financial services. Moving forward, SY Factoring will continue to fully implement all requirements set forth by the People's Bank of China (PBOC), further optimizing credit data submission and quality management. The company is committed to continuously enhancing its data security management framework to ensure the accuracy and timeliness of credit data, thereby driving the steady and efficient execution of its credit reporting operations.
