Dagong Europe Credit Rating srl (Dagong Europe) was established in March 2012 with its headquarters in Milan, Italy. In June 2013, it was registered and received authorisation from the European Securities Market Authority ('ESMA') as Credit Rating Agency (CRA). In the same year, it was recognised by the Joint Committee of the three European Supervisory Authorities (EBA, ESMA and EIOPA – ESAs) as External Credit Assessment Institutions (ECAI) operating in the European Union. It was the first credit rating agency with Chinese shareholders registered by ESMA in June 2013. It was founded by Dagong Global Credit Rating and Mandarin Capital Partners. In December 2014, a share purchase agreement was reached between the two parties, and in January 2015 Dagong Global Credit Rating became the sole shareholder of Dagong Europe. Later, in April 2019 a strategic restructuring process took place at the parent company which resulted in the sale of 58% of Dagong Global Credit Rating Co Ltd to China Reform Holdings Corporation (a major State-owned investment fund under the supervision of SASAC).At the same time, and as part of the restructuring, Dagong Europe was sold to a group of Spanish and Portuguese investors that established a “Strategic Alliance” between Dagong Global Credit Rating Co. Ltd and Dagong Europe “on market development and jointly facilitating the connectivity from east to the west, providing support to the financial integration of the countries and regions along the Belt & Road Initiative (BRI)”. The aim is to ensure that the history and origins of Dagong Europe are preserved and that it maintains a special connection to the Chinese market and investors. Furthermore, Dagong Global will continue providing strategic support to Dagong Europe´s activities on Chinese investor outreach as well as to Dagong Europe´s marketing of products and services.