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 September 13, 2017


Mr. Jinhong SHAO spoke at the 24th CLSA Investors' Forum organized by Credit Lyonnais Securities Asia (CLSA) on 13 September 2017


Mr. Jinhong SHAO, Executive Director & CEO of China Chengxin (Asia Pacific) Credit Ratings Company Limited (“CCXAP”), spoke by invitation at the 24th CLSA Investors' Forum organized by Credit Lyonnais Securities Asia (“CLSA”) at the Grand Hyatt Hong Kong on 13 September 2017. The CLSA Investors' Forum is organized by CLSA and is one of the largest and leading global investors’ forums in the asset management industry. Past speakers included the former President of the United States Bill Clinton, the former Chairman of the Federal Reserve Alan Greenspan, the former Vice President of the United States Al Gore, as well as a vast variety of investment experts including world-renowned financial experts, economists, and sociologists. This year, CLSA hosted heavy-hitting macro speakers including the Chief Executive of HKEx Charles Li,; the former Greek finance minister Yanis Varoufakis; the former Governor of the Bank of England Lord Mervyn King; professors from Harvard University and Stanford University, together with professionals from world famous financial institutions.


During the CLSA's fixed income sub-forum, Mr. Shao gave his presentation on “China’s Bond Market & Chinese Issuers’ Credit Quality”. Mr. Shao shared his view on the development of China's bond market, USD bond market, the credit quality of Chinese issuers, and the rating framework and methodology of China Chengxin Group (“CCX”).


Mr. Shao remarked that China's bond market has experienced rapid development, becoming the world’s third largest bond market, just behind that of the US and Japan. Although the proportion held by foreign investors still remains low, it is expected to increase in light of the Bond Connect commenced in 2017. Given the rise in defaults of China's domestic bonds together with the expansion on issuance of Chinese USD bonds in 2016, foreign investors raise their concerns on the credit quality of Chinese issuers. Then, Mr. Shao also shared his view from the perspective of Chinese rating agencies on various types of Chinese issuers including banks, real estate companies and local government financing vehicles (LGFVs). At last, Mr. Shao pointed out that CCX is one of the Chinese credit rating agencies that has the most comprehensive rating techniques and a wide and quality client base. Acting as the overseas platform of CCX, CCXAP adopts the rating techniques from CCX, and assesses credit quality based on global rating scale with sovereign rating cap.


Mr. Shao communicated with domestic and foreign investors on their concerned topics during the Q&A section. Mr. Shao hoped that credit rating agencies could act as a bridge for foreign investors to gain better understanding on China’s bond market and could provide objective and independent credit assessment on Chinese issuers.