News & Events

China’s First Credit Rating Company Obtained the License from SFC

China Chengxin (Asia Pacific) Credit Ratings Company Limited Commence Business in Hong Kong

Press Release

31 July 2012

China Chengxin (Asia Pacific) Credit Ratings Company Limited (“China Chengxin (Asia Pacific)”) held its unveiling plaque ceremony at the Grand Hyatt Hong Kong today (31 July 2012) to celebrate the commencement of its business in Hong Kong and the Asia Pacific region. The Ceremony was officiated by Dr. Eddy Fong, Chairman of the Hong Kong Securities and Futures Commission, and Dr. Mao Zhenhua, Founder and Chairman of the China Chengxin Group. Mr. Charles Li, Chief Executive of the Hong Kong Exchange also came to express his congratulations.

China Chengxin (Asia Pacific) is the first Chinese credit rating agency to receive the Type 10 license (Providing Credit Rating Services) from the Hong Kong Securities and Futures Commission on 28 June 2012 to provide credit rating services in the Hong Kong and international debt capital markets.

According to the co-operative arrangements between Hong Kong and European Union (EU) in the credit rating industry, the credit rating results and reports issued by credit rating agencies licensed in Hong Kong are accepted in the EU as well.

The establishment of China Chengxin (Asia Pacific) is a milestone in the internationalization process of the China Chengxin Group. In response to the Chinese government policy of further liberalization of China’s financial markets and support for Hong Kong as an offshore RMB centre, China Chengxin (Asia Pacific) is going to provide Chinese and international entities an additional choice of credit rating services for Chinese and international enterprises and corporations issuing RMB bonds in the Hong Kong debt capital market.

With Hong Kong's excellent reputation in the international capital market and for its mature capital market infrastructure, the off-shore RMB bond market has grown fast in the city. The total issuance of RMB bonds in Hong Kong was 107.9 billion RMB, 201% higher than the previous year. In the first five months of 2012, it was around 40 billion RMB, 40% higher than the corresponding period in 2011. 

“ Being the Chinese pioneer of credit rating services in the international market, China Chengxin (Asia Pacific) is determined to perform to its best ability and show the world that a Chinese credit rating agency can occupy a place with its long-established industry peers in the international market.” commented Dr. Mao Zhenhua, the founder and Chairman of China Chengxin Credit Management Co., Ltd.

“China Chengxin (Asia Pacific) takes a gradual approach to developing its business in the international market.” said Mr. Philip Li, Managing Director of China Chengxin (Asia Pacific), “Hong Kong is the best and most suitable place for it to go with its international business. As such, in its first stage of development, it will focus on providing credit rating to corporate debt issuers in Hong Kong. The RMB-denominated “Dim Sum Bond” issued in Hong Kong is one of its major focuses. Over time, China Chengxin (Asia Pacific) will expand its business into more complicated products, including rating the credit of structural debts and financial products.”

Media Contact:

Mr. Carter Liu

Tel: 2868 0377

Email: carter_liu@ccxap.com