Winner Spotlight 2025: China Chengxin (Asia Pacific) Credit Ratings Company Limited

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HONG KONG SAR: Best Offshore Ratings Agency (DOMESTIC)

June 30, 2025

For China Chengxin (Asia Pacific) Credit Ratings Company (CCXAP), 2024 was a stand-out year – and one for which judges praised the firm, in particular, for offering an innovative edge.

It earned this acknowledgement by securing multiple ‘firsts’ as a Chinese credit rating agency. For example, it was the first to rate insurance and securities firms, achieving the most exhaustive coverage among leasing and guarantee companies. In addition, it was the first Chinese credit rating agency to rate a Yulan bond – an offshore bond issued by a Chinese-based entity through the Shanghai Clearing House and settled exclusively through Brussels-based Euroclear Bank.

This deal highlights a key area of strength for CCXAP – being able to leverage the market positioning and experience of its parent company, CCXI, to provide expertise in rating Chinese enterprises issuing offshore bonds.

CCXAP built on this strategic focus last year by introducing differentiated services for diverse customer segments. Its emphasis was on increasing coverage for local government f inancing vehicle (LGFV) clients. It also ventured into innovative areas in the Hong Kong market, including asset-backed securitisation (ABS), global stablecoins and bond-type real world assets (RWA), and money market funds (MMFs).

The overall outcome in 2024 was CCXAP growing by 40% year-on-year in terms of new issuer coverage.

By the end of the year, it had rated 264 issuers, with 117 new issuers added. As a result, among Chinese-funded credit rating agencies, CCXAP secured a 54% market share in number of clients served, ranking first in categories.

It is a dominance which judges noted as underscoring the firm’s expertise and competitive edge in this sector.

Key to this was a milestone transaction on which CCXAP played a pivotal role: the issuance of the world’s first sustainable Yulan bond by Wuxi Construction and Development Investment Co (Wuxi C&D).

In becoming the first Chinese-funded credit rating agency to assign a bond rating to a Yulan bond, CCXAP granted the bond an Ag+ senior unsecured debt rating, showcasing its expertise and authority in credit assessment. The rating provided strong credit support for Wuxi C&D and significantly reduced its financing costs, setting a record-low interest rate for offshore RMB bonds issued by a local state-owned enterprise. Ultimately, CCXAP’s rating facilitated Wuxi C&D’s entry into the international capital market, expanding its investor base and enhancing its global image.

This landmark transaction also showcased CCXAP’s leadership in sustainable finance and reflected its ratings technology and service capabilities.

Another highlight of CCXAP’s performance in 2024 was its recognitions under the Hong Kong Monetary Authority’s Eligible Debt Securities Program and the Green and Sustainable Finance Grant Scheme. In turn, CCXAP became the first Chinese-funded credit rating agency to achieve these landmarks in the local market.

Further, the participation of Yan Yan, CCXAP’s chairman, in the annual conference of the Association of Credit Rating Agencies in Asia, reinforced the firm’s commitment to driving industry standards and fostering cross-border collaboration.

"This honor is not only a high recognition of the professional capabilities and market influence of CCXAP, but also a full affirmation of the team’s commitment to integrity and pursuit of excellence over the years."

Shao Jinhong, CEO

Contact

Shao Jinhong
E: [email protected] 
W: https://www.ccxap.com/en

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