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China Chengxin Credit Rating Group officially opened China Chengxin (Asia Pacific) Credit Ratings Co Ltd (China Chengxin (Asia Pacific)) as its first overseas office today (July 31) in Hong Kong. The office is part of its global expansion strategy to leverage the city's role as China's global financial centre.
The opening ceremony was officiated by the Chairman of Hong Kong's Securities and Futures Commission, Dr Eddy Fong. The Beijing-based credit rating group sees an opportunity in Hong Kong's offshore Renminbi (RMB) centre role, as it anticipates demand for credit ratings as a result of RMB-denominated bond issuances by Mainland and international corporations.
The Managing Director of China Chengxin (Asia Pacific), Mr Philip Li, said, "The RMB-denominated bond market in Hong Kong has developed rapidly as Hong Kong has become the official offshore RMB centre. It provides huge opportunities for Mainland and overseas corporations and institutions to issue debt in Hong Kong, and hence demand for credit rating for such bond issuances will also grow significantly.
"Hong Kong is a leading international financial centre and its connectivity with major financial hubs worldwide places us in a strategic position to offer credit ratings for a wide range of companies and their debt issues denominated in RMB and other currencies. Therefore, we chose Hong Kong as our first base in our global expansion," Mr Li said. He added that the company plans to expand its business into more complex products, including rating the credit of structured debt and other financial products, in its later stages of development.
The Associate Director-General of Investment Promotion, Mr Charles Ng, congratulated the debut of China Chengxin (Asia Pacific) in Hong Kong. "Given Hong Kong's status as China's global financial centre and its strong regulatory systems, the city is a perfect location for financial service companies like China Chengxin (Asia Pacific)," he said.
About China Chengxin (Asia Pacific)
China Chengxin (Asia Pacific) is the first, and so far the only, Chinese credit rating company to receive a Type 10 licence (Providing Credit Rating Services) from the Securities and Futures Commission in Hong Kong. It is the first overseas company of the China Chengxin Credit Rating Group, which has rated over 9,000 corporations, banks and financial institutions in Mainland China since its establishment in 1992, to establish in Hong Kong. It is committed to providing independent, objective and creditable credit rating services to international market participants from China and around the world. The establishment of the Hong Kong company is the group's first expansion of its business into the international market. For more information, please visit www.ccxap.com .
About Invest Hong Kong
Invest Hong Kong (InvestHK) is the department of the Hong Kong Special Administrative Region Government established in July 2000 to take responsibility for Foreign Direct Investment and support overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services to help businesses succeed in Hong Kong's vibrant economy. As at June 2012, InvestHK had completed over 2,600 investment projects creating more than 30,000 new jobs in the first year of operation or expansion and over HK$67 billion of investment. For more information, please visit www.investhk.gov.hk.
For event photos, please visit: www.flickr.com/photos/investhk/sets/72157630833196024/ .
Ends/Tuesday, July 31, 2012
Issued at HKT 19:41
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