The Hong Kong office of international law firm Eversheds has advised China Chengxin on successfully securing the first ever Type 10 Licence, to provide credit rating services, issued in Hong Kong.
The licence was issued by the Hong Kong Securities and Futures Commission (SFC) in June 2012, making China Chengxin the PRC’s first credit rating company to operate in the international market.
Established in 1992 as one of the pioneers of China’s credit rating industry, China Chengxin has become one of China’s largest and most influential credit rating agencies. Its ratings are respected by Chinese authorities, and widely accepted by market participants. The scope of its ratings cover corporate bonds, convertible bonds, corporations, insurance companies, trust products, money market funds, and securitisations.
The Eversheds team, led by Partner Kingsley Ong, advised China Chengxin throughout the application process, providing corporate and regulatory legal knowledge.
Kingsley Ong comments:
“We congratulate China Chengxin on its expansion into Hong Kong, and its move into the international credit ratings market. This confidence demonstrates its growing strength and influence beyond the local PRC market.”
