HONG KONG, 3 September 2025 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has assigned ‘A-’ global scale Long-term Issuer Credit Rating to Qingdao West Coast New Area Ronghe Holding Group Co., Ltd. (“QWRH” or “the company”). The Outlook is Stable.
The Issuer Credit Rating reflects a high possibility that the People’s Government of West Coast New Area, Qingdao City (“West Coast New Area government”) would provide strong support to QWRH if needed. This mainly considers the West Coast New Area government’s direct full ownership of QWRH, QWRH’s strategic importance as the key local investment and development company (“LIDC”) that is responsible for infrastructure construction and industry development in West Coast New Area, Qingdao City (“West Coast New Area”). In addition, the linkage between the West Coast New Area government and QWRH is strong, including appointment and supervision of the senior management, strategic alignment, major investment and financing plan decisions and ongoing operational and financial support. Moreover, the West Coast New Area government may face significant negative impact on its reputation and financing activities if QWRH encounters any operational and financial difficulties.
West Coast New Area is a district under the administration of Qingdao City. Its GDP grew steadily by 5.8% to RMB526.1 billion in 2024. Its budgetary revenue also increased by 1.2% to RMB27.2 billion in 2024.
The Stable Outlook reflects our expectation that QWRH’s strategic importance would remain intact while the West Coast New Area government will continue to ensure QWRH’s stable operation.