HONG KONG, 29 August 2025 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has assigned ‘BBB-’ global scale Long-term Issuer Credit Rating to Weihai Changyang Industrial Co., Ltd. (“WHCY” or “the company”). The Outlook is Stable.
The Issuer Credit Rating reflects a high possibility that Wendeng District People’s Government (“Wendeng government”) would provide strong support to WHCY if needed. This mainly considers the Wendeng government’s full ownership of WHCY, WHCY’s strategic position as an important local investment and development company (“LIDC”) responsible for industrial investment and public utility services in Wendeng District (“Wendeng”), and the linkage between the Wendeng government and WHCY, including management supervision, strategic alignment, and ongoing operational and financial support. In addition, the Wendeng government may face significant negative impact on its reputation and financing activities if WHCY encounters any operational or financial difficulties.
Wendeng is a district of Weihai of Shandong Province, and is located in the central of Weihai. Wendeng realized a GDP of RMB64.3 billion in 2024, and the budgetary revenue grew by 4.0% to RMB4.3 billion.
The Stable Outlook reflects our expectation that WHCY’s strategic importance would remain intact while the Wendeng government will continue to ensure WHCY’s stable operation.