The Issuer Rating reflects our assessment of Sinic Holdings (Group) Company Limited’s (2103.HK) (“Sinic” or “the company”) improving operating scale, adequate profitability, and regional market franchise. The rating also considers Sinic’s capability to grow from its home base in Jiangxi Province into new regions. The rating constraints include the company’s high financial leverage, tight liquidity, and short track record of limited visible operating history.