HONG KONG, 11 August 2025 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has assigned ‘A-’ global scale Long-term Issuer Credit Rating to Jiangsu Pingzhong Technology Development Group Co., Ltd. (“JPTD” or “the company”); The Outlook is stable.
The Issuer Credit Rating reflects a high possibility that the People’s Government of Taixing City (“the Taixing government”) would provide very strong to JPTD if needed. This mainly considers the Taixing government’s direct full ownership of JPTD and JPTD’s strategic importance as one of largest local investment and development companies (“LIDC”) in Taixing. In addition, the linkage between the Taixing government and JPTD is strong, including management supervision, strategic alignment and ongoing operational and financial support. Moreover, the local government may face a significant negative impact on its reputation and financing activities if JPTD encounters any operational and financial difficulties.
Taixing is a county-level city in Jiangsu’ Taizhou, and is directly managed by the Jiangsu provincial government. It is one of the top 100 counties in China, with a GDP of RMB146.8 billion in 2024. Taixing’s GDP grew steadily by 4.2% year-over-year in 2024 while the budgetary grew by 3.0% to RMB 10.0 billion.
The Stable Outlook reflects our expectation that JPTD’s strategic importance would remain intact while the Taixing government will continue to ensure JPTD’s stable operation.