The Issuer Rating reflects Zhongliang Holdings Group Company Limited’s (“Zhongliang” or “the company”) established market position and large footprint in the Yangtze River Delta Region. Zhongliang maintains substantial JV participation across its footprint. Zhongliang has exhibited a strong operating efficiency in terms of standardized process and products, sales execution, and high cash collection rate via its decentralized projection teams but centralized financial control.