Dagong opens ratings business in Hong Kong

The Chinese credit rating agency is ambitiously expanding its business overseas.

Chinese rating agency Dagong Global Credit Rating officially launched its Hong Kong subsidiary last week, after securing a licence from the city’s securities watchdog.

Dagong provides ratings for roughly one-third of onshore renminbi issuance in China and is now qualified to provide rating services in Hong Kong, where demand is booming thanks to the growth of international debt issuance by Chinese firms.

“We see significant pent-up demand from our existing customer base in China for offshore RMB rating services as Asian credit markets start to come of age,” said Guan Jianzhong, chairman of the rating firm.

The company will issue a new rating framework...

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