Lianhe Ratings continues to drive professional and high-quality standards in credit rating services to issuers and investors across China and overseas.
The company has a solid track record, being one of the first credit rating agencies recognised by the People’s Bank of China (PBC) and China Securities Regulatory Commission (CSRC), and authorised to conduct credit rating business in the interbank and exchange markets. Lianhe Ratings also holds memberships in several domestic and international associations, including the National Association of Financial Market Institutional Investors (NAFMII), the Insurance Asset Management Association of China (IAMAC), the Securities Association of China (SAC), and the Association of Credit Rating Agencies in Asia (ACRAA).
The company’s roots run deep in the Chinese rating market. To date, Lianhe Ratings has served over 3,000 issuers across nearly every key sector of the national economy. And overseas, its base of clients is gradually expanding.
Its market positioning is strong. Overall, Lianhe Ratings has held the second largest market share in China for several years, and has been the leading player in the financial bonds sector for five consecutive years. Its market share for local government bonds has remained above 50% over the years.
By the end of 2024, Lianhe Ratings had disclosed sovereign rating results for 77 countries and regions, and had provided credit rating services for 103 Panda bonds, with a total offering size of nearly Rmb150 billion (US$21 billion). Last year, Lianhe Ratings held a 45.1% market share in the Panda bond market, ranking first among all Chinese rating agencies.
Further, highlighting its pioneering role in the domestic fixed income market, the company was mandated with rating many national and regional inaugural bond categories, such as the ‘Sci-Tech Innovation Bonds’, ‘Rural Revitalization Green Bonds’, ‘Carbon Neutrality Bonds’, and ‘Intellectual Property Bonds’.
Ultimately, in delivering on the policy of “Promoting the Work in Five Major Financial Fields”, Lianhe Ratings has assisted in the progress of building a financial powerhouse with its rating expertise – in turn safeguarding innovation in the bond market.
Meanwhile, Lianhe Global, the subsidiary of Lianhe Ratings, also ranks top among Chinese rating agencies in terms of the number of international rated bond issuances and total rated bond issuance volume. Lianhe Global has published solicited international ratings for over 250 entities and for over 150 offshore bond issuances, recording an aggregate rated issuance amount of over US$35 billion equivalent as of the end of May 2025.
Leveraging research expertise and developing new initiatives
Equipped with strong technical understanding and experience, Lianhe Ratings attaches great importance to the research and development of rating methodologies and technologies.
Many of its research results have been published and awarded in industrial and professional journals. For example, the company regularly publishes “Credit Research” journals and has authored several books, including “Credit Rating Theory and Practice”, "Mine Sweeping of the Bond Market", "A Comparative Study of Best Practices in Domestic and International Rating Industries", and "Reconstructing the Credit Anchor of RMB Bonds". It has published nearly 350 reports and articles annually, and continuously expands its investor services sector, focusing on coordinating with all market participants and conveying bond market information promptly and accurately to provide important references for investors' decision making.
At the same time, Lianhe Ratings conducted over 300 investor-oriented events and more than 30 large-scale forums and conferences in 2024. It also shared bond market insights through short videos and other new media platforms, attracting widespread attention from all market participants.
In addition to refining credit rating technologies and methodologies for various products, Lianhe Ratings has independently designed the "Lianhe Global RMB Bond Rating System" (aka, the "3C" rating system) and continues to upgrade it. In 2024, the "3C" rating system covered 21 sub-industries, with its latest rating results and reports covering over 5,000 enterprises.
When it comes to ESG ratings, Lianhe Ratings has assisted more than 50 domestic enterprises in preparing inaugural ESG reports, and continues to seek collaboration in the international market.
Also, in line with China’s “Belt and Road Initiative”, Lianhe Ratings signed a memorandum with the OTP Bank of Hungary, which states the intention between both parties to strengthen collaboration in the fields of ESG, credit services and credit ratings. The company also played an active role in promoting sustainable development among domestic and international enterprises by joining the "ESG Initiative in Credit Risk and Ratings" of the UN Principles for Responsible Investment (PRI).
Taking credit ratings to the next level
Lianhe Ratings places high value on brand credibility and corporate social responsibility. It has worked closely with FinanceAsia in the past and has been recognised as the “Best Domestic Rating Agency” several times. It also received more than 10 acknowledgement letters from various market participants in 2024.
Lianhe Ratings will continue to pursue its vision to "become a highly credible company" while adhering to its business principles of “independence, objectivity and fairness”. The company will continue to thrive as part of its commitment to contributing to the high-quality development of China's economy and bond market.
