Lianhe Ratings Global

What Lianhe Ratings Global does

Lianhe Ratings Global Limited (联合国际) is a Hong Kong-based private international credit rating agency and a wholly-owned subsidiary of China Lianhe Credit Rating Co., Ltd. Founded in 2018, the firm operates as the international arm of one of China's domestic rating agencies, with a stated mission of expanding Chinese rating capacity beyond mainland China to serve Chinese enterprises and funds operating in offshore capital markets. Its core product suite consists of solicited issuer credit ratings and issuance credit ratings on a global scale (AAA to D), money market fund ratings (AAAmf to Bmf), fund credit quality ratings (AAAf to Bf) for bond and income funds, and a research and commentary publication program covering Chinese banks, LGFVs, property developers, financial leasing, and financing guarantee companies. Its analytical methodology includes a proprietary Two-Factor Assessment Mechanism for evaluating local government financing vehicles that combines a standalone credit assessment with an assessment of the likelihood and extent of external government support.

The firm's go-to-market is enterprise field sales focused on Greater China and Asia-Pacific institutional clients, including corporate issuers (e.g., Industrial enterprises like China Hongqiao, financial institutions such as ABC Macao Branch and MUFG, LGFVs such as Fujian Zhanglong and Zhuhai Huafa), asset managers (Haitong International, Guotai Junan, ChinaAMC, CUAM, GaoTeng) and local government financing vehicles. Ratings are provided on a solicited basis where the rated entity compensates the firm, with pricing not publicly disclosed. Distribution channels include direct corporate engagement, co-hosted industry conferences with strategic partners (e.g., Guotai Junan on LGFV topics), and a content-marketing program of rating reports and macroeconomic commentary.

In September 2025 the firm received recognition under Hong Kong's Qualifying Debt Instrument Scheme and Green and Sustainable Finance Grant Scheme, expanding its eligibility to rate QDI paper and green/sustainable debt. Its office is at 2401 Tower Two, Lippo Centre, 89 Queensway, Admiralty, Hong Kong, with 11–50 employees. Notable 2025 commercial milestones include supporting the world's first MCSD–CMU direct linkage corporate bond issuance (Huafa Group, 2026) and multiple industry awards including MOX Outstanding Rating Agency of the Year, DMI Best Rating Agency of the Year, and the Chinese Financial Association of Hong Kong Excellence Award. The firm's geographic scope is concentrated in Hong Kong and mainland China, with mandate work extending into select Asia-Pacific cross-border issuance transactions.

Name

Lianhe Ratings Global

Legal name

Lianhe Ratings Global Limited

Website

https://lhratingsglobal.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Lianhe Ratings Global (联合国际) is a Hong Kong-based private international credit rating agency and subsidiary of China Lianhe Credit Rating Co., Ltd., providing solicited issuer, issuance, money market fund, and fund credit quality ratings plus research to Greater China corporates, LGFVs, banks, and asset managers operating in offshore capital markets.

Ownership category

akta.pro rank

Product category

Credit Rating Services

NAICS

Credit Bureaus (561450), Activities Related to Credit Intermediation (5223)

SIC

Services-Consumer Credit Reporting, Collection Agencies (7320)

akta.pro industry

PRIMARYFSACAGAB

Credit Research

Financial & Insurance/Capital Markets & Securities/Securities Research & Analytics

SECONDARYEUAHAJAH

Sustainable Finance & ESG Ratings/Benchmarking Support

Energy, Utilities & Environment/Environmental Compliance, Monitoring & Consulting/Sustainability, ESG & Corporate Environmental Reporting

Keywords

• International credit ratings
• Issuer credit assessment
• Fund credit quality ratings
• Sovereign debt ratings
• Credit research commentary

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Revenue model

1. Credit Rating Services: Lianhe Global conducts credit rating services based on third-party information including audited financial statements, interviews, management discussion and analysis, relevant third-party reports, and publicly available data sources. The company receives compensation from issuers, underwriters, obligors, or investors for conducting credit rating services for solicited ratings.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Lianhe Ratings Global is an international credit rating company that provides solicited credit ratings and research for corporate issuers, financial institutions, local government financing vehicles (LGFVs), and investment funds. It offers global scale issuer and issuance credit ratings (AAA to D), money market fund ratings (AAAmf to Bmf), and fund credit quality ratings, applying a proprietary Two-Factor Assessment Mechanism that combines standalone credit profile analysis with evaluation of external government support.

Product overview

Lianhe Ratings Global operates as an international credit rating company offering a comprehensive suite of credit assessment services. The core offerings consist of issuer credit ratings and issuance credit ratings for corporate and government entities, supplemented by specialized fund credit quality ratings for money market funds and investment funds. The company also provides research and commentary on various sectors including local government financing vehicles, banks, property developers, and financing guarantee companies. The rating methodology follows a 'Two-Factor Assessment Mechanism' evaluating both standalone credit profiles and external government support likelihood.

Differentiator

Problem solved

Functional benefit

Products and services

• Issuer Credit Ratings
• Issuance Credit Ratings
• Money Market Fund Ratings (MMF)
• Fund Credit Quality Ratings (FCQR)
• Research and Commentary
• LGFV Two-Factor Assessment

Quantifiable outcome

• 2025 offshore bond issuance by industrial enterprises reached USD 32.2 billion, a 30.4% increase from 2024's USD 24.7 billion, driven by policies supporting quality enterprises in borrowing medium-to-long-term foreign debt

Named customers9 records

Segments4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Hong Kong Top 100 Listed Companies AlliancecoreStrategic or Co-development Partner · 1 January 2025Lianhe Global officially signed a strategic cooperation agreement with the Hong Kong Top 100 Listed Companies Alliance to enhance collaboration and provide rating services to alliance members.
• China Lianhe Credit Rating Co., Ltd.coreOthers · 14 December 2018China Lianhe Credit Rating Co., Ltd. is the parent company of Lianhe Global. Both entities jointly held China's Property Developer Industry Conference in Hong Kong to present rating approaches and credit profiles to bond investors.
• Guotai Junan International Holdings LimitedcoreStrategic or Co-development Partner · 10 December 2018Jointly held sharing sessions on 'How to Interpret China's Local Government Financing Vehicle Industry' with Guotai Junan in Hong Kong. Nearly 40 investors attended in person and around 100 investors dialed in.
• Bank of Jiangsu Co., Ltd.minorOthersBank of Jiangsu Co., Ltd. Yancheng Branch issued irrevocable standby letter of credit for credit enhanced bonds rated by Lianhe Global.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Others

• China Lianhe Credit Rating Co., Ltd. Parent company of Lianhe Global; the dominant Chinese domestic credit rating agency. Included as the parent/ecosystem participant rather than a direct competitor, since domestic-international domain separation makes them complementary rather than competitive.

Broad incumbents

• Moody's Corporation: One of the Big Three global credit rating agencies; competes with Lianhe Global on cross-border mandates and offers overlapping global-scale issuer ratings, issuance credit ratings, and fund ratings — but as part of a broader analytics franchise and global footprint.
• S&P Global Ratings: One of the Big Three global credit rating agencies; a major competitor for sovereign, financial institution, and corporate ratings with global scale, but operates broadly across many markets far beyond China-issuer focus.
• Fitch Ratings: One of the Big Three global credit rating agencies; competes for international Chinese-issuer mandates and offers global-scale ratings, with a more selective presence than S&P or Moody's in Asia-Pacific.

Regional players

• HR Ratings: Mexico-based regional credit rating agency expanding internationally; comparable as a non-Big-Three rating agency pursuing cross-border recognition from a regional base, though focused on Latin American rather than Asian issuers.

Direct peers

• Dagong Global Credit Rating: Pioneer Chinese-domestic credit rating agency that expanded internationally; competes with Lianhe Global in the same Chinese-international niche with overlapping rating products and Chinese enterprise focus.
• Golden Credit Rating International: Hong Kong-based Chinese-international credit rating agency offering ratings on global scales for Chinese and Asian issuers; directly competes for the same China-outbound bond rating mandates as Lianhe Global.
• China Chengxin International Credit Rating (CCXI): Another major Chinese-international credit rating agency that provides cross-border rating services for Chinese issuers; highly comparable to Lianhe Global in positioning, product suite (issuer ratings, debt ratings, fund ratings), and target segments (Chinese enterprises, LGFVs, financial institutions).

Emerging players

• Egan-Jones Ratings: Independent US credit rating agency that has built scale by serving as an NRSRO alternative; comparable as a smaller, non-Big-Three challenger focusing on underserved segments of the rating market.
• Kroll Bond Rating Agency (KBRA): US-founded alternative credit rating agency that has expanded into structured finance and a growing share of corporate/financial institution ratings; comparable as a non-Big-Three challenger expanding its franchise into adjacent asset classes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/lianhe-ratings-global-limited

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lianhe Ratings Global