Shenzhen OCT leadership resignations prompt credit rating review, stable outlook

United Credit Ratings Co. has issued a notice regarding key leadership resignations at Shenzhen Overseas Chinese Town Co. The company's chairman, Zhang Zhenggao, and vice chairman and president, Liu Fengxi, have both resigned. Zhang Zhenggao, having reached statutory retirement age, will no longer hold any positions within the company. Liu Fengxi's resignation is due to work relocation.

Despite these changes, United Credit Ratings states that these resignations do not reduce board members below the statutory minimum and are not expected to impact board operations or normal business activities. Following an assessment, United Credit Ratings maintains Shenzhen Overseas Chinese Town's individual credit rating at 'a', with external support elevating the long-term principal credit rating to AAA. The outlook remains stable.

The credit agency confirms that current bond ratings for "21 Qiaocheng 02," "21 Qiaocheng 04," and "21 Qiaocheng 06" — each with a AAA/stable rating and amounts of CNY5.00 bn, CNY5.00 bn, and CNY15.00 bn respectively — remain unchanged. United Credit Ratings will continue to monitor the company's operational situation and any potential impacts on its creditworthiness.