China Chengxin terminates Hailiang ratings after bond redemption

China Chengxin International Credit Rating Co. (CCXI) has announced the termination of its credit ratings for Zhejiang Hailiang Co. and its "Hailiang Convertible Bonds," effective immediately. This decision follows the full redemption and delisting of the bonds.

On June 25, 2025, CCXI had maintained Zhejiang Hailiang's corporate credit rating at AA with a stable outlook, and the "Hailiang Convertible Bonds" at AA. However, the company announced on October 15, 2025, that it exercised its early redemption right for the bonds.

As of September 26, 2025, the remaining balance of the "Hailiang Convertible Bonds" was CNY2,274,700.00 (22,747 shares), representing 0.0722% of the total issuance. The redemption payment, totaling CNY2,313,597.37 (excluding handling fees), was distributed on October 14, 2025. With no outstanding rated bonds, CCXI's credit rating committee decided to terminate all associated ratings.