Grandjoy Holdings maintains AAA rating despite asset pledges for new loans

CICC Pengyuan Credit Rating Co., Ltd. announced its ongoing monitoring of Grandjoy Holdings Group Co., Ltd. following a significant asset pledge and collateralization. Grandjoy Holdings plans to use its subsidiary, Youcheng Co., Ltd., and its affiliates to apply for two loan financings. These loans will be secured by the 100% equity in Youcheng, equity in Youcheng's subordinate companies, and related assets. As of September 30, 2025, Grandjoy Holdings' 100% equity in Youcheng had a book value of CNY 11.88 billion, representing 7.11% of the company's total consolidated assets.

Despite these developments, CICC Pengyuan decided to maintain Grandjoy Holdings' issuer credit rating at AAA, with a stable outlook. The credit ratings for "23 Grandjoy 01," "22 Grandjoy 02," "22 Grandjoy 01," and "24 Grandjoy Holdings MTN003" bonds also remain at AAA. These ratings are valid until November 28, 2025.

CICC Pengyuan will continue to closely monitor changes in Grandjoy Holdings' financing environment, debt size, and debt structure, and assess any potential impact on the company's credit ratings and outlook. The company is a key real estate development and operations entity within COFCO Group, receiving strong support from its parent company when facing financial challenges.