International rating agency S&P Global Ratings released a report on August 26, affirming the long-term issuer credit rating of China CITIC Financial Asset Management Co., Ltd. (02799.HK) and its international platform, "China CITIC Financial Asset International," at "BBB-" with a stable outlook. S&P highlighted the company’s outstanding performance in government support, risk resolution, group synergy, and market position, which provides solid support for its credit quality.
Public information shows that over the past five years, the company has significantly reduced its exposure to high-risk credit assets and financial investments while setting aside substantial provisions. As of the end of 2024, the parent company’s provision coverage ratio reached 226%, reflecting continuously improving asset quality. Since 2021, the company has actively disposed of legacy problem assets and increased impairment provisions to navigate the complex operating environment.
As a core member of CITIC Group, the company has continued to deepen synergies, flexibly employing tools such as acquisition and disposal, market-oriented debt-to-equity swaps, and restructuring revitalization. It has fully leveraged the asset management company’s "advanced valuation techniques" and "multi-dimensional risk pricing capabilities," relying on its strengths in full-cycle asset disposal and counter-cyclical resource integration to contribute CITIC’s strength to high-quality economic development.
S&P noted that CITIC Financial Asset has been the largest acquirer in China’s non-performing asset market in recent years and is expected to maintain its industry leadership while receiving ongoing liquidity and funding support from domestic banks.
In recent years, CITIC Financial Asset has focused on its core business, aligning with national policies and client needs. It has strengthened industry research, enhanced investment research capabilities, and built leading asset allocation and investment strength through "investment-research linkage + marketing systems," creating a differentiated competitive advantage. In 2024, the company achieved total revenue of RMB 112.766 billion, a year-on-year increase of 60%, and net profit attributable to the parent company of RMB 9.618 billion, 5.4 times the previous year’s figure. Both the average return on equity and earnings per share hit six-year highs. In the first half of 2025, net profit attributable to the parent company is expected to reach RMB 6 billion to RMB 6.2 billion, a year-on-year increase of 12.5% to 16.3%. Excluding the impact of the financial leasing business spin-off, the growth rate is approximately 23.9% to 28.2%.
S&P fully affirmed the company’s progress in consolidating its core business, strictly controlling risks, and deepening synergies, expecting it to continue leading the non-performing asset industry, strengthening competitive barriers, and achieving sustainable and stable development.
