Dagong Global Credit Rating opened a Hong Kong subsidiary today, catering to the increasing demand for Mainland China-specific credit ratings in the city's capital market.
The Hong Kong subsidiary will be Dagong's regional headquarters, overseeing regional credit research and ratings, business development, client management and regional co-ordination.
The company's Chief Executive Officer Brian McCullough said that Hong Kong's robust renminbi market was a strong factor of consideration for Dagong to have a foothold in the city.
Permanent Secretary for Financial Services & the Treasury (Financial Services) Au King-chi said that with its unique "One Country, Two Systems" advantage and international DNA, Hong Kong is the logical domicile for Dagong to grow its regional and global business.
Associate Director-General of Investment Promotion Charles Ng welcomed Dagong's entry to Hong Kong.
He said that as Mainland China's economy continues to open up, and given Hong Kong's unique edge in terms of its geographic proximity with the Mainland, the city's role as the major offshore RMB centre will continue to expand and evolve, and create business opportunities for financial institutions such as Dagong to come and expand.
