CICC Weekly Credit Analysis: China Short-Term Commercial Paper and Medium-Term Notes, August 12, 2026 (37 pp.)
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Key Views
Luyin Investment Group (26 Luyin Investment MTN001; CICC rating 5+), a Shandong state-owned enterprise in salt and powder metallurgy (48% and 49% of 2025 revenue), posted a 33.06% debt-to-capital ratio including notes at end-March 2026, indicating manageable repayment pressure. China Construction Third Engineering Bureau (26 Zhongjian Sanju SCP001; rating 4) signed RMB 751.8 billion of housing-construction and RMB 315.4 billion of infrastructure contracts in 2025. Its debt-to-capital ratio has trended up to 45.4%, though RMB 129.1 billion of unused bank credit covers the net short-term debt gap; litigation of RMB 360 million at end-2025 merits monitoring.
Outlook
Luyin faces limited capex pressure, with RMB 416 million spent of RMB 666 million planned. China Construction Third Bureau plans investment of RMB 1.6 billion in 2026 and RMB 1.8 billion in 2027 under RMB 14.4 billion of planned projects.