Overview Key strengths Key risks Solid position in the E&C markets in Hong Kong and Macao with strong order backlog, and expanding business scale in mainland China. Relatively small business scale, compared to other state-owned enterprise (SOE) peers in mainland China. Ongoing business transformation to support gradual deleveraging. Business transformation in mainland China may dent margin. Sufficient and timely parent support. We expect China State Construction International Holdings Ltd. (CSCI) will continue to maintain its strong market standing in the engineering and construction (E&C) markets in Hong Kong and Macao. This is mainly supported by CSCI?s solid market reputation, technology capabilities, as well as sound track record of project execution in these markets. It should underpin the ongoing expansion of
