This report does not constitute a rating action. Overview Key strengths Key risks Solid position in the engineering and construction (E&C) markets of Hong Kong and Macao with strong order backlog, and expanding business scale in mainland China. Smaller business scale than other state-owned enterprise (SOE) peers in mainland China. Ongoing business transformation to support gradual deleveraging. Shift in business mix may constrain margin expansion. Sufficient and timely parent support. China State Construction International Holdings Ltd. (CSCI) in 2025, before an improvement in 2026-2027. We expect annual revenue to remain largely flat in 2025, with solid growth in Hong Kong offsetting revenue decline in Macao and mainland China. Accelerated housing and infrastructure E&C project execution will assist business expansion in
