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 solid order backlog. Softer E&C demand could affect 2026 revenue and profits. Expertise in modular integrated construction (MiC) and government target repurchase (GTR) projects to support better profitability and stronger cash flow. Smaller business scale than other state-owned enterprise (SOE) peers in mainland China. Sufficient and timely parent support. Revenue for China State Construction International Holdings Ltd. (CSCI) could contract by 14.0%-19.0% in 2026 amid industry weakness, before recovering in 2027. We expect topline pressure from weak construction demand in mainland China. China’s E&C sector will continue to grapple with a prolonged
