Overview Key strengths Key risks Extremely high likelihood of extraordinary support from sole shareholder, Qingdao municipal government, which has a strong economic base. Potentially weakening credit association with the government driven by QCD?s growing commercial exposure. Hard to replace Qingdao Conson Development (Group) Co. Ltd.'s (QCD) social role as an operator of transportation infrastructure and civil facilities. Heavy refinancing pressure due to a large debt balance accumulated for ongoing capital investments. Ample funding access, given strong government association. Low profitability mainly from its social-welfare role and business concentrated in Qingdao. As one of the most important local government financing vehicles (LGFVs) of the Qingdao municipal government, the company has a very important social responsibility to fund transportation infrastructure in Qingdao
