Hong Kong, China, March 17, 2025 — CSPI Credit Rating Company Limited (referred to as 'CSPI Ratings') is pleased to announce today that it has officially been approved as a credit rating agency by the Hong Kong Mandatory Provident Fund Schemes Authority (referred to as 'MPFA'). This approval signifies that CSPI Ratings’ rating services have been formally incorporated into the regulatory framework for investment products under Hong Kong’s Mandatory Provident Fund, further strengthening our professional standing in the international credit rating field.


 - List of credit rating agencies approved by the Hong Kong Mandatory Provident Fund Schemes Authority (MPFA)

- Minimum credit rating requirements for debt securities for constituent funds (excluding guaranteed funds)

 - Minimum credit rating requirements for debt securities for guaranteed funds

Empowering Hong Kong's Capital Market, Enhancing Investment Efficiency and Risk Management

The Hong Kong Mandatory Provident Fund (MPF) system, implemented since December 2000, is a core pillar of Hong Kong’s retirement protection framework, covering over 3 million employees and self-employed individuals across the region. As of the end of December 2024, the total asset size of the MPF scheme reached approximately HKD 1.3 trillion, encompassing more than 400 constituent funds across various major asset classes, with over HKD 300 billion invested in bond assets.

The approval of CSPI Ratings by the Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) brings a wide range of regulatory use cases. According to the Hong Kong Mandatory Provident Fund Schemes (General) Regulation, debt securities that meet or exceed the "minimum credit rating" assigned by CSPI Ratings are now eligible for investment by MPF constituent funds.

In addition, the ratings of CSPI Ratings may also be utilized in the following regulatory aspects

Determining the insurer’s ability to meet its liabilities;

Recognizing "eligible overseas banks";

Defining the investment scope of capital preservation funds in debt securities with a remaining maturity period of one year or less;

Qualifying MPF custodians;

Determining the eligibility of delegates of MPF custodians;

Identifying "exempt authorities" under debt securities investment categories and defining the investment scope of the funds of a constituent fund;

Qualifying convertible debt securities as permissible investments;

Restrictions regarding placement of the funds of a constituent fund on deposit with a branch outside Hong Kong of authorized financial institutions; and,

Restrictions regarding currency forward contracts acquired from a branch outside Hong Kong of an authorized financial institution incorporated outside Hong Kong.

The approval of CSPI Ratings by the Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) enables the rating results of CSPI Ratings to be widely utilized by MPF investors under Hong Kong’s legal and regulatory framework. MPF investments are closely tied to the long-term well-being of Hong Kong citizens, and its regulatory framework demands that rating agencies not only possess internationally standardized analytical systems but also a robust foundation of data validated over time—this is precisely the core strength of CSPI Ratings. With solid foundational data, combined with local insights and international technical standards, CSPI Ratings is well-positioned to provide stable and reliable investment decision references for international investors.

About CSPI Ratings

CSPI Credit Ratings Company LImited (referred to as "CSPI Ratings") is an international credit rating agency headquartered in Hong Kong. Since being licensed by the Hong Kong Securities and Futures Commission (SFC) in 2012, the company has been dedicated to providing credit information that integrates global benchmarks with emerging market perspectives, assisting international investors in making informed decisions in complex market environments.

In 2025, CSPI Ratings was recognized by the Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) as an "approved credit rating agency," officially being integrated it into the regulatory framework for Hong Kong’s Mandatory Provident Fund (MPF). As of the end of 2024, the total asset size of Hong Kong’s MPF reached approximately HKD 1.3 trillion.

The company has repeatedly earned recognition in international capital markets for its outstanding credit analysis capabilities. In 2025, it received the "Best Internationalization Award for a Chinese Rating Agency" from DMI. In the same year, CSPI Ratings was named "China Public Finance Rating Agency of the Year" by The Asset.

As a member of the CSCI Group, CSPI Ratings leverages the robust credit service network of 35 leading Chinese financial institutions. Simultaneously, as the international brand of CSCI Pengyuan, a leading Chinese credit rating agency, we are committed to reducing credit information asymmetry for global investors and building a cross-regional bridge of trust.