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S&P Global Ratings

S&P Global Ratings
The latest news and top stories on S&P Global Ratings. New York-based S&P specialises in credit ratings and financial analysis on stocks bonds and commodities. Known as the largest of the "Big Three" credit-rating agencies, S&P has over one million ratings outstanding.
Pop Mart sold out of its Have a Good Run series. Photo: Handout
China’s private sector

China’s Year of the Horse shoppers let emotional satisfaction take the reins

Brand prestige fades in importance as consumers favour festival-themed toys, playful designs and pet items.

Artificial intelligence

US software rout spills over to China’s SaaS sector

Commodities

China unveils 18-point plan to boost global non-ferrous metals pricing power

Kuaishou

Kuaishou taps global debt market with first US dollar, yuan bonds

Kuaishou is China’s second-largest short-form video platform and the third-largest mobile app in the country by total user time spent.

In this photo illustration created on December 23, 2025, the Kuaishou logo is displayed on a smartphone screen. Photo: VCG via Getty Images
China-EU relations

China-EU deal on EVs marks rare agreement in frosty relations

The EU will waive tariffs on China-made battery electric vehicles if carmakers set a minimum price that offsets the effect of subsidies.

Hong Kong property

Hong Kong’s housing market gets a vote of confidence from major banks

Most financial institutions forecast price gains ranging from 5 to 10 per cent, supported by supply constraints and end-user demand.

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Volkswagen

Can Volkswagen regain its China market share with its US$3.5 billion bet?

Volkswagen, which once had 50 per cent of China’s vehicle market, has invested €3 billion in its largest R&D centre outside its home country in Hefei.

Volkswagen’s research and development centre in eastern China’s Anhui provincial capital of Hefei on November 20, 2025. Photo: handout
China property

Vanke’s bondholders reject payment extension, raising default risk

The rejection in a three-day vote that ended late on Friday gives the developer a grace period of five business days to pay 2 billion yuan of onshore bond.

Electric & new energy vehicles

High-end car sales sink in China as cheaper brands trump European marques

Many buyers were swayed by a 20,000 yuan (US$2,830 ) trade-in subsidy offered by the government for purchasing electric and plug-in hybrid vehicles.

Insurance

Hong Kong insurers face profit pressure in aftermath of deadly Tai Po fire

Impact will be manageable, but insurers may have to rethink pricing strategies that have led them to cut premiums amid competition, S&P says.

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Hundreds of people queue on Sunday to lay flowers and pay tribute to victims of the deadly fire at Wang Fuk Court in Tai Po, seen in the background. Photo: Karma Lo
China property

The View | Why China Vanke’s debt woes have barely made a ripple in markets

Robust exports, surging stocks and investors looking elsewhere have curbed pressure for more forceful government intervention.

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A security guard gestures in front of Vanke’s headquarters in Shenzhen. Vanke has proposed delaying repayment on a yuan-denominated bond for the first time, causing the prices of some its dollar-denominated bonds to fall into distressed territory. Photo: Reuters
China's economic recovery

Explainer | What’s next for China’s economy in 2026 – and how it plans to tackle challenges

Top investment banks forecast moderate growth next year amid trade, property and structural challenges.

China property

China Vanke hit with fresh S&P downgrade amid mounting default concerns

Once a bellwether for China’s property sector, China Vanke now faces a CCC- rating, negative CreditWatch and a tight refinancing window.

China property

China’s property sector needs stronger stimulus: Citigroup economist

Citi is the latest international bank to call for more aggressive policies from Beijing to jolt the country’s ailing property market.

A construction site in Huaian, Jiangsu province. Photo: CFOTO/Future Publishing via Getty Images
China property

China’s property market poised to decline at least through 2026: S&P analyst

Nationwide primary property sales are expected to fall 8 per cent in 2025 and between 6 to 7 per cent in 2026.

A man rides a scooter past a housing complex by Chinese property developer Country Garden Holdings in Tianjin, northern China. Photo: AFP
Banking & finance

US dollar slide could pressure export-driven sectors and banks, S&P warns

US dollar depreciation against euro, yen and most emerging-market currencies over next three years expected to be ‘modest and orderly’.

China property

Embattled Chinese property developer replaces chairman as debt pressures mount

News of a leadership change boosts bonds of China Vanke, which had nearly US$90 billion in liabilities as of September.

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China's economic recovery

China rate cuts likely in fourth quarter amid growth concerns: Goldman Sachs

But if China can stay on track to meet its economic growth target, no action is still a possibility, analysts say.

Goldman Sachs analysts have noted a subtle shift in the PBOC’s tone that they say suggests a more cautious outlook. Photo: Shutterstock
Banking & finance

China’s banks face their ‘Japanification moment’, S&P report warns

For China’s central bank, ‘safeguarding growth and social stability will take priority over bank profits’, the report says.

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Germany

Midea’s AC sales jump 35% in Europe amid heatwaves, offsetting slowdown in China

The Foshan-based appliance maker’s overseas revenue accounted for 43 per cent of its total revenue in the first half of 2025.

Asean

US urges Asean to commit to ‘fair and balanced trade’ amid tariff concerns

Growth in Asean economies is expected to slow to 4.5 per cent on average in 2025 due to the impact of US tariffs, according to S&P.

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US Trade Representative Jamieson Greer delivers opening remarks in his talks with Asean’s economic ministers in Kuala Lumpur on Wednesday. Photo: Reuters
Banking & finance

Li Ka-shing-controlled CK Hutchison’s bond sale gets high rating from Fitch, S&P

The planned notes, the proceeds of which will be used for general corporate purposes, have been rated A- by Fitch and A by S&P Global Ratings.

CK Hutchison Holdings’ annual general meeting at the Harbour Grand Kowloon in Hung Hom on May 22, 2025. Photo: Dickson Lee
Hong Kong property

The View | Why Hong Kong’s commercial property market could do with some stress

Not only can the resulting adjustments help unlock investments, but a sterner stress test is likely to accentuate the resilience of Hong Kong’s banking system.

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Banking & finance

Macroscope | Beware of rising bond yields and falling markets

As markets greet the Fed rate cut with enthusiasm, long-term bond yields paint a much more alarming picture.

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Hong Kong property

NWD, CK Asset launch home sales, hoping year’s first rate cut revives sentiment

New World is selling all 120 units at House Muse in Kowloon City, and CK Asset is selling the last 70 units at Blue Coast II in Wong Chuk Hang.

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CK Asset is launching sales of the last 70 remaining units in Blue Coast II in Wong Chuk Hang on Friday. Photo: Jonathan Wong
Alibaba

Alibaba eyes US$3.2 billion boost for cloud and global e-commerce push

The zero-coupon convertible senior notes maturing on September 15, 2032, will be sold via a private offering to non-US investors.

CANADA - 2025/06/18: In this photo illustration, the Alibaba Cloud logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)
France

Macron scrambles to find new French PM after government is ousted

President Macron is seeking a fifth prime minister in less than two years after the French government collapsed in a confidence vote.

China consumption

China vows more fiscal support to spur demand and curb local government debt

Beijing will also boost stimulus to support families and further back emerging industries, finance minister says.

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