S&P Global Ratings assesses Henan Civil Aviation Development and Investment Group's (HNCA) Green Finance Framework as aligned with Green Bond Principles, ICMA, 2021 (with June 2022 Appendix 1) and Green Loan Principles, LMA/LSTA/APLMA, 2023. HNCA is a Chinese state-owned aviation investment company based in Zhengzhou city of Henan province. It primarily engages in air freight investment, air cargo transportation, aviation leasing, and aviation logistics services.