Translator：Wang Yichun

On September 13th, CCCC Shanghai Dredging Co.,Ltd. (the Company) triumphantly issued the "Accounts Receivable 2022 Tranche 1 Asset-Backed Securities (Low-Carbon Transition-Linked)" on the Shanghai Stock Exchange (the SSE). This issuance marks the debut of China's first low-carbon transition-linked asset-backed security, with an impressive scale of 990 million yuan and a term of 3 years. The priority level reached 940 million yuan, and the issuance rate was set at a record low of 2.60%, demonstrating the capital market's robust confidence in the Company's low-carbon transition development and its commitment to green financial innovation.

The SSE introduced low-carbon transition-linked bonds in May of this year. These bonds are a unique type of security that allows issuers to select key performance indicators and low-carbon transition goals, establish a timeline for achieving these goals, and link the bond terms with the issuer's corporate low-carbon transition objectives. The Company's low-carbon transition-linked asset-backed securities in this issuance utilized the "comprehensive energy consumption per ￥10K of business income" as the key performance goal. This, coupled with a face interest rate adjustment mechanism and stringent third-party evaluation and information disclosure requirements, enables market investors to effectively assess and monitor the progress of corporate low-carbon transition development. This issuance not only reflects the Company's unwavering commitment to the "Dual Carbon" goal but also garnered strong support from the SSE and numerous financial institutions, setting a new low for the issuance rate of ABS products of the same term in recent years.

As the dedicated legal advisor for the issuance of the Company's low-carbon transition-linked asset-backed securities, Landing Law Offices provided comprehensive, efficient legal services, contributing significantly to the successful issuance. Upholding the philosophy of "Specialized Services," Landing Law Offices will continue to deliver professional services to its clients. The legal team for this issuance included Lawyers Liu Zhaofu and Kong Lingsen. The legal team for this issuance included Liu Zhaofu and Kong Lingsen.