Translator：Jiang Wenyu

On May 11, CCCC Shanghai Waterway Bureau Co. Ltd., successfully listed on the Shanghai Stock Exchange and issued 2022 non-public short-term bonds (Phase I) (Epidemic Prevention and Control Bonds) for professional investors. As the first single Epidemic Prevention and Control Bond of central enterprises in 2022, the issuance size of this bond is RMB 200 million, the issuance period is 180 days, and the coupon interest rate is 2.10%, which is a historical low for central enterprises' corporate bonds with the same maturity period. This year is the first time for central enterprises to issue a bond for epidemic prevention and control.

This year, when the COVID-19 is raging, the pressure of Shanghai's prevention and control is huge, as a high-quality AAA grade central enterprise subsidiary headquartered in Shanghai with a long history, in response to the call of the central government to fight against the epidemic, the company is actively involved in Shanghai's anti-epidemic action, and in order to win the battle of Shanghai's epidemic defense, "we are united in our expertise and we have to defend Shanghai", the bond issuance won the support of institutional investors. The bond issuance was highly sought after and favored by institutional investors, and the subscription multiple reached 3.61 times, which fully reflected the high recognition of institutional investors to century-old brand of CCCC Shanghai Waterway, comprehensive strength and development prospect, as well as their confidence in Shanghai's victory over the epidemic.

The successful issuance of this anti-epidemic bond provides financial support for the company's participation in Shanghai's anti-epidemic work, and at the same time protects the company's normal operation, reduces the impact of the epidemic on the company, further reduces the company's financing costs, and plays an important role in the company's optimal capital operation, broadens financing channels, improves the financial structure, and at the same time, enhances the company's influence in the capital market, and helps and empowers the realization of the new high-quality development of CCCC Shanghai Waterway Bureau.

As the special legal counsel of CCCC Shanghai Waterway Bureau for the issuance of this bond, Landing Law Offices (“LANDING”) provided professional and efficient legal services for the issuance and contributed to the success of the issuance. LANDING will continue to provide professional services to our clients under the concept of "absolute specialization". The lawyers who provided services for this bond issuance are Mr. Liu Zhaofu and Mr. Kong Lingsen.