Translator：Jiang Wenyu

On December 22, CCCC Shanghai Waterway Bureau successfully issued the first renewable corporate bonds of 2021 in Shanghai Stock Exchange, with an issue size of RMB 500 million, an issue term of 3+N, and a coupon rate of 3.39%, which is a new low coupon rate of the same variety and same term of the second-tier subsidiaries of central enterprises so far this year.

 As a high-quality AAA-rated central enterprise subsidiary with a long history, the company continued its excellent performance in the capital market in the past, and still gained the pursuit and favor of institutional investors in the situation that the trading sentiment of the capital market tended to be cautious at the end of the year, and the subscription multiples of the whole market reached 2.42 times, which fully reflected the high recognition of institutional investors to the centennial brand of CCCC Shanghai Waterway Bureau, the comprehensive strength and the development prospect.

The successful issuance of this corporate bond further reduces the company's financing costs and provides sufficient medium- to long-term funding support for the company's comprehensive deepening of reform and transformation, as well as its accelerated development into an excellent integrated construction service provider. It also plays an important role in optimizing the company's capital operation, expanding financing channels, and improving its financial structure. Additionally, it enhances the company's influence in the public market, laying a solid foundation for future capital market operations and empowering the company to achieve high-quality development.

As the special legal advisor of CCCC Shanghai Waterway Bureau for this bond issuance, Landing provided professional and efficient legal services for this issuance and contributed to the successful issuance of this bond. LANDING will continue to provide high-quality and efficient legal services to our clients under the development concept of "absolute specialization". The lawyers who provided services for this bond issue are Liu Zhaofu and Kong Lingsen.