An announcement has been issued regarding a planned corporate bond offering.

The indirect Chinese subsidiary, Guangzhou Urban Construction & Development Co., Ltd., in which the company holds a 95% equity interest, intends to issue the second tranche of 2026 corporate bonds with a total value not exceeding 1.9 billion yuan.

The second tranche of 2026 bonds will consist of two series. Series one will be five-year bonds with a fixed coupon rate, though the issuer retains the option to adjust this rate at the end of the third year. Additionally, at that three-year mark, the issuer will have the right to redeem all outstanding series one bonds, and bondholders will have the corresponding right to sell all or part of their holdings back to the issuer.

Series two will be seven-year bonds with a fixed coupon rate, with an option for the issuer to adjust the rate at the end of the fifth year. Similarly, at the five-year point, the issuer may redeem all outstanding series two bonds, and holders may put them back to the issuer.

The bond offering includes an inter-series reallocation option with no limit on the reallocation ratio. The decision to exercise this option will be jointly made by the issuer and the lead underwriter based on subscription demand, within the total issuance size.

Both the issuer and the bond issue have received a credit rating of "AAA" from China Chengxin International Credit Rating Co., Ltd.

The coupon rates for the two bond series will be determined after book-building is completed.

The net proceeds from the bond issuance, after deducting offering expenses, are earmarked for repaying maturing corporate bonds.