HONG KONG, 20 March 2019 — China Lianhe Credit Rating Co., Ltd. (“China Lianhe”) and Lianhe Ratings Global Limited (“Lianhe Global”) jointly held a luncheon on “China LGFVs: the Credit Events and the Implications in 2019” on 15 March 2019, in Hong Kong. At the luncheon, the presenters presented and discussed the key issues of the industry with bond investors and strengthened the interaction with them for their better understanding of the development of China’s local government financing vehicles (“LGFVs”) and their credit profiles. The luncheon was attended by 107 investors (80 in Hong Kong and 27 in Singapore). An in-depth discussion on two major topics: “Reviewing the Belief in Implicit Government Support to LGFVs from Risk Events and Resolution” and “China LGFV Offshore Rating Criteria and Outlook” was conducted during the luncheon.