On 15 March 2022, Lianhe Ratings Global Limited (“Lianhe Global”) was invited to deliver a presentation in the “China’s Credit Bond Market Update: A Ratings Agency Perspective” conference call organized by a famous U.S. international investment bank. In this 75-minute call, Lianhe Global representatives shared the credit rating development of the Chinese onshore bond market, the credit outlook of the Chinese property, local government financing vehicles (“LGFVs”) and other major sectors, and the market development of panda bonds.