Lianhe Global downgrades Jiangsu Zhongnan Construction Group Co., Ltd.’s global scale Long-term Issuer Credit Rating to ‘B’ from ‘BB’; On Rating Watch Negative

HONG KONG, 17 May 2022 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has downgraded the global scale Long-term Issuer Credit Rating of Jiangsu Zhongnan Construction Group Co., Ltd. (000961.SZ) (“Zhongnan” or “the company”) to ‘B’ from ‘BB’. The rating has been put on Rating Watch Negative (RWN).