Lianhe Global downgrades Jiangsu Zhongnan Construction Group Co., Ltd.’s global scale Long-term Issuer Credit Rating to ‘CCC+’ from ‘B’

HONG KONG, 25 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 ‘CCC+’ from ‘B’ based on the proposed exchange offer. Lianhe Global has removed the Rating Watch Negative (RWN) on the company’s issuer credit rating.