Lianhe Global downgrades Yango Group Co., Ltd’s global scale Long-term Issuer Credit Rating and Issuance Credit Rating to ‘B+’ from ‘BB’; Issuer Rating Outlook Revised to Negative

HONG KONG, 29 October 2021 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has downgraded the global scale Long-term Issuer Credit Rating of Yango Group Co., Ltd (000671.SZ) (“Yango” or “the company”) to ‘B+’ from ‘BB’. The Outlook is revised to Negative.