HONG KONG, 22 October 2026 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has affirmed ‘A-’ global scale Long-term Issuance Credit Rating to the CNY248 million, 3.5% Credit Enhanced Bonds due 2028 (“Credit Enhanced Bonds”) issued by Feicheng Huayu Industry Group Co., Ltd. (“FHIG”; ‘BBB’/Stable). The Credit Enhanced Bonds have the benefit of an irrevocable Standby Letter of Credit (“SBLC”) issued by Bank of Qingdao Co., Ltd. (“BQD”), Tai’an Branch.