Lianhe Global has upgraded the global scale Long-term Issuer Rating of Heshan Public Asset Management Co., Ltd. to ‘BBB’ from ‘BBB-’; Issuer Rating Outlook Stable

HONG KONG, 7 August 2025 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has upgraded the global scale Long-term Issuer Credit Rating of Heshan Public Asset Management Co., Ltd. (“HPAM” or “the company”) to ‘BBB’ from ‘BBB-’. The Outlook is Stable.