HONG KONG, 14 July 2025 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, says Lunan (Zaozhuang) Economic Development Investment Co., Ltd.’s (“LEDI”, ‘BBB/Stable’) tap issuance of its USD80 million 6.9% senior unsecured USD guaranteed bonds due 2028 (“the Bonds”) will not affect the ‘BBB+’ rating on the Bonds.