Hong Kong, June 19, 2025 – Recently, Lianhe Ratings Global Limited (“Lianhe Global”), as the only Chinese international rating agency, assisted Yixin Innovation Technology Co., Ltd., a wholly-owned subsidiary of Shandong Yihe Holding Group Co., Ltd. (“Yihe Holding”), in successfully issuing “Magnolia Bonds” denominated in US dollars, which is also the first “Magnolia Bonds” denominated in US dollars by a non-financial enterprise in China. Lianhe Global assigned Yihe Holding a “BBB+/Stable” issuer rating and a “BBB+/Stable” international long-term issuance rating. In this transaction, Lianhe Global provided a full range of credit rating services to the issuer and international market investors in terms of corporate credit research, bond risk analysis, and rating setting.