Taizhou Xinbinjiang Development Co., Ltd. (Initial Issuer Report)

Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB-’ global scale Long-term Issuer Credit Rating with Stable Outlook to Taizhou Xinbinjiang Development Co., Ltd. (“TXDC” or “the company”)

The Issuer Credit Rating reflects a high possibility that the People’s Government of Taizhou City (“Taizhou government”) would provide moderately strong support to TXDC if needed, in light of its full ownership of TXDC, TXDC’s strategic importance as an important local investment and development company (“LIDC”) responsible for infrastructure construction and state-owned assets operation in Binjiang Industrial Park (“Industrial Park”) of Taizhou Medical High-tech Industrial Development Zone (“Medical High-tech Zone”) of Taizhou City, and the linkage between the Taizhou government and TXDC, including appointment and supervision of the senior management, strategic alignment, major investment and financing plan decisions and ongoing government support. In addition, the Taizhou government may face negative impact on its reputation and financing activities if TXDC encounters any operational and financial difficulties.

The Stable Outlook reflects our expectation that TXDC’s strategic importance would remain intact while the Taizhou government will continue to ensure TXDC’s stable operation.