Press Release

Han Kun Hong Kong Law Offices LLP ("Han Kun Hong Kong") acted as the Issuer's international legal counsel for Sichuan Development Holding Co., Ltd. ("Sichuan Development") on the successful update of its U.S.$2 billion Medium Term Note Programme and the issuance of U.S.$450 million 4.55% Sustainability Bonds due 2029. The Programme is a dual-structure programme, allowing Sichuan Development to select different issuance structures based on its commercial needs. The Bonds is issued by Yieldking Investment Limited and guaranteed by Sichuan Development International Holding Company Limited. The Bonds are supported by the benefit of a Keepwell Deed and a Deed of Equity Interest Purchase Undertaking provided by Sichuan Development.

Sichuan Development is the sole provincial-level state-owned capital investment operation company in Sichuan Province and stands as the provincial-level comprehensive investment and financing platforms with the highest strategic positioning among all SOEs controlled by Sichuan SASAC. As Sichuan's first RMB trillion-level SOE group, its consolidated total assets exceeded RMB 2 trillion as of the end of 2025. It has maintained an "AAA" corporate credit rating from CCXI for 16 consecutive years and has been assigned a sovereign-level international rating of "A" (outlook stable) by Fitch Ratings Ltd.

Han Kun Hong Kong, acting as the Issuer's international counsel and listing adviser, provided solid legal support for the structuring and successful implementation of the transaction by delivering practical and workable legal solutions to the issuer client. This transaction once again demonstrates Han Kun Hong Kong's leading edge in providing integrated, one-stop solutions for complex cross-border matters to clients in a challenging international market environment.