Statement
I. This report is an independent opinion statement of Lianhe Credit Rating based on its rating methodology and procedures as of the date of issuance, and is not influenced by any institution or individual. The rating conclusion and related analysis are forward-looking opinions expressed by Lianhe Credit Rating based on relevant information and materials, not statements of fact or opinions of verification regarding the rated entity. Lianhe Credit Rating has sufficient reason to guarantee that the rating report issued complies with the principles of truthfulness, objectivity, and fairness. Given the nature of credit rating work and its susceptibility to objective conditions, this report has limitations in terms of information acquisition, rating methodology, and forecasting of future events.
II. This report is issued by Lianhe Credit Rating at the request of Changjiang Securities Holdings Co., Ltd. (hereinafter referred to as "the Company"). Apart from the rating engagement relationship between Lianhe Credit Rating and the Company for this rating matter, there are no other relationships between Lianhe Credit Rating, its rating analysts, and the Company that would affect the independence, objectivity, and fairness of the rating activities. According to the business development of Lianhe Credit Rating's controlling shareholder, United Credit Management Co., Ltd. (hereinafter referred to as "United Credit"), and its controlled institutions, United Credit's subsidiary, United Credit Investment Consulting Co., Ltd. (hereinafter referred to as "United Consulting"), provided technical services to Changjiang Securities Holdings Co., Ltd. Due to the management separation between Lianhe Credit Rating and its affiliated company United Consulting, and the maintenance of independence in corporate governance, financial management, organizational structure, and personnel, the Company's rating business has not been affected by the affiliated company. Lianhe Credit Rating guarantees that the rating report issued complies with the principles of truthfulness, objectivity, and fairness.
III. The materials cited in this report are primarily provided by the Company or other relevant third parties. Lianhe Credit Rating has performed necessary due diligence, but makes no guarantee regarding the truthfulness, accuracy, and completeness of the cited materials. Lianhe Credit Rating reasonably adopts the professional opinions issued by other professional institutions, but Lianhe Credit Rating assumes no responsibility for the professional opinions issued by such institutions.
IV. The results of this rating review are valid from the date of this report until the maturity and redemption date of the corresponding bonds. Based on the conclusions of the rating review, the rating results may change within the validity period. Lianhe Credit Rating reserves the right to adjust, update, terminate, or withdraw the rating results.
V. The rating conclusions and related analyses contained in this report do not constitute any investment or financial advice, and should not be regarded as recommendations or guarantees for the purchase, sale, or holding of any financial products.
VI. This report cannot replace the professional judgment of any institution or individual. Lianhe Credit Rating shall not be liable for any losses incurred by any institution or individual due to the use of this report and its rating results.
VII. The subject rating and the tracking rating results of related bonds or securities listed in this report shall not be used for the issuance of other bonds or securities.
VIII. The copyright of this report belongs to Lianhe Credit Rating. Without written authorization, any form or method of reproduction, reprinting, selling, publishing, or storing any content of this report in a database or retrieval system is strictly prohibited.
IX. Any institution or individual using this report is deemed to have fully read, understood, and agreed to the terms of this statement.
Credit Rating Announcement
Union [2025] No. 4232