2024 Zhejiang Southeast Grid Structure Co., Ltd. Issuance of Convertible Bonds to Unspecified Objects Regular Rating Review Report
Project Manager: Hu Ying Project Team Members: Bao Xuan, Zhang Minghai Rating Director: [blank] Contact Number: (021) 63501349 Contact Address: 14th Floor, Huasheng Building, 398 Hankou Road, Huangpu District, Shanghai Company Website: www.shxsj.com
Shanghai Brilliance Credit Rating & Investors Service Co., Ltd.
Statement
Except for the client relationship established for this rating matter, the rating agency, its personnel, and the rated entity have no relationships that could affect the independence, objectivity, and fairness of the rating process. The rating agency and its personnel have fulfilled their due diligence and integrity obligations, and the rating report adheres to the principles of truthfulness, objectivity, and fairness. The rating conclusion in this report is an independent judgment made by the rating agency based on reasonable internal credit rating standards and procedures, and has not been altered by any undue influence from the rated entity or any other organization or individual. This rating review is based on information provided by the rated entity and its related parties, or publicly available information. The accuracy, completeness, and reliability of such information are the responsibility of the information provider or publisher. The rating agency reasonably adopts professional opinions issued by other professional institutions but assumes no responsibility for the opinions issued by such institutions. This report is not a conclusion or recommendation for any decision. The rating agency shall not be liable for any consequences arising from the issuer's use or citation of this report, nor for any investor's investment behavior or investment losses. The rating conclusion and analysis in this report do not constitute an attestation of the rated entity. 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 models, and future event forecasting. The credit rating for this rating review is valid from the date of issuance of this rating report until the agreed repayment date of the principal and interest of the rated bonds. During the term of the rated bonds, the rating agency will conduct periodic or ad hoc rating reviews of the rated entity (or bonds) according to the "Rating Review Arrangement" to form conclusions and decide whether to maintain, change, or terminate the credit rating of the rated entity (or bonds). The validity period of the previous rating of the rated bonds (review) is from the issuance date of the previous rating report to the issuance date of this report. This report is owned by the rating agency. Modification, reproduction, reprinting, distribution, sale, or any other form of transmission without authorization is prohibited. Without the written consent of the rating agency, this report, rating views, and rating conclusions shall not be used for securities business activities such as the issuance of other bonds. The rating agency shall not be liable for any consequences arising from unauthorized use, exceeding authorized use, or improper use of this report.
Rating Review Summary
File Number: [New Century Rating Review (2026)100089] Rated Entity: Zhejiang Southeast Grid Structure Co., Ltd. Convertible Bonds Issued to Unspecified Objects Rating Time (Issuer/Outlook/Bond): Current Review: AA/Stable/AA/June 22, 2026 Previous Review: AA/Stable/AA/June 19, 2025 Initial Rating: AA/Stable/AA/September 4, 2023
Rating Review Opinion