Report on the Trust Management of Corporate Bonds (2019)

Bond Code: 16 TianGuang 01

Bond Abbreviation: 112467

TianGuang ZhongMao Co., Ltd. (Registered Address: Chenggong Technology Industrial Zone, Nan'an City, Fujian Province)

Report on the Trust Management of Corporate Bonds (2019)

Trust Manager: GF Securities Co., Ltd. (Registered Address: Room 618, No. 2 Tengfei Street, New Guangzhou Knowledge City, Huangpu District, Guangzhou, Guangdong Province)

June 2020

Important Statement

This report is prepared in accordance with the "Administrative Measures for the Issuance and Trading of Corporate Bonds," "Code of Conduct for Corporate Bond Trustees," the "Prospectus for the Public Issuance of Corporate Bonds (Phase I) by TianGuang ZhongMao Co., Ltd. in 2016" (hereinafter referred to as the "Prospectus"), and the "Trust Management Agreement for the Public Issuance of Corporate Bonds by TianGuang ZhongMao Co., Ltd. in 2016" (hereinafter referred to as the "Trust Management Agreement"), as well as relevant regulations, public information disclosure documents, professional opinions issued by third-party intermediaries, and related documents provided by TianGuang ZhongMao Co., Ltd. (hereinafter referred to as "TianGuang ZhongMao," "Issuer," or "Company"). This report does not constitute a recommendation for investors to take or refrain from any action; investors should make independent judgments regarding related matters and should not rely on any content in this report as a commitment or statement made by GF Securities Co., Ltd. (hereinafter referred to as "GF Securities"). Under no circumstances shall GF Securities be liable for any actions or inactions taken by investors based on this report.

Table of Contents

1. Overview of the Current Corporate Bonds ............................................................................................................. 1
2. Performance of the Trustee's Responsibilities .................................................................................................... 3
3. Issuer's Operating and Financial Conditions in 2019 ......................................................................................... 4
4. Use of Raised Funds and Operation of Special Accounts .................................................................................... 19
5. Meetings of Bondholders ....................................................................................................................................... 20
6. Internal and External Credit Enhancement Mechanisms for the Current Bonds ................................................ 26
7. Principal and Interest Payment Status of the Current Corporate Bonds ............................................................ 30
8. Tracking Rating Status of the Current Corporate Bonds ................................................................................... 31
9. Execution of Debt Repayment Guarantee Measures by the Issuer ....................................................................... 32
10. Changes in Personnel Responsible for Handling Matters Related to the Current Bonds ................................... 33
11. Other Matters ....................................................................................................................................................... 34

Chapter 1 Overview of the Current Corporate Bonds

1. Issuer Name

TianGuang ZhongMao Co., Ltd.

2. Approval Documents and Approved Scale

The current corporate bonds were approved for public issuance by the China Securities Regulatory Commission (CSRC) under document "Zheng Jian Xu Ke [2016] No. 2163," with an approved scale of no more than RMB 1.2 billion (including RMB 1.2 billion).