The issuer and its board of directors guarantee the truthfulness, accuracy, and completeness of the information disclosed, and jointly and severally bear legal responsibility for any false or misleading statements or material omissions.
Important Notes
-
On January 21, 2026, the issuer obtained approval from the China Securities Regulatory Commission (CSRC) (Document No. [2026] 123) for the registration of issuing corporate bonds to professional investors with a face value not exceeding RMB 18 billion. The bonds will be issued in tranches and completed within 24 months from the date of CSRC approval. The total issuance amount for this tranche will not exceed RMB 1.5 billion (inclusive).
-
This tranche of bonds is referred to as "26 Western 05" with a bond code of "524961". The issuance size is up to RMB 1.5 billion (inclusive), with each bond having a face value of RMB 100 and an issue price of RMB 100 per bond.
-
The bonds will be issued through an offline inquiry process targeting professional institutional investors, with allocation based on book-building results. In accordance with the "Administrative Measures for the Issuance and Trading of Corporate Bonds" (2023 Revision), the "Measures for Investor Suitability Management for Securities and Futures Investors," and the "Measures for Investor Suitability Management in the Shenzhen Stock Exchange Bond Market" (2023 Revision), as well as relevant laws and regulations, these bonds are exclusively offered to professional institutional investors. Retail investors and individual investors within the professional investor category are prohibited from subscribing. After listing, these bonds will be subject to investor suitability management, with trading restricted to institutional investors within the professional investor category. Subscriptions or purchases by retail investors and individual professional investors will be deemed invalid.
-
According to the "Credit Rating Report of Western Securities Co., Ltd. for the 2026 Public Offering of Corporate Bonds to Professional Investors (Phase V)" (Joint [2026] No. 6890) issued by United Credit Ratings Co., Ltd., the issuer's主体 (entity) credit rating is AAA with a stable outlook, and the bond's credit rating is AAA. During the term of the bonds, the credit rating agency will conduct an annual surveillance rating on the issuer's entity credit rating and the bond's credit rating.
-
Upon completion of this issuance, the company will promptly apply to the Shenzhen Stock Exchange for the listing and trading of these bonds. The bonds meet the listing requirements of the Shenzhen Stock Exchange, and trading methods include matched trades, click-to-trade, negotiated trades, competitive bidding, and negotiated transactions. However, prior to the listing of these bonds, significant changes in the issuer's financial condition, operating performance, cash flow, or credit rating may occur, and the issuer cannot guarantee that the listing application will be approved by the Shenzhen Stock Exchange. If the bonds cannot be listed at that time, investors may choose to sell them back to the company. Any investment risks and liquidity risks arising from changes in the issuer's operations and performance will be borne by the bondholders. The bonds cannot be listed on exchanges other than the Shenzhen Stock Exchange.
-
The term of these bonds is 2 years.
-
Credit Enhancement: These bonds are unsecured.
-
The indicative interest rate range for these bonds is 1.20%-2.20%. The issuer and lead underwriter will conduct interest rate inquiries with investors on August 19, 2026 (T-1 day) and determine the final bond interest rate based on the inquiry results. The issuer and lead underwriter will announce the final bond interest rate on the Shenzhen Stock Exchange website (http://www.szse.cn) and the CNINFO website (http://www.cninfo.com.cn) on August 19, 2026 (T-1 day). Investors are advised to pay attention.