Important Statement
This report is prepared in accordance with the "Measures for the Administration of Convertible Corporate Bonds," "Measures for the Administration of Issuance and Trading of Corporate Bonds," "Code of Professional Conduct for Trustees of Corporate Bonds," and the "Entrusted Management Agreement for the Issuance of Convertible Bonds to Unspecified Targets by Keshun Waterproof Technology Co., Ltd." (hereinafter referred to as the "Entrusted Management Agreement"), as well as relevant regulations and agreements, public information disclosure documents, and relevant explanatory documents and materials provided by Keshun Waterproof Technology Co., Ltd. (hereinafter referred to as the "Company," "Keshun Waterproof," or "Issuer"), and is compiled by the trustee, Guotai Haitong Securities Co., Ltd. (hereinafter referred to as "Guotai Haitong").
This report does not constitute a recommendation for investors to take or not take any action. Investors should make independent judgments on relevant matters.
I. Major Matters
On June 23, 2026, United Credit Rating Co., Ltd. issued the "Keshun Waterproof Technology Co., Ltd. 2026 Annual Review Rating Report" (United [2026] No. 3336), which downgraded the long-term credit rating of Keshun Waterproof Technology Co., Ltd. to AA- and the credit rating of "Keshun Convertible Bond" to AA-, with a stable outlook.
According to the "Keshun Waterproof Technology Co., Ltd. 2026 Annual Review Rating Report" issued by United Credit Rating Co., Ltd.: