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Hong Kong, 27 April 2023 – China Chengxin (Asia Pacific) Credit Ratings Company Limited (“CCXAP”) has assigned an expected senior unsecured debt rating of BBB_g to the proposed offshore bonds to be issued by Zouping Finance International Co., Ltd., an indirect wholly-owned subsidiary of Zouping Financial Development Group Co., Ltd. (“ZPFD” or the “Company”) (BBB_g/stable), and unconditionally and irrevocably guaranteed by ZPFD.

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CCXAP’s public ratings are available at www.ccxap.com (Rating Results) and may be distributed through media and other means. Methodology used in this rating is the Rating Methodology for China’s Local Infrastructure Investment and Financing Companies dated July 2022, available at www.ccxap.com (Rating Methodologies).