CTF SERVICES (00659) applied to register debt financing instruments with a total amount not exceeding 5 billion yuan.

CTF SERVICES (00659) announced that the 2023 Panda Bond program has matured in April 2025. The company has applied to the Bank of China Interbank Market Traders Association to register a debt financing tool with a total amount not exceeding RMB 5 billion (2026 Panda Bond Program). The 2026 Panda Bond Program can be issued within two years from the date of receiving the registration acceptance notice from the association, and may be issued by the company in multiple batches at the appropriate time (2026 Panda Bonds). Due to the ongoing application process, it is uncertain whether the application will be approved, how long it will take, and whether the registration of the 2026 Panda Bond program will be completed. If the 2026 Panda Bond program is carried out, the specific issuance time, tenor, size, and terms of the 2026 Panda Bonds will depend on market conditions at the time of issuance, and the coupon rate of the 2026 Panda Bonds will be determined through book-building. After the issuance of the 2026 Panda Bonds, trading will take place in the Bank of China interbank bond market. It is expected that the favorable interest rate differential between USD/HKD loans and RMB loans will continue to exist, and the 2026 Panda Bond program can provide the group with a cost-effective way to refinance the outstanding principal amount of notes maturing in 2026 and 2027. Additionally, as a considerable proportion of the group's assets, operations, and income are denominated in RMB, the 2026 Panda Bonds will continue to serve as a natural hedge against RMB exchange rate fluctuations.