Zhenyang Development: Planning for Zhejiang, Shanghai, Hangzhou, and Ningbo to merge and absorb through stock exchange, as well as the arrangement for the succession of "Zhenyang convertible bonds".

The notice of development issued by Zhenyang stated that Zhejiang, Shanghai, Hangzhou, and Ningbo are planning to issue A-shares to all shareholders of the company for a stock-for-stock merger. The two parties have signed relevant agreements, and the transaction has been approved by the Zhejiang Provincial State-owned Assets Supervision and Administration Commission. The "Zhenyang convertible bond" succession arrangement has been approved by bondholders' meetings, and holders can dispose of them according to regulations. Zhongzheng Pengyuan believes that there are still uncertainties in the transaction and has decided to maintain the company's main body and "Zhenyang convertible bonds" credit rating at AA-, with a stable outlook, until the end of the "Zhenyang convertible bonds" existence period, and will closely monitor the progress of the restructuring.