[PR] Chongqing Tongnan Construction Engineering (Group) Co., Ltd. | Use-of-Proceeds Assessment

Hong Kong, March 18, 2026 - Lianhe Green Development Company Limited (hereafter referred to as “Lianhe Green”), an external reviewer recognised by the Hong Kong Monetary Authority’s Green and Sustainable Finance Grant Scheme, has provided its Use-of-Proceeds Assessment on the Green Finance Post-issuance Report (hereafter referred to as “the Report”) of Chongqing Tongnan Construction Engineering (Group) Co., Ltd. HK0000979986 Bond (hereafter referred to as the “Group” or “CTCE”). Based on the assessment, the following conclusions were reached:

1. The proceeds from the Bond were allocated to the eligible projects, which comply with the eligible categories in the Green Finance Framework (hereafter referred to as “Framework”) and GBP.

2. The environmental benefits of eligible projects in the Green Finance Post-issuance Report were clear and well-defined.

Lianhe Green has reviewed the following contents:

» The general information of the bond.

» The alignment of the Group’s use of proceeds with the commitments set forth in the Group’s Framework.

» The alignment of the environmental benefits of the Group’s eligible projects with the commitments set forth in the Group’s Framework.

Based on the assessment of the relevant information provided by CTCE, nothing has come to Lianhe Green attention that causes us to believe that the Green Bond is not in compliance with the requirements of the Green Bond Principles (GBP) (June 2021 Edition (with June 2022 Appendix 1)) and Guidelines for Green, Social, Sustainability and Sustainability-Linked Bonds External Reviews (June 2022 Edition), in respect of the use of proceeds and benefits of eligible projects.  

About Lianhe Green

Lianhe Green Development Company Limited (“Lianhe Green”) was established in 2023 and is a subsidiary of Lianhe Credit Management Co., Ltd. (“Lianhe Group”) and Lianhe Equator Environmental Assessment Co., Ltd. (“Lianhe Equator”), which is a third-party consulting and certification service provider in China with multiple professional technical edges in "Sustainable Financing, energy conservation and protection, and carbon testing/certification". Headquartered and registered in Hong Kong, Lianhe Green is an external reviewer recognized under the Hong Kong Monetary Authority’s Green and Sustainable Finance Grant Scheme. Lianhe Green is mainly responsible for green and sustainable finance certification business in international markets, ESG reporting and consulting, ESG training services, and assists in operating carbon market-related businesses within and outside China.

Lianhe Green aims to become an internationally recognized external verifier for sustainable finance through cooperation with Lianhe Equator's professional and experienced team in this industry. With a goal of "shaping the origin of the earth and sky, and transmitting the civilization of mankind", Lianhe Green is committed to helping Chinese and foreign enterprises demonstrate their determination in sustainable development, and providing investors with independent and objective third-party certification services. Leaving green and oceans to future generation is our mission and ambition.

Analytical Standards

» Green Bond Principles (GBP) (June 2021 Edition (with June 2022 Appendix 1))

» Guidelines for Green, Social, Sustainability and Sustainability-Linked Bonds External Reviews (June 2022 Edition)

Contacts

Kathleen Liu

Associate Analyst

+852 3596 3052

kathleen.liu@lianhegreen.com

Sherry Li

Analyst

+852 3596 3037

sherry.li@lianhegreen.com 

Disclaimer

In this report, no assurance is provided regarding the financial performance of the Bond, the value of any investments in the Bond, or the long-term environmental benefits of the transaction. 

Please note that individuals identified in a Use-of-Proceeds Assessment report are not responsible for the opinions stated therein and are named for contact purposes only. Our report is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of financial instruments and securities. 

Lianhe Green receives compensation from entities and other market participants for conducting this service. None of the aforementioned entities nor its related parties participated in the review process aside from providing information requested by Lianhe Green.

Our assessments are not considered investment advice and they are not and should not be considered as a replacement of any person’s own assessment of the ESG factors related to a financial instrument or an entity. Lianhe Green does not represent, warrant or guarantee that our report will fulfill any of your or any other person’s particular purposes or needs. Lianhe Green does not recommend the purchase or sale of financial instruments or securities or give investment advice or provide any legal, auditing, accounting, appraisal or actuarial services. 

Lianhe Green does not audit or verify the accuracy of the information provided to issuers by any third party for the purpose of issuing this assessment report. Lianhe Green does not represent, warrant or guarantee the accuracy, correctness, integrity, completeness or timeliness of any part of our assessment report. 

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