Dacheng Assisted Sany Heavy Industry Co., Ltd. in Successfully Issuing the Accounts Receivable Asset Support Program for Sany Smart Manufacturing Phase 1 "

Recently, the Accounts Receivable Asset Support Program for Sany Smart Manufacturing Phase 1 ("Programme") has been successfully issued on Shanghai Stock Exchange ("SSE"). The issuance scale of this Programme is RMB180 billion (RMB10 billion on new shelf), of which the issuance scale of Priority A1 asset- backed securities is RMB110 billion, coupon rate is 2.18% and shall be rated AAAsf; the issuance scale of Priority A2 asset- backed securities is RMB520 million, coupon rate is 2.48% and shall be rated AAAsf.

The underlying assets of this Programme are accounts receivable formed by the production and operation of a subsidiary of Sany Heavy Industry Co., Ltd. ("Sany"). The successful issuance of this Programme will help Sany to broaden its financing channels, revitalize its existing assets, further optimize its financing structure and provide more guarantee for the working capital demand for Sany's future business development.

China International Capital Corporation Limited will act as the scheme administrator, and Sany will act as the originator. The senior partner and partner of Dacheng Beijing Head Office, Ms. Zhang Lina, and project team members Ms. Jiao Xiaojie and Ms. Fan Chenyu, will provide legal services for the entire process of this Programme, including transaction structure design and analysis, legal due diligence, legal consulting, drafting and modifying transaction documents, issuance of legal opinions, etc.