China Merchants Expressway sets 1.90% coupon for perpetual bonds

China Merchants Expressway Network & Technology Holdings Co. (the "Issuer") announced a coupon rate of 1.90% for its 2025 public issuance of technology innovation perpetual corporate bonds (tranche two) to professional investors. The issuance, with an amount not exceeding 1.75 bn yuan, is part of a larger 10 bn yuan company bond registration approved by the China Securities Regulatory Commission (CSRC).

The coupon rate was determined after a book-building process with institutional investors on November 25, 2025. The inquiry range for the coupon rate was between 1.60% and 2.40%. Following negotiations between the Issuer and the lead underwriter, the rate was set at 1.90%.

The bonds will be offered to professional investors through offline issuance from November 26 to November 27, 2025. Detailed subscription methods are available in the "Announcement on the Public Issuance of Technology Innovation Perpetual Corporate Bonds (Tranche Two) to Professional Investors by China Merchants Expressway Network & Technology Holdings Co., Ltd. in 2025," published on the Shenzhen Stock Exchange and Cninfo websites on November 24, 2025.