Green Bond Fact Sheet
Date: 15/01/2020

Zhejiang Changxing Rural Commercial Bank
Issue date: 27-12-2019 Maturity date: 27-12-2022 Tenor: 3.0
Issuer Name

Zhejiang Changxing
Rural Commercial
BankAmount Issued

CNY300m/USD43m

Country of risk

China

CBI Database

Included

Issuer Type1

Financial Corporate

Bond Type

N/A

Green Bond Framework

N/A

Second party opinion

N/A

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

Shanghai Brilliance Credit
Rating (GB-1)☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☒ Transport☒ Electric vehicles☐ Low emissionvehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Water & wastewater☐ Water distribution☐ Water treatment☒ Wastewater
treatment☐ Water storage☐ Storm water mgmt
☒ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☒ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☒ Waste to energy☐ Industry: components☐ Adaptation & resilience☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

The pre-issuance report has been assured by Shanghai Brilliance Credit Rating the use ofproceeds will be delivered to the green projects. Also, the Zhejiang Changxing Rural
Commercial Bank will invite a third party to audit the use of proceeds and issue the assurance
report. The bank will also disclose the environmental benefit each year.
Zhejiang Changxing Rural Commercial Bank provides banking services. The company offers
deposits, loans, gross settlement, bank cards, bank guarantees, financial services, electronicbanking, and other services.

Firsts, records andcertifications
Proceeds description

The proceeds will be used to invest transport, water, wastewater and waste management
under CBI criteria. In terms of PBoC’s green bond catalogue, the use of proceeds will
allocate to 35 projects, 4 categories among which adaptation and resilience classification
covers 24 projects.

Climate Bonds view

It is the first time for the Zhejiang Changxing Rural Commercial Bank to issue the green
bonds. We are pleased to see the total proceeds will be diversely invested in 35
projects. Shanghai Brilliance Credit Rating provides both the credit rating and green
bond rating for the financial corporation and the green bonds. With 4 typical projects
addressed in the green bond rating report, including wastewater treatment, foodwaste recycling and electrical bus etc, we appreciate that the bank will continue todisclose the detailed financing progress and invite Brilliance Rating to evaluate.

Underwriters

Caitong Securities Co., Ltd.

Deal comments
Credit Rating

AA (Shanghai Brilliance Credit Rating)

Pricing summary

Coupon: 3.69%

Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign