DeHeng Law Offices (Hong Kong) LLP being the legal advisers to HaiYan Coastline Co., Limited 海盐海滨有限公司 (the “Issuer”) and Haiyan State-owned Assets Management Co., Ltd. (海盐县国有资产经营有限公司) (the “Guarantor”, together with their subsidiaries, the “Group”), on its issuance of CNY1,220,000,000 4.3 per cent. guaranteed bonds due 2026 in Shanghai Free-Trade Zone unconditionally and irrevocably guaranteed by the Guarantor and listed on the Chongwa (Macao) Financial Asset Exchange Co., Ltd. (the “MOX”) on 24 March 2023 (Stock code: MOXLB2348).