On May 12, 2021, CRCC Hean Limited, an overseas subsidiary of CRCC, priced and issued USD 300 million secured notes maturing in 2026 with the coupon rate of 1.875% and EUR 300 million secured notes maturing in 2026 with the coupon rate of 0.875%. Based on the USD/RMB and EUR/RMB middle rates published by the People's Bank of China on May 20, 2021, the notes were worth about RMB 4,289 million. The above-mentioned notes were approved to be listed and traded on the Stock Exchange of Hong Kong on May 21, 2021. CRCC Hean is a special purpose vehicle established by CRCC for this issuance, for which CRCC provides guarantee.