Zhitong Finance App News, Zhou Taifu (01929) announced that the company has applied for a debt financing instrument (panda bonds) with a total registration amount of not more than RMB 10 billion from the China Interbank Market Dealers Association and will be issued by the company in multiple batches at the appropriate time. The proposed issuance will be carried out within two years from receiving the Association's acceptance notice of registration. As the application is being processed, it is still uncertain whether and when the application will be approved, and whether and when the registration of Panda Bonds will be completed.

The proposed issuance is the first time that the company applied for the issuance of panda bonds at the Association. It is expected to promote the diversification of the Group's financing channels and enhance the prudence of the Group's balance sheet by optimizing the debt maturity structure. If Panda Bonds are issued, the proceeds from Panda Bonds are intended to be used as working capital to support the Group's strategic development and brand transformation (including but not limited to strengthening jewelry product development, store upgrades and strategic market expansion), and to repay the Group's existing loans.

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