Recently, the 8th CNABS Annual Conference on Asset Securitization and the 8th CNABS "Golden Laurel Award" AnnualSelection Ceremony were successfully held in Shanghai. Powchan Financial Group Co., Ltd. ("Powchan" or the "Company"), an associate of COSCO SHIPPING Development, won the "Most Popular Original Equity Holder Award", "Most Influential Product Award" and "Most Innovative Breakthrough Product Award" by virtue of its outstanding performance in the field of asset securitization in 2023, and was awarded the "Golden Laurel Award" by CNABS for three consecutive years, fully demonstrating the continuous improvement of Powchan's professionalism, influence and innovation in the field of domestic asset securitization, and also reflecting the unanimous recognition and long-term trust of the market and investors in the comprehensive strength of the Company's asset securitization.

In 2023, Powchan successfully issued 16 asset securitization products in Shanghai Stock Exchange and inter-bank bond market, with issue size of more than RMB20 billion. Both ABS issue volume and asset securitization product issue volume steadily remain the top three in the finance leasing industry. Meanwhile, the Company actively implemented the national development strategy of the Yangtze River Economic Belt by issuing the Yangtze River Economic Belt ABS, with more than 70% of the lessees in the asset pool coming from the Yangtze River Economic Belt region, indicating that the Company has taken its own actions to guide the social capital to jointly contribute to the development of the Yangtze River Economic Belt. In addition, the auto ABS issued by the Company fully considered the investment preferences of foreign banks and domestic institutions, and achieved priority AAA credit enhancement without specific entity endorsement by flexibly setting the transaction structure, which was highly recognized by the investment market.

Powchan will continue to uphold its original intention and forge ahead with determination, continue to develop the field of asset securitization, continuously optimize the service process, and further provide the market with more high-quality, diversified, innovative and robust securitization products by adhering to the principle of integrity and innovation.