/raid1/www/Hosts/bankrupt/TCRAP_Public/210601.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, June 1, 2021, Vol. 24, No. 103

                           Headlines



A U S T R A L I A

DB HOMES: First Creditors' Meeting Set for June 8
GLOBAL MERCES: ASIC Bans Director for Six Months
HMLET AUSTRALIA: Leaves Australia with Unpaid Debts
METRO FINANCE 2019-1: Moody's Ups Class F Notes Rating to Ba2 (sf)
MILUC PTY: First Creditors' Meeting Set for June 8

ULTIMATE YOU: First Creditors' Meeting Set for June 8


C H I N A

BRIGHT SCHOLAR: Moody's Affirms Ba3 CFR & Alters Outlook to Neg.
CAR INC: Moody's Upgrades CFR to B3 on Improved Operations
CHINA HONGQIAO: Fitch Raises Foreign Currency IDR to 'BB'
CHINA: Courts to Recognise HK Insolvency Process Under New Deal
HUAI'AN DEVELOPMENT: Fitch Affirms 'BB-' LT IDRs, Outlook Stable

WISDOM EDUCATION: Moody's Affirms Ba3 CFR, Alters Outlook to Neg.
YINGDE GASES: Moody's Upgrades CFR to Ba2 on Business Resilience
ZHENRO PROPERTIES: Fitch Affirms B+ LT IDR, Alters Outlook to Pos.
ZHONGLIANG HOLDINGS: Fitch Affirms B+ LT IDR, Alters Outlook to Pos
ZHONGYUAN ASSET: Fitch Lowers LT IDRs to 'BB+', Outlook Stable



I N D I A

ANAND MINE: CARE Keeps D Debt Ratings in Not Cooperating Category
ARYA EDUCATIONAL: CARE Cuts Rating on INR9cr LT Loan to D
BHAGIRATH DHANNALAL: CARE Keeps B- Debt Rating in Not Cooperating
FOMRA SALES: Insolvency Resolution Process Case Summary
HILTON INFRASTRUCTURE: CARE Keeps D Rating in Not Cooperating

IL&FS: Grant Thornton Audit Unearths Fraudulent Practices
IREO GRACE: CARE Keeps D Debt Ratings in Not Cooperating Category
JADEJA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
LOTUS INFRAREALTY: CARE Lowers Rating on INR12.50cr LT Loan to B
MATIX FERTILISERS: CARE Keeps D Debt Rating in Not Cooperating

PACIFIC EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
PRAGATI POLYMERS: CRISIL Lowers Rating on INR8cr Cash Loan to B
PRIME TECHNOPLAST: CRISIL Keeps D Debt Rating in Not Cooperating
PRIMUSS PIPES: CARE Keeps D Debt Ratings in Not Cooperating
R.S. FOODS: CARE Lowers Rating on INR21.97cr LT Loan to B

RAGHUVIR GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
REAL VALUE: CARE Keeps D Debt Ratings in Not Cooperating Category
ROLTA DEFENCE: Insolvency Resolution Process Case Summary
ROLTA INDIA: Insolvency Resolution Process Case Summary
ROOPCHAND HOTELS: CARE Lowers Rating on INR5.58cr Loan to D

S E TRANSSTADIA: CARE Keeps D Debt Rating in Not Cooperating
SALIM'S PAPER: CARE Keeps C Debt Rating in Not Cooperating
SAMBHAV EXIM: CARE Keeps D Debt Ratings in Not Cooperating
SKG TIMBERS: CARE Lowers Rating on INR3cr LT Loan to C
SKM BUILDCON: CARE Keeps C Debt Rating in Not Cooperating Category

SUPRIMA COSMO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SUVI INTERNATIONAL: CRISIL Keeps B Ratings in Not Cooperating
TRANSSTADIA TECHNOLOGIES: CARE Cuts Rating on INR2.25cr Loan to C
UNITRIVENI OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating
VIBRANT LAMINATE: CARE Lowers Rating on INR13.50cr Loan to D

VITTHAL CORPORATION: CARE Keeps D Debt Rating in Not Cooperating


P A K I S T A N

PAKISTAN: Economic Crisis Intensifies as China Refuses Debt Relief


S I N G A P O R E

LIBBY PERSZYK: Creditors' Proofs of Debt Due June 29
M&L OFFSHORE: Creditors' Proofs of Debt Due June 29


S O U T H   K O R E A

ASIANA AIRLINES: Korean Air Wins 2nd Approval for Takeover


S R I   L A N K A

KOTAGALA PLANTATIONS: Fitch Affirms 'RD(lka)' National LT Rating


T H A I L A N D

THAILAND: Central Bank Worried Over Possible Rise in NPLs


X X X X X X X X

[*] BOND PRICING: For the Week May 24, 2021 to May 31, 2021

                           - - - - -


=================
A U S T R A L I A
=================

DB HOMES: First Creditors' Meeting Set for June 8
-------------------------------------------------
A first meeting of the creditors in the proceedings of DB Homes
Australia Pty Ltd will be held on June 8, 2021, at 12:00 p.m. via
virtual meeting technology.

Liam Bailey and Daniel Frisken of O'Brien Palmer were appointed as
administrators of DB Homes on May 27, 2021.


GLOBAL MERCES: ASIC Bans Director for Six Months
------------------------------------------------
Australian Securities and Investments Commission (ASIC) has banned
Holly Marie Grofski, the director of Global Merces Funds Management
Ltd (Global Merces), for a period of six months.

ASIC's banning order prohibits Ms Grofski from controlling, whether
alone or together with others, any company or other entity that
carries on a financial services business until October 28, 2021.

An ASIC surveillance found that Ms Grofski was involved in Global
Merces' failure to comply with its Australian financial services
(AFS) licence conditions. Global Merces failed to replace key
persons named on its licence, to meet its and to meet notification
requirements.

Global Merces also failed to lodge the compliance plan audit
reports for its registered managed investment schemes and its own
financial statements and auditors' reports for the 2018 and 2019
financial years.

Ms Grofski has the right to seek a review of ASIC's decision at the
Administrative Appeals Tribunal.

The banning of Ms Grofski demonstrates that ASIC will take action
against senior management of AFS licensees' if they fail to ensure
that the licensee complies with its obligations under the
Corporations Act.

Global Merces held AFS licence no. 460883. It was the responsible
entity of Global Merces Access Fund ARSN 604 201 952, Global Merces
Equities Fund ARSN 604 220 662 and Covesta ARSN 625 625 803.

Following the voluntary appointment of an administrator to Global
Merces on January 13, 2020, ASIC suspended Global Merces' licence
on January 21, 2020 for a period of six months and cancelled the
licence on July 20, 2020.

On January 31, 2020, the Federal Court ordered that Global Merces
be wound up on just and equitable grounds, and appointed Mr Anthony
Connelly and Michael Hill of McGrath Nicol as joint and several
liquidators of the company.

On May 21, 2021, Ms Grofski, who was Global Merces' managing
director before it was wound up, was charged with criminal breaches
of the Corporations Act.


HMLET AUSTRALIA: Leaves Australia with Unpaid Debts
---------------------------------------------------
Martin Kelly at Australian Financial Review reports that struggling
co-living operator Hmlet has fled the Australian market, closing
its operations, going into voluntary liquidation, walking out of
seven lengthy head leases and leaving AUD508,000 in unpaid debts,
an amount administrator KordaMentha believes will increase.

Its three main landlords have been hardest hit and are owed more
than AUD400,000 by Hmlet Australia, AFR relates citing Australian
Securities and Investment Commission documents.

But when first confronted with these facts, interim chief executive
Peter Kennedy, who also represents major Hmlet investor Burda
Principal Investments and stepped into the management breach after
a staff clean-out in March, claimed there were no external
financial issues.

"Nobody, except for us, nobody has lost anything," said Mr.
Kennedy, who revealed Hmlet had burned through at least AUD4
million in its failed Australian foray after entering the local
market in early 2019, AFR relays.

AFR says Hmlet, which had seven sites in Sydney, has been bleeding
cash.

It raised US$40 million (AUD52 million) from investors in mid-2019
following an initial raise the year before of US$6.5 million, and
was this year forced to ask existing investors for a further US$6
million.

That money came through in May, but with the proviso the
Singapore-based company cut costs, hence the staff cuts and
Australian exit, which Mr. Kennedy blamed on border closures and
bad leasing deals, AFR relates.

Under its business model, Hmlet typically locks into a five-year
lease plus five-year option with building owners, and then signs
separate agreements with tenants, often overseas students or
travellers.

"When we did all the leases a year or so ago we were leasing at the
top of the market," AFR quotes Mr. Kennedy as saying. "Our leases
are now all under water and we see no chance of the market
recovering until the borders reopen.

"We don't know when that's going to be, so my board said to me:
‘Hey, can we please exit Australia, because the [cash] burn has
become intolerable?'

"We spoke to some people about potentially rescuing it . . . but
they couldn't get the economics to work - I said 'join the club' -
and sadly we had to let go."

Told that landlords were owed a significant amount of money, he
responded: "I don't think so. We've been up to date on the rent
until the last month, I think."


METRO FINANCE 2019-1: Moody's Ups Class F Notes Rating to Ba2 (sf)
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on eight classes
of notes issued by two Metro Finance ABS.

The affected ratings are as follows:

Issuer: Metro Finance 2018-2 Trust

Class C Notes, Upgraded to Aa1 (sf); previously on Sep 7, 2020
Upgraded to Aa2 (sf)

Class D Notes, Upgraded to Aa3 (sf); previously on Sep 7, 2020
Upgraded to A2 (sf)

Class E Notes, Upgraded to Baa1 (sf); previously on Sep 7, 2020
Upgraded to Ba1 (sf)

Class F Notes, Upgraded to Ba2 (sf); previously on Sep 7, 2020
Upgraded to B1 (sf)

Issuer: Metro Finance 2019-1 Trust

Class C Notes, Upgraded to Aa2 (sf); previously on Oct 15, 2020
Upgraded to A1 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Oct 15, 2020
Upgraded to A3 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on Oct 15, 2020
Upgraded to Baa3 (sf)

Class F Notes, Upgraded to Ba2 (sf); previously on Oct 15, 2020
Upgraded to Ba3 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the good collateral
performance to date.

Metro Finance 2018-2 Trust

Following the May 2021 payment date, the credit enhancement
available for the Class C, Class D, Class E, and Class F Notes has
increased to 17.4%, 13%, 7% and 4.8% from 16.2%, 12.1%, 6.5% and
4.5% at the last rating action for these notes in September 2020.

The deal has also been performing well. As of end-April 2021, 2.3%
of the outstanding pool was 30-plus day delinquent, and 0.7% was
90-plus day delinquent. The portfolio has incurred 0.4% (as a
percentage of the original balance) of losses to date, all of which
have been covered by excess spread.

Based on the observed performance to date, loan attributes, and
considering the gradual and uneven recovery, Moody's has lowered
its expected default assumption to 2.75% as a percentage of the
outstanding pool (equivalent to 1.9% as a percentage of original
pool balance) compared to 4.1% as a percentage of the outstanding
pool (equivalent to 2.8% as a percentage of original pool balance)
in September 2020.

Moody's has also lowered the Aaa portfolio credit enhancement to
18% from 20%.

Metro Finance 2019-1 Trust

Following the May 2021 payment date, the credit enhancement
available for the Class C, Class D, Class E, and Class F Notes has
increased to 13.4%, 10.3%, 5.5% and 3.8% from 12.6%, 9.6%, 5.2% and
3.6% at the time of the last rating action for these notes in
October 2020.

The deal has also been performing well. As of end-April 2021, 1.3%
of the outstanding pool was 30-plus day delinquent, and 0.1% was
90-plus day delinquent. The portfolio has incurred 0.3% (as a
percentage of the original balance) of losses to date, all of which
have been covered by excess spread.

Based on the observed performance to date, loan attributes, and
considering the gradual and uneven recovery, Moody's has lowered
its expected default assumption to 2.75% as a percentage of the
outstanding pool (equivalent to 2.1% as a percentage of original
pool balance) compared to 3.7% as a percentage of the outstanding
pool (equivalent to 2.8% as a percentage of original pool balance)
in October 2020.

Moody's has also lowered the Aaa portfolio credit enhancement to
18% from 20%.

Moody's analysis has also considered various stress scenarios of
higher mean default rates and backloading of losses to evaluate the
resiliency of the note ratings.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of small businesses from a gradual and unbalanced
recovery in Australian economic activity.

Moody's regard the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

The transactions are cash securitisations of auto loans and leases
originated by Metro Finance Pty Limited and extended to prime
commercial obligors located in Australia.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
December 2020.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.

MILUC PTY: First Creditors' Meeting Set for June 8
--------------------------------------------------
A first meeting of the creditors in the proceedings of Miluc Pty
Ltd IIO and ATFT MLG Trust will be held on June 8, 2021, at 12:00
p.m. via virtual meeting.

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of Miluc Pty on May 26, 2021.


ULTIMATE YOU: First Creditors' Meeting Set for June 8
-----------------------------------------------------
A first meeting of the creditors in the proceedings of:

    - Ultimate You Franchise Company Pty Ltd;
    - Ultimate You Melbourne Pty Ltd;
    - UY South Melbourne Pty Ltd;
    - Ultimate You Geelong Pty Ltd; and
    - The Perisan Coffee House Pty Ltd

will be held on June 8, 2021, at 10:00 a.m. via teleconference.

Sule Arnautovic of Hall Chadwick was appointed as administrator of
Ultimate You et al. on May 28, 2021.




=========
C H I N A
=========

BRIGHT SCHOLAR: Moody's Affirms Ba3 CFR & Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service has affirmed Bright Scholar Education
Holdings Ltd's Ba3 corporate family rating and senior unsecured
rating.

At the same time, Moody's has revised the outlook to negative from
stable.

On May 14, 2021, China State Council announced "the Implementing
Regulations of the Private Education Promotion Law", which will be
effective on September 1, 2021.

"The outlook change to negative reflects the uncertainty related to
the regulatory change and implementation, which could adversely
affect Bright Scholar's business expansion and financial
performance," says Shawn Xiong, a Moody's Assistant Vice President
and Analyst.

Moody's will closely monitor the development on regulatory
implementation, which will determine the actual impact on the
company.

At the same time, Moody's affirms the company's ratings on the back
of its established market position, recovering and diversified
operations, net cash position and benefits from its close
partnership with property developer, Country Garden Holdings
Company Limited (Country Garden, Baa3 stable).

RATINGS RATIONALE

Bright Scholar's Ba3 CFR reflects the company's established
position in international and bilingual schools for Chinese
students, and its asset-light business model, strong cash flow, net
cash position and diversified operations in China and overseas.

Bright Scholar operates schools in many of the residential
properties developed by Country Garden, significantly reducing
Bright Scholar's capital spending and allowing it to expand quickly
alongside Country Garden's new projects.

The rating also takes into consideration the risks stemming from
Bright Scholar's limited scale, the execution risks of its
expansion and regulatory uncertainties.

Moody's believes the new policy has increased the uncertainty
regarding Bright Scholar's expansion strategy, ability to transfer
cash flow from operating schools to the rated entity, and ongoing
control over its existing school portfolio.

Moody's expects Bright Scholar to proactively adapt to the new
policy, based on the government's guidance. Given the large number
of students, operational stability is critical to both school
operators and the government. Measured implementation will help
mitigate the potential negative impact from the new policy.

At the same time, 25% and 20% of its revenue and gross profit,
respectively, were derived from its overseas operations in the
fiscal year ending August 31, 2020.

The company's operations were affected adversely due to COVID-19
disruptions in 2020. Moody's expects its credit profile to improve
over the next 12-18 months as the pandemic impact eases, and the
company to maintain its net cash position, which provides some
buffer for any material negative impact arising from the policy
change.

Bright Scholar has strong liquidity. It had cash balance of around
RMB2.1 billion and short-term investments of around RMB2.2 billion
as of the end of February 2021. These cash and cash -like
resources, together with the company's projected operating cash
flow will be sufficient to cover its short-term debt of around
RMB886 million and planned capital expenditure and dividend
payment.

Bright Scholar's ratings also takes into account the following
environmental, social and governance (ESG) considerations.

The education sector is exposed to high social risks. demographic
and societal trends pose the greatest social risks Bright Scholar
focuses on K-12 education and benefits from a positive social trend
in which demand for quality private education is growing steadily,
supported by a favorable demographic trend and increasing
disposable income.

However, the recent policy change highlighted the regulatory
uncertainties they are exposed to, thus driving the rating action.

The ratings also factor in the company's concentrated ownership by
its founder and chairman, who held a total stake of 77.9% as of
August 2020. However, such risk is partially tempered by the
company's listed and regulated status.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The outlook could return to stable if (1) Moody's assesses the
regulatory impact to the company's credit profile to be limited;
(2) the company maintains a solid net cash position and good
funding access; and (3) school operations gradually recover as
Moody's expects.

The ratings could be downgraded if the regulations upon
implementation has a material adverse impact on the company's
credit and business profiles; or its net cash position becomes
negative on a sustained basis.

The ratings could also be downgraded if the company's new schools
ramp up at a slower rate than Moody's expects; it engages in
significant debt-funded expansion; the number of total students
declines on a sustained basis; or its net cash position becomes
negative.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Bright Scholar Education Holdings Ltd (Bright Scholar) listed on
the New York Stock Exchange in May 2017. It is one of the largest
operators of international and bilingual K-12 (kindergarten through
year 12) schools in China, measured by student enrollment. The
company established its first private school (Guangdong Country
Garden School) in 1994. As of August 31, 2020, it operated 89
schools covering K-12 education for students in China and overseas.
The family of Country Garden's founder and chairman owned about
77.9% of Bright Scholar as of August 2020.

CAR INC: Moody's Upgrades CFR to B3 on Improved Operations
----------------------------------------------------------
Moody's Investors Service has upgraded to B3 from Caa1 the
corporate family rating and senior unsecured rating of CAR Inc.

At the same time, Moody's has changed the outlook to stable from
positive.

"The upgrade of CAR's ratings reflects the improvement in its
operations and access to funding," says Gerwin Ho, a Moody's Vice
President and Senior Credit Officer.

"The stable outlook takes into account Moody's expectation that CAR
will maintain its leading market position and steady credit
profile, and will be able to re-finance its short-term debt," adds
Ho.

RATINGS RATIONALE

CAR's B3 CFR is supported by the company's leading position in
China's growing car rental market.

The B3 rating also considers the company's business model, which
has a certain level of financial flexibility, as seen by the short
lead time for its fleet acquisitions, its asset-light network, and
the ease with which it can dispose of assets.

At the same time, the rating is constrained by (1) direct
competition from other car rental companies and indirect
competition from non-car rental companies that provide
transportation services; (2) regulatory risks in terms of controls
on vehicle ownership and local regulation of the automotive rental
industry and (3) weak liquidity.

The coronavirus outbreak in China had reduced leisure and business
travel, negatively affecting CAR's revenue in 2020.

Despite a 20% decline in its average fleet size, CAR's short-term
rental revenue was flat in the first quarter of 2021 compared with
the same period a year ago, indicating a higher rental rate and
utilization.

Moody's expects the impact of the coronavirus outbreak on CAR's
business will continue to dissipate over the next 12-18 months,
reflecting China's relatively effective containment of the virus
and the continued growth in China's auto rental demand.

Moody's expects CAR's auto rental revenue will remain steady when
compared with 2020, because better rental pricing and utilization
will offset the impact of a smaller average fleet size.

However, revenue from used-vehicle sales is likely to decline by
about 6%-8% over the next 12-18 months when compared with last
year, as the company expands its fleet by retaining more of its
existing vehicles. Therefore, Moody's expects CAR's overall revenue
to fall about 5% over the next 12-18 months when compared with
2020.

Consequently, Moody's expects CAR's debt leverage, as measured by
adjusted debt/EBITDA, to rise slightly to about 3.8x over the next
12-18 months as its EBITDA recovers while it rebuilds its fleet
size.

At the same time, Moody's expects the presence of CAR's majority
shareholder Indigo Glamour Company Limited -- a subsidiary of MBK
Partners Fund IV which is a private investment fund managed by MBK
Partners -- will continue to bolster the company's access to
funding. Indigo Glamour is expected to privatize CAR in July 2021.

CAR's liquidity is weak. Although its unrestricted cash of RMB2.6
billion is sufficient to cover its short-term debt of RMB638
million as of March 31, 2021, Moody's expects cash/short-term debt
to decline by the end of 2021 due to term debt maturities in the
next 12-18 months.

Nonetheless, Moody's expects CAR can meet the repayment of its
upcoming maturities. The company repaid a $300 million bond due in
February and a RMB750 million bond due in April, supported by
proceeds from the $175 million convertible bond issued in January
and $250 million bond issued in March. Moody's also expects the
company's financial flexibility and funding access to improve,
given the presence of Indigo Glamour as the majority shareholder.

CAR's senior unsecured rating is not affected by subordination to
claims at the operating company level, because the latter is not
seen as material, especially as Moody's expects the majority of
claims will remain at the holding company.

Moody's credit assessment also takes into account the following
environmental, social and governance (ESG) considerations.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The rating reflects the impact on CAR of the breadth
and severity of the shock.

The rating takes into account CAR's expected transition to a
private company — which is scheduled to happen in July 2021 —
with a concentrated ownership in Indigo Glamour, which is expected
to own a 100% stake. Its private company status could result in a
drop in its disclosure requirements compared with those of listed
companies.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Upward rating pressure could arise if CAR: (1) maintains its
leading market position, grows in scale, and demonstrates
resilience in down-cycles; (2) demonstrates stable profit margins;
(3) maintains prudent financial management; and (4) displays an
improved liquidity profile, such that cash/short-term debt exceeds
1x on a sustained basis.

On the other hand, downward rating pressure could arise if CAR
exhibits: (1) declining revenues and profitability; (2) a weakening
of funding access; or (3) a deterioration in its credit profile due
to increased competition, shareholder distributions, or aggressive
expansion and acquisitions.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

Founded in 2007 and headquartered in Beijing, CAR Inc. provides car
rental services, including car rentals and fleet rentals in China.
CAR was listed on the Hong Kong Stock Exchange in September 2014.

CHINA HONGQIAO: Fitch Raises Foreign Currency IDR to 'BB'
---------------------------------------------------------
Fitch Ratings has upgraded China Hongqiao Group Limited's Long-Term
Foreign-Currency Issuer Default Ratings (IDR) to 'BB' from 'BB-'.
The Outlook is Positive. Fitch has also upgraded both the USD300
million 7.125% senior notes due 2022 and the USD200 million 7.375%
senior notes due 2023 to 'BB' from 'BB-'

The upgrade reflects Hongqiao's strong financial position,
consistent cash flow generation and favourable market conditions
over the next few years.

The Positive Outlook reflects Fitch's expectation that Hongqiao's
policy risk will decrease when migration is completed of two
million tonnes of aluminium production capacity from Shandong to
Yunnan province in southern China. Successful completion of the
Yunnan migration will reduce the company's captive power usage and
potential power surcharges. Fitch also expects the capital-market
debt maturity profile to improve after concentrated repayments in
1H21.

KEY RATING DRIVERS

Capacity Migration to Strengthen Profile: Hongqiao plans to move a
total of two million tonnes (two phases of one million tonnes each)
of aluminum production capacity (total capacity: 6.5 million
tonnes) to Yunnan from Shandong. Fitch expects the first phase of
the migration to be completed and begin operation in 2021 and the
phase two migration to begin at end of 2021. Completion of the
migration will provide geographical diversification and lower
policy risk related to power surcharges.

New capacity in Yunnan will have access to cheaper renewable energy
and lower production costs, as well as policy and funding support
from the Yunnan provincial government.

Improvement in Debt Maturity Profile: Fitch believes debt maturity
concentration risk will be mitigated by funding cash flow from 1H21
transactions and solid operating cash flow from favourable market
conditions. Hongqiao in 1H21 issued convertible shares of USD300
million (CNY1.9 billion), completed a share placement for HKD2.3
billion (CNY1.9 billion) and introduced strategic investors with a
capital injection of CNY3.8 billion.

Profitability to Remain Strong: Fitch expects profitability to
remain strong in 2021, as Fitch thinks aluminium prices will remain
high on strong demand, particularly from the automotive and solar
energy sectors. This is in line with Fitch's updated metal and
mining price assumptions.

Large Scale, Low Costs: Hongqiao's large operating scale and
low-cost position enables Hongqiao to deliver strong profitability.
Revenue rose by 2% to CNY86 billion in 2020 and the EBITDA margin
expanded by 2pp to 27%. Revenue growth and margin expansion was a
result of higher aluminium prices from the strong economic recovery
in China.

Surcharge Uncertainty Risks Profitability: Policy risk lingers as
possible implementation of government surcharges on Hongqiao's
captive power-generation assets would increase its production costs
in Shandong. Even so, its low leverage ratio would still be well
below 2.5x (FFO net leverage) with the inclusion of potential
surcharges under current market conditions.

Sustained Low Leverage: Fitch expects net leverage to remain low at
around 1.0x in 2021 and 2022, supported by strong aluminium prices
and a stable margin. Hongqiao's net leverage remained stable below
2.5x in the past four years, dropping to 1.4x in 2020. The leverage
improvement was due mainly to strong cash flow from its aluminium
business and moderate capex.

DERIVATION SUMMARY

Comparable Fitch-rated peers include Alcoa Corporation
(BB+/Stable), United Company RUSAL, international public
joint-stock company (BB-/Stable), Aluminum Corporation of China
Limited (Chalco, A-/Stable) and Jiangsu Shagang Group Co., Ltd.
(Shagang, BBB-/Stable).

Hongqiao has a less sophisticated product range than Alcoa, but it
maintains a higher EBITDA margin due to the scale and efficiency of
its core aluminium smelting business. Hongqiao's FFO net leverage
is similar to Alcoa's, but Alcoa has much better operational and
end-market diversity. Hongqiao also has higher business risk due to
power surcharge uncertainty.

RUSAL benefits from substantial size, low input costs and its stake
in PJSC MMC Norilsk Nickel (BBB-/Stable). However, Hongqiao has
higher profitability than RUSAL and maintains a lower FFO net
leverage, but has higher business risks due to uncertainty about
the power surcharges.

Chalco's aluminium segment is smaller in scale than that of
Hongqiao, which has consistent higher profitability and maintains
lower and less volatile net leverage. However, Chalco's rating
benefits from its linkage to its parent, Aluminum Corporation of
China (Chinalco, A-/Stable)

In comparison with Shagang, Hongqiao has a smaller operating scale
but a higher EBITDA margin due to the low-cost position from high
vertical integration. Shagang and Hongqiao have similar leverage
and both generate positive free cash flow. However, Shagang has
better product diversification through both wider products offering
and much more value-added products. Hongqiao also has higher
business risk due to power surcharge uncertainties.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Total aluminium capacity to remain at 6.5 million tonnes;

-- EBITDA margin around 27%-31% between 2021 and 2024;

-- Capex of CNY5.5 billion a year in 2021-2024;

-- 40% dividend payout ratio in 2020-2024.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Capacity migration to Yunnan largely on track resulting in
    meaningful reduction in captive power usage;

-- FFO net leverage sustained below 2.0x;

-- Improved capital market debt maturity profile.

Factor that could, individually or collectively, lead to negative
rating action/downgrade:

-- The Outlook will be revised to Stable if the positive
    sensitivities are not reached within the next 12-18 months.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Hongqiao had total debt of CNY76 billion at
end-2020 and short-term debt totalling CNY45.6 billion, of which
CNY22.8 billion (CNY17.2 billion in 1H21 and CNY5.6 billion in
2H21) were bonds outstanding. The company had available cash of
CNY46 billion and an unused credit facility of around CNY17
billion, as well as access to domestic and international bond and
equity markets. The company's cash balance was adequate to cover
short-term debt.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

CHINA: Courts to Recognise HK Insolvency Process Under New Deal
---------------------------------------------------------------
The Financial Times reports that foreign investors in Chinese
groups that have gone bankrupt could be given powers to liquidate
assets on the mainland in a deal with Hong Kong that aims to boost
business confidence in the country's legal system.

The FT relates that the mechanism will obligate courts in Shanghai,
Shenzhen and Xiamen to recognise insolvency orders filed by company
creditors in Hong Kong, conduit for Chinese companies raising money
from global investors. It means that investors can more easily seek
to wind up Chinese businesses' assets on the mainland to recover
their money. The scheme could be expanded to more Chinese cities in
future.

The FT says the scheme, which was launched this month, comes as
international investors increase their exposure to China. The
country has at the same time been hit by a spate of defaults and
corporate restructurings. China's court system, which is controlled
by the ruling Communist party, has historically not recognised
insolvency decisions made in Hong Kong and elsewhere.

"This is potentially a game-changing step," the FT quotes Patrick
Cowley, head of restructuring services in Asia at KPMG, as saying.

According to the FT, the lack of an agreement had been a sticking
point for investors. A Hong Kong court declined a petition from
investors to wind up Huiyuan Juice Group, one of China's biggest
juice makers, in November after it defaulted on its bonds. The
court believed it unlikely the Hong Kong-appointed liquidators
would be recognised in mainland China.

This left its creditors without much recourse, lawyers said.

While Hong Kong's status as a global finance hub has come under
pressure after Beijing imposed a controversial national security
law last year, the city's commercial legal system remains well
regarded, the FT says.

The deal "has brought company assets on the mainland within reach
for liquidators outside of China for the first time", said a
veteran insolvency lawyer in Hong Kong.

The FT notes that the mechanism also means Hong Kong courts will
recognise some insolvency proceedings in the mainland's legal
system.

"Once a creditor has appointed liquidators over a group in Hong
Kong, that liquidator can apply to mainland Chinese courts to have
equal rights over the group's assets in the mainland," the FT
quotes Kevin Song, an insolvency practitioner at restructuring
specialist Borrelli Walsh in Beijing, as saying.

However, the scheme has not been tested and it does not guarantee
that all applications made through it will be granted. Lawyers said
that China still needs to demonstrate that international creditors
can recover assets from insolvent mainland groups, warning that
some might attempt to argue they are outside the agreement's
jurisdiction.

Mainland courts can also refuse to assist Hong Kong-appointed
liquidators if they deem it would "offend public order or good
morals" or if "mainland creditors are unfairly treated", according
to a legal opinion published by the Supreme People's Court, China's
top court, the FT relays.

"What we are going to need now is to come up with the right cases
to take to the Shenzhen, Shanghai or Xiamen courts . . . to
set the examples and to show that it works," said KPMG's Cowley.

An insolvency expert in mainland China cautioned that authorities
would also scrutinise the scheme for any damaging economic
repercussions.

"There will be concerns over potential consequences such as causing
bankruptcy at Chinese companies as foreign creditors look to take
control of assets like factories or warehouses that employ large
numbers of people," the expert, as cited by the FT, said. "This
could destabilise local economies."

Still, lawyers believe the agreement will boost Hong Kong's
reputation as a platform for investing in Chinese companies.

"At the moment they invest and it's a bit of a gamble," the report
quotes Davyd Wong, an insolvency specialist at law firm YTL, as
saying. "When [Chinese companies] sell shares or bonds in Hong
Kong  .   .  .  the security given for those debts is
pledges to assets on the mainland."


HUAI'AN DEVELOPMENT: Fitch Affirms 'BB-' LT IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Huai'an Development Holdings Co.,Ltd's
(HAD) Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDR) at 'BB-' with a Stable Outlook.

Fitch has also affirmed the 'BB-' rating on the USD300 million 6.9%
senior unsecured notes due 2022, issued by Xiangyu Investment (BVI)
Co., Ltd., an indirectly wholly owned subsidiary of HAD. The notes
were unconditionally and irrevocably guaranteed by HAD as well as
Hong Kong Xiangyu Investment Group Co., Limited, which is a direct
wholly owned subsidiary of HAD.

HAD is fully owned by Huai'an, a municipal-level city located in
the northern corner of China's Jiangsu province. It is responsible
for infrastructure development, primary-land financing, social and
commercial property development, industry promotion and SME support
within the municipality's flagship economic and technology
development zone.

KEY RATING DRIVERS

'Strong' Legal Status and Control: HAD is a fully
municipality-owned limited liability company under China's company
law. The government monitors its financing plan and debt levels and
it is required to regularly report its operational and financial
results. Major decisions, including M&A, spin-offs, bankruptcy and
liquidation, require government verification and approval.

However, HAD's actual operation is more closely monitored and
guided by Huai'an's economic and technology development zone's
management committee, which represents the municipal government, as
HAD specialises in urban development within the zone. The
government did not have a plan to dilute its shareholding in HAD as
of May 2021.

'Strong' Support Record: HAD receives recurring financial support
from the government to assist it with its urban infrastructure
policy role. Fitch expects government financial support to
continue, considering the importance of HAD in the
urban-infrastructure programme. HAD receives solid, although
irregular, support, which is based on the government's budget and
project progress. It received free transfers of state-owned equity,
which increased its capital reserves by CNY5.9 billion in 2020, and
CNY125 million in subsidies, which accounted for over 40% of the
year's profit before tax.

'Moderate' Social-Political Implications from Default: HAD is one
of Huai'an municipality's urban-development companies and the major
investment and financing platform of the municipal government's
flagship zone. It develops large-scale urban infrastructure
projects in the zone and provides ancillary services. Its failure
could jeopardise the zone's policy duties and services, although
HAD may be substituted by other government-related entities outside
the zone.

'Strong' Financial Implications from Default: HAD has substantial
government receivables due for its contracted works and provides
external guarantees to other state-owned enterprises under the
government's direction. It also has various funding channels and
issues bonds in the onshore market. As such, its default would
impair the government's credibility and significantly affect its
access to and the cost of domestic and foreign financing.

However, the direct financial implications for Huai'an municipality
could be cushioned by HAD's geographic concentration within the
zone, as HAD's actual operation is more closely guided by the
zone's management committee and the large account receivables are
from the zone's finance department, rather than the municipal
government.

Standalone Credit Profile of 'b-': Fitch assesses HAD's revenue
defensibility as 'Weaker', as its primary-land development,
infrastructure and property-development businesses rely on the
government for volume and pricing. Fitch assesses operating risk as
'Midrange', based on HAD's predictable cost structure. HAD's
financial profile is characterised by high leverage due to
substantial capital investment; leverage, measured by net
debt/EBITDA, was over 50x at end-2020, and Fitch expects it to
reman able this level in the medium-term due to continued capital
investment.

DERIVATION SUMMARY

Fitch assesses HAD's ratings under its Government-Related Entities
Rating Criteria, reflecting Huai'an municipality's ownership and
strong local-government control and support of HAD. Fitch also
factors in the strategic importance of HAD to the municipality.

The ratings of HAD also consider its Standalone Credit Profile,
which is assessed at 'b-' under the Public Sector,
Revenue-Supported Entities Rating Criteria.

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to positive
rating action/upgrade:

-- An upgrade of Fitch's internal credit view of Huai'an
    municipality's ability to provide subsidies, grants or other
    legitimate resources allowed under China's policies and
    regulations, as well as an increase in the incentive for
    Huai'an municipality to provide support to HAD, including
    stronger socio-political and financial implications of a
    default and a stronger support record.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- A downgrade of Fitch's internal credit view of Huai'an
    municipality's ability to provide subsidies, grants or other
    legitimate resources allowed under China's policies and
    regulations, as well as a significant weakening in the socio
    political and financial implications of default, a weaker
    support record or a dilution of the government's shareholding.

-- An improvement or deterioration of HAD's Standalone Credit
    Profile or liquidity position would also affect the ratings.

-- Any change in HAD's IDR will result in a similar change in the
    rating of the notes.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

WISDOM EDUCATION: Moody's Affirms Ba3 CFR, Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service has affirmed Wisdom Education
International Holdings Co. Ltd.'s Ba3 corporate family rating.

At the same time, Moody's has revised the outlook to negative from
stable.

On May 14, 2021, China State Council announced "the Implementing
Regulations of the Private Education Promotion Law", which will be
effective on September 1, 2021.

"The outlook change to negative reflects the uncertainty related to
the regulatory change and implementation, which could adversely
affect Wisdom's business expansion and financial performance," says
Shawn Xiong, a Moody's Assistant Vice President and Analyst.

Moody's will closely monitor the development on regulatory
implementation, which will determine the actual impact on the
company.

At the same time, Moody's affirms the company's rating on the back
of its established market position, steady cash flow and adequate
liquidity.

RATINGS RATIONALE

Wisdom's Ba3 CFR reflects its established position in China's (A1
stable) fast-growing private K12 education services industry, track
record of expanding its school network and increasing tuition fees,
as well as recurring and highly visible cash flow generation.

The rating also takes into consideration the risks stemming from
Wisdom's limited scale, geographic concentration and high capital
needs, the execution risks associated with its expansion and
regulatory uncertainties.

Moody's believes the new policy has increased the uncertainty
regarding Wisdom's expansion strategy, ability to transfer cash
flow from operating schools to the rated entity, and ongoing
control over its existing school portfolio.

Moody's expects Wisdom to proactively adapt to the new policy,
based on the government's guidance. Given the large number of
students, operational stability is critical to both school
operators and the government. Measured implementation will help
mitigate the potential negative impact from the new policy.

For the first six months of fiscal year 2021 ending on February 28,
2021, Wisdom's revenue grew 17% year on year to around RMB1.1
billion and its adjusted EBITDA margin was largely stable at around
40%.

Moody's also expects Wisdom to take a prudent approach to its high
capital needs due to its acquisition-led or organic expansion with
land purchases and construction costs. This approach would include
capital funding via operating cash flow and a combination of debt
and non-debt means. As a result, its leverage, as measured by total
debt to EBITDA, should remain below 4.5x with good liquidity over
the next 12-18 months.

Wisdom has adequate liquidity. As of February 28, 2021, its total
unrestricted cash of RMB653 million, along with cash flow from
operations, is sufficient to cover its maturing debt, capital
expenditure and dividend payments over the next 12-18 months.

Wisdom's rating also takes into account the following
environmental, social and governance (ESG) considerations.

The company benefits from rising demand for private education,
driven by Southern China's growing population and income levels.
However, the business carries significant social risks, including
the need to safeguard student safety at its boarding schools. The
company has demonstrated a good track record of managing such risks
over the years.

However, the recent policy change highlighted the regulatory
uncertainties the providers are exposed to, thus driving the rating
action on Wisdom.

Wisdom's shareholding is concentrated in its two founders, who
together held a 69% stake as of May 18, 2021. The concentrated
ownership is partly tempered by its listed and regulated status.
Moody's also expects the company to adhere to a prudent financial
policy regarding its expansion.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

The outlook could return to stable if Moody's assesses the
regulatory impact to Wisdom's credit profile to be limited; with
the company maintaining good liquidity and financial prudence.

The rating could be downgraded if (1) the regulations upon
implementation have a material adverse impact on Wisdom's credit
and business profiles; or (2) the company's good liquidity position
deteriorates significantly on a sustained basis; or (3) Wisdom's
operating performance weakens, whereby its cash flow declines, with
adjusted debt/EBITDA rising above 4.5x or EBITA/interest falling
below 3.0x on a sustained basis..

The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.

Founded in 2003, Wisdom Education International Holdings Co. Ltd.
operates 14 boarding schools with a total student enrollment of
71,362 students for the 2020/2021 school year. It is one of the
largest providers of private primary and secondary education (Grade
1-12) in South China. It was listed on the Hong Kong Stock Exchange
on January 26, 2017.

YINGDE GASES: Moody's Upgrades CFR to Ba2 on Business Resilience
----------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
of Yingde Gases Group Company Limited to Ba2 from Ba3.

At the same time, Moody's has upgraded the senior unsecured rating
on the bonds issued by Yingde Gases Investment Limited and
guaranteed by Yingde Gases to Ba2 from B1.

The outlook remains stable.

"The rating upgrade reflects Yingde Gases' improving operating
scale, client diversification, proven business resilience and
longer track record of prudent financial management with low
leverage since PAG Asia II LP took ownership of the company in
2017," says Roy Zhang, a Moody's Vice President and Senior
Analyst.

"The upgrade of the senior unsecured rating also reflects declining
priority claim at operating subsidiaries' level and better
diversification of Yingde Gases' business profile, which mitigate
structural subordination risk," adds Zhang.

RATINGS RATIONALE

Yingde Gases Ba2 CFR reflects the company's strong position in
China's (A1 stable) on-site gas supply market, where it holds
competitive advantages, and good profitability and recurring cash
flow, supported by its long-term contracts with on-site customers.
Such contracts accounted for about 67% of its revenue in 2020.

At the same time, Yingde Gases' CFR is constrained by the company's
relatively limited diversification in terms of market coverage and
client industry exposure. In addition, its status as a private
company with 100% ownership by private equity owners means that it
is not subject to the same financial disclosure obligations and
regulatory supervision as listed companies.

Since its parent, PAG Asia II LP, took ownership of the company in
2017, Yingde Gases has managed to generate positive free cash flow
while maintaining its leverage, as measured by total adjusted debt
to EBITDA, at below 2.5x, which is strong for its rating category.
This track record has proven the company's business resilience and
prudent financial management, particularly during the tough
operating environment in 2020 amid the coronavirus pandemic.

In addition, Yingde Gases has grown its operating scale over the
years while improving its client diversification and reducing its
exposure to the steel industry. Its revenue increased to RMB16.1
billion in 2020 from RMB6.9 billion in 2013, while its gas
production facilities in operation increased to 100 from 57 over
the same period.

Yingde Gases' liquidity is good. The company had cash and cash-like
sources of about RMB2.7 billion as of the end 2020. This, together
with its strong operating cash flow, is sufficient to cover the
company's short-term debt of about RMB1.6 billion and other
financial obligations in the next 12-18 months.

The senior unsecured bond rating is unaffected by subordination to
claims at the operating company level, based on Moody's expectation
that the majority of claims will remain at the holding company
level. Yingde Gases' creditors also benefit from the group's highly
diversified business profile — with cash flow generation across a
large number of operating subsidiaries — which mitigates
structural subordination risk.

Yingde Gases' rating also considers the following environmental,
social and governance (ESG) factors.

Industrial gas firms have lower direct environmental risks related
to manufacturing processes as compared with other specialty
chemical companies. However, they supply customers that have high
risks, including steel makers and chemical producers, and in some
cases, are directly integrated into their clients' facilities.

The rating also considers Yingde Gases' private company status and
concentrated ownership, with PAG Asia II LP owning a 100% stake. As
a private company, Yingde Gases is not subject to the same strict
disclosure requirements as listed companies. Nevertheless, based on
the company's track record, Moody's expects it to manage its
financial profile prudently.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The stable rating outlook reflects Moody's expectation that Yingde
Gases will grow its revenue and maintain its profitability and
positive free cash flow generation, as well as maintain its prudent
financial management, with disciplined capital spending,
acquisitions and shareholder distributions. At the same time,
Moody's expects the company to maintain its strong liquidity
profile.

An upgrade of the ratings is unlikely in the near term, given
Yingde Gases' private company status and its 100% ownership by
private equity firms. Upward rating pressure could emerge if the
company's shareholding structure changes, including but not limited
to a public listing, resulting in better public disclosure and
commitment on financial policy regarding its capital structure,
liquidity, acquisition and shareholder distribution.

Moody's could downgrade the ratings if (1) the company's revenue or
profitability declines; or (2) its liquidity or credit profile
deteriorates, such that its adjusted debt/EBITDA exceeds 3.0x-3.5x
on a sustained basis; or (3) it demonstrates poor information
disclosure or an aggressive financial policy.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

Yingde Gases Group Company Limited is one of the largest companies
in the independent on-site industrial gas market in China. As of
December 2020, the company had 100 gas production facilities in
operation and another 21 under development. PAG Asia II LP, an
investment partnership managed by a private equity firm, held a
100% stake in Yingde Gases as of December 2020.

ZHENRO PROPERTIES: Fitch Affirms B+ LT IDR, Alters Outlook to Pos.
------------------------------------------------------------------
Fitch Ratings has revised China-based homebuilder Zhenro Properties
Group Limited's Outlook to Positive from Stable and affirmed its
Long-Term Issuer Default Rating (IDR) at 'B+'. The senior unsecured
rating has also been affirmed at 'B+' with a Recovery Rating of
'RR4'.

The Positive Outlook reflects Zhenro's larger contracted sales
scale, which is comparable with that of 'BB-' rated homebuilders.
It has consistently deleveraged in the past few years to reach
Fitch's positive rating trigger since end-2019. Its consolidation
ratio improved significantly in 2H20, which enhanced its implied
cash collection to be in line with that of peers.

However, its small land bank creates some pressure to replenish
land, which may pose a challenge in keeping leverage at the current
level. Fitch will assess the stability of its financial profile -
including its leverage and consolidation ratios - over a longer
period before considering further positive rating action.

KEY RATING DRIVERS

Consistent Deleveraging: Zhenro's proportionally consolidated
leverage declined further to 35% by end-2020, from 41% a year
earlier. This was supported by strong sales and controlled land
acquisitions. The implied cash collection - defined as change in
customer deposits plus revenue booked during the year - increased
to 74% of attributable sales in 2020 from 35% in 2019, which also
helped leverage to improve. This was aided by the rise in the
consolidation ratio to 56% in 2020 from 38% in 2019.

However, Fitch believes leverage may edge up if the company extends
its land-bank life to be in line with that of 'BB-' peers.
Acquiring land at market prices could limit its ability to keep
land costs low, especially if it buys more land parcels in Tier 1
and 2 cities, where there is more intense competition among
developers. Its leverage at the joint-venture (JV) level is very
low at 2%. Its consolidated net debt and guarantees/consolidated
adjusted inventory also dropped to 40% in 2020 from 49% in 2019 as
it reduced most of its guarantees to JVs.

Shorter Land-Bank Life: Zhenro's land-bank life of around two years
at end-2020 - defined by saleable land bank at end-2020 divided by
expected gross floor area (GFA) sold in 2021 - is shorter than that
of 'B+' and 'BB-' peers. Therefore, Fitch believes the company will
seek to acquire land to sustain contracted sales growth. More than
80% of its land bank is located in Tier 1 and 2 cities, which
should support the sell-through rate. Fitch tightened the positive
leverage trigger to 40% from 45% to address its lower-than-peer
land-bank life.

Larger Sales Scale than Peers: Zhenro's CNY78 billion of
attributable contracted sales in 2020 was larger than that of most
of 'B+' peers. The rise in Zhenro's implied cash collection to 74%
of its attributable sales in 2020 suggests a larger portion of its
projects was consolidated into its balance sheet but Fitch will
need a longer record to assess the stability of its group
structure.

Potential Margin Pressure: Fitch expects Zhenro's EBITDA margin to
stay below 21% in the forecast period to 2024. Zhenro acquired land
at an average cost of CNY12,174/sq m in 4M21, 83% higher than in
2020, as 94% of the land acquired was in higher-tier cities. This
included land parcels in the Pearl River Delta, where Zhenro has
limited exposure. The execution risk is partially mitigated by its
project collaboration with leading developers in the region.

Fitch expects average selling price (ASP) to rise but land costs to
account for a higher proportion of contracted sales ASP, which may
hurt its margin in the longer term. In the shorter term, the
18%-22% gross profit margin of contracted sales that are not yet
recognised is comparable with the 20% recognised in 2020.

High Yet Stable NCI: Zhenro's non-controlling interests (NCI) to
equity amounted to 43%-44% in 2019-2020, higher than the average of
'B+' peers. This reflects Zhenro's reliance on cash from contracted
sales and capital contributions from non-controlling shareholders,
which are mainly developers, as a source of financing to expand
scale. This lowers Zhenro's need for debt funding, but creates
potential cash leakage and reduces further financial flexibility
because homebuilders with lower NCIs can dispose of stakes in
projects to reduce leverage.

DERIVATION SUMMARY

Zhenro's attributable contracted sales and revenue scale are larger
than that of some 'B+' rated peers and comparable to that of some
smaller 'BB-' companies such as Central China Real Estate Limited
(BB-/Stable) and China SCE Group Holdings Limited (BB-/Stable).
Zhenro and China SCE's consolidated leverage and EBITDA margin are
at similar levels, but China SCE has a longer land-bank life of
three years versus Zhenro's two years. This gives China SCE more
room to deleverage by slowing land acquisition.

Zhenro's land bank is less diversified than that of most 'BB-'
peers such as KWG Group Holdings Limited (BB-/Stable). Zhenro's 216
projects cover only 32 cities as it chose to expand in familiar
regions with 36% of projects in the Yangtze River region, 28% in
the western Taiwan Strait area and 18% in western China. Zhenro's
consolidated leverage is lower than that of some 'BB-' peers such
as KWG and Times China Holdings Limited (BB-/Stable) although
Zhenro's EBITDA margin is much lower. Zhenro's liquidity is
stronger than that of most 'B+' and 'BB-' rated peers.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Attributable contracted sales of around CNY83 billion a year
    in 2021-2024 (2020: CNY78 billion);

-- 9% rise on average in ASP per year in 2021-2024 (2020:
    CNY15,949/sq m);

-- Annual land premium maintained at around two years of land
    bank life;

-- 60% rise in land costs in 2021 (2020: CNY6,651/sq m);

-- GFA acquired to be 0.6x-1.0x of GFA sold in 2021-2024;

-- Selling, general and administrative expense at 3% of
    contracted sales in 2021-2024.

Key Recovery Rating Assumptions

-- 4x EBITDA multiple to derive Zhenro's going-concern value;

-- Apply the liquidation value approach, as liquidation of the
    assets would result in a higher return to creditors;

-- 10% administration claims;

-- 60% advance rate applied to excess cash, defined by deducting
    three-month contracted sales from available cash;

-- 70% advance rate to accounts receivable;

-- 17% advance rate to Zhenro's investment properties;

-- 100% advance rate to restricted cash and pledged deposits;

-- 60% standard haircut to buildings and leasehold improvements;

-- 70% advance rate to adjusted net inventory to reflect Zhenro's
    20%-25% EBITDA margin;

-- 40% advance rate to available-for-sale securities. It is
    treated as similar to excess cash.

The resulting recovery rate corresponds to a Recovery Rating of
'RR3' for Zhenro. However, the Recovery Rating is capped at 'RR4'
because, under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, China falls into Group D of creditor
friendliness, and instrument ratings of issuers with assets in the
group are subject to a soft cap at the issuer's IDR and a Recovery
Rating of 'RR4'.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- A longer record of proportionately consolidated leverage (net
    debt/adjusted inventory) sustained below 40%;

-- No substantial drop in land-bank life;

-- No substantial decrease in implied cash collected and revenue;

-- EBITDA margin, after adding back capitalised interest in cost
    of goods sold, above 20% for a sustained period.

Factor that could, individually or collectively, lead to negative
rating action/downgrade:

-- Fitch will revise the Outlook to Stable if the positive rating
    triggers are not met in 12-18 months.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Abundant Liquidity: Zhenro had unrestricted cash of CNY35.5 billion
at end-2020, pledged deposits of CNY607 million, restricted cash of
CNY6.9 billion, undrawn bank credit facilities and an unused
onshore and offshore bond issuance quota for refinancing, which
were enough to cover short-term borrowings of CNY19.5 billion. The
proportion of trust loans declined to 6% by end-2020, from 19% in
2019.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY81 billion in proportionately
consolidated adjusted inventory at end-2020 includes CNY118 billion
in properties under development, CNY8 billion in completed
properties held for sale, CNY3 billion in prepayment, CNY2 billion
related to land use rights, CNY2 billion in property-related
deposits, CNY6 billion in adjusted inventories on a JV level, CNY61
billion in contract liabilities, CNY8 billion in investment
properties, CNY534 million in buildings and leasehold improvement,
CNY9 billion due from NCIs and CNY6 billion due to NCIs. Fitch has
adjusted the value of investment properties based on investment
properties at cost.

Fitch has included JV net debt of CNY136 million to net debt
calculation in the proportionately consolidated leverage
calculation.

Interest on lease liabilities was excluded in the EBITDA
calculation and adjusted in cash interest paid.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

ZHONGLIANG HOLDINGS: Fitch Affirms B+ LT IDR, Alters Outlook to Pos
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on China-based homebuilder
Zhongliang Holdings Group Company Limited's Long-Term Issuer
Default Rating (IDR) to Positive, from Stable, and has affirmed the
rating at 'B+'. Fitch has also affirmed the senior unsecured rating
at 'B+' rating with a Recovery Rating of RR4.

The Positive Outlook reflects Zhongliang's improved contracted
sales scale, which is now comparable with that of 'BB' category
homebuilders. The group's projects are spread across five core
economic regions in China, mitigating regional economic and policy
risk. Zhongliang adopts an ultra-fast-churn model and aims to begin
sales soon after acquiring land, leading to efficient use of
capital. Proportional consolidated leverage has been well
controlled in the past three years, supported by higher trade
payables and non-controlling interests.

Fitch will consider positive rating action upon a sustained
consolidated leverage improvement, an available cash/short-term
debt ratio of above 1x and no deterioration in cash collection.

KEY RATING DRIVERS

Geographically Diversified Homebuilder: Zhongliang's improved
diversification mitigates regional economic and policy shocks. The
company's property projects were located in more than 150 cities
across five core economic regions in China as of 2020. The majority
were in third- and fourth-tier cities, which have weaker demand
fundamentals than higher-tier cities. Zhongliang has responded to
changing market conditions by increasing its presence in
second-tier cities in the past two years; 47% of the land it
acquired in 2020 was in tier-two cities.

Large Scale: Fitch expects a mild growth in attributable contracted
sales, after increasing to CNY102 billion in 2020, from CNY16
billion in 2016. Zhongliang's standardised operational procedures,
which cover its entire property-development value chain - including
land acquisition, marketing, design and product lines - have aided
its rapid expansion. Its improving land bank quality is evident
from its average selling price of CNY12,500/square metre in 4M21,
up from CNY10,300/square metre in 2019.

Low Margin, Fast Churn: Fitch expects the EBITDA margin to stay
below 20% in the coming four years. The margin was flat yoy, at 18%
in 2020, which is near the lower-end of peers'. However, the
company has sound capital utilisation, aided by the good execution
of its ultra-fast-churn model. Zhongliang enters the pre-sale phase
quickly after land is acquired.

Low Net Inventory: Zhongliang's projects are small and aimed at the
mass market, enabling it to de-stock and achieve positive cash flow
generation within a short period. Internally generated cash flow
supports capital needs for land acquisition and development,
reducing the need for large debt funding. Above-peer contracted
liabilities as a proportion of inventory results in a low net
inventory base. This, together with low net debt and slowing
contracted sales, could produce swings in leverage. Still,
Zhongliang's gross inventory is in line with that of higher-rated
peers.

Low Leverage: Zhongliang's leverage - measured by net debt/adjusted
inventory with proportional consolidation of joint ventures (JV)
and associates - was a low 26% at end-2020 and is managed by
balancing fast-churn contracted sales and land acquisitions. Lower
cash collection amid mortgage tightening measures are offset by the
increase in trade payables and non-controlling interests to control
leverage. Fitch estimates that unsold attributable land bank at
end-2020 was sufficient for around three years of development.

JV Guarantees: Zhongliang's guarantees to JVs and associates, at
CNY12.2 billion in 2020, were large relative to consolidated net
debt of CNY19.7 billion.

Fitch assesses the company based on proportionate consolidation;
however, if Fitch was to measure leverage based on consolidated net
debt and guarantees/consolidated adjusted inventory, it would have
been 59% at end-2020, higher than the average of 'B+' rated peers.
This difference is due to substantial cash and thus low net
leverage at the JV level at 8%. Fitch expects the gap to narrow, as
the company plans to slow the growth of guarantees. Consolidated
leverage would be 36% at end-2020 excluding guarantees.

Minority Shareholders: Zhongliang's total non-controlling interests
in its balance sheet accounted for 64% of total equity at end-2020,
which was higher than that of 'B+' peers. This reflects its
reliance on cash from contracted sales and capital contributions
from non-controlling shareholders, which are mainly developers, as
a source of financing to expand scale. This lowers its need for
debt funding, but creates potential cash leakage, resulting in
lower financial flexibility than homebuilders with lower
non-controlling interests.

DERIVATION SUMMARY

Zhongliang's attributable contracted sales, revenue and amount of
implied cash collected are comparable with that of 'BB' category
peers. Its land bank is also spread more widely across China's core
economic regions than that of peers, such as Hong Kong JunFa
Property Company Limited (B+/Stable). However, around 70% of
Zhongliang's gross floor area is in tier three and four cities (55%
in terms of saleable value), which Fitch believes have less
resilient demand than first- and second-tier cities.

Fitch estimates that Zhongliang's unsold attributable land bank at
end-2020 was equivalent to around three years of gross floor area
sold - longer than that of fast-churn peers like CIFI Holdings
(Group) Co. Ltd. (BB/Stable). Zhongliang's attributable contracted
sales are 20% below that of CIFI, but net inventory is only around
55% of that of CIFI. This narrows headroom to weather the business
cycle and explains Zhongliang's lower rating.

Zhongliang's land bank penetration is comparable with that of
Guangzhou R&F Properties Co. Ltd. (B+/Stable), which has a much
longer operating history. Zhongliang has higher consolidated
leverage, including guarantees to JVs and associates, but a
stronger cash/short-term debt ratio. Zhongliang's churn rate is
much higher, but its EBITDA margin is lower. Zhongliang has higher
non-controlling interests as a percentage of total equity,
reflecting its greater reliance on minority shareholders for
funding.

Zhongliang's fast-churn model resulted in a contracted sales/total
debt ratio of 1.9x in 2020, one of the highest among Fitch-rated
Chinese homebuilders. Its EBITDA margin is at the lower end of 'B+'
rated peers and it has minimal investment-property interest
coverage. The company's 2019 IPO on the Hong Kong stock exchange
enhanced its financial transparency, leading to better regulatory
oversight compared with unlisted 'B+' peers, such as Helenbergh
China Holdings Limited (B+/Stable) and JunFa.

Zhongliang's proportionately consolidated leverage is lower than
that of peers, but guarantees to JVs and associates are large
relative to consolidated net debt and constrain its ratings.

KEY ASSUMPTIONS

-- Land bank life of more than 2.5 years till 2024;

-- Gross floor area acquired is 0.7x-1.0x of gross floor area
    sold in 2021-2024;

-- Average selling price rising by 2% a year on average in 2021
    2024;

-- Attributable contracted sales rising by 3% a year on average
    in 2021-2024;

-- Construction costs kept at 36%-40% of sale proceeds in 2021
    2024 (2020: 45%);

-- Selling, general and administrative expenses at 5% of
    contracted sales in 2021-2024 (2020: 4.4%).

RECOVERY RATING ASSUMPTIONS:

Fitch applies the liquidation value approach, as a liquidation of
the assets results in a higher return to creditors

-- 4x EBITDA multiple to derive Zhongliang's going-concern value;

-- 10% administration claims;

-- Zero advance rate to cash as there is no excess cash after
    taking away three months of sales as minimum cash;

-- 70% advance rate to accounts receivable;

-- 9% advance rate to Zhongliang's investment properties;

-- 60% standard haircut to building and leasehold improvements;

-- 60% advance rate to adjusted net inventory of Zhongliang and
    its JVs and a 20% discount to customer deposits when
    calculating adjusted net inventory to reflect the around 20%
    gross profit margin. For JV-adjusted net inventory, we
    calculate investment in JVs + amount due from JVs - amount due
    to JVs;

-- 100% advance rate to restricted cash and pledged deposits.

The resulting recovery rate corresponds to a Recovery Rating of
'RR2'. However, the Recovery Rating is capped at 'RR4' because,
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, China falls into Group D of creditor friendliness, and
instrument ratings of issuers with assets in the group are subject
to a soft cap at the issuer's IDR and a Recovery Rating of 'RR4'.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Proportionate consolidated leverage sustained below 40%
    without a large increase in guarantees on the debt of JVs and
    associates;

-- Available cash/short-term debt sustained above 1.0x (2020:
    1.1x)

-- No substantial drop in cash collection (defined by the change
    in customer deposits plus revenue booked during the year).

Factor that could, individually or collectively, lead to negative
rating action/downgrade:

-- The Outlook will be revised to Stable if the positive rating
    triggers are not met within 12-18 months.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Liquidity, as measured by available
cash/short-term debt, was 1.1x, at end-2020, improved from 0.7x in
2019. Zhongliang's short-term debt amounted to CNY23.8 billion, or
44% of total debt, which was at the high-end of 'B+' peers. Total
cash of CNY34 billion, including restricted cash, was enough to
cover short-term debt by 1.4x while implied funding costs were flat
yoy at 11%. This was at the high-end of 'B+' peers and should edge
down once the company pays down its trust loan, which comprised 28%
of total debt in 2020.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY90 billion adjusted inventory used in
proportionate consolidated leverage calculation at end-2020
includes CNY11 billion of completed properties held for sale,
CNY146 billion of properties under development, CNY2.4 billion
Deposits for land auction, CNY1.4 billion Progress prepayments for
acquisition of land use rights, CNY 1.7 billion Deposits related to
third parties' land use rights, CNY0.5 billion prepayments for
construction cost, CNY1.8 billion Retention deposits related to
construction, CNY 0.6 billion deposits related to sales of
properties, CNY1.4 billion in investment properties, CNY21.5
billion due from NCI, CNY121 billion in contract liabilities, CNY17
billion due to NCIs, CNY2.6 billion Advances from third parties
related to land auction and CNY47 billion adjusted inventory of its
JVs. Fitch has adjusted the value of investment properties based on
investment properties at cost.

Fitch has included JV net debt of CNY4 billion to net debt
calculation on proportionate consolidated leverage calculation.

Interest on lease liabilities was excluded in the EBITDA
calculation and adjusted in cash interest paid.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

ZHONGYUAN ASSET: Fitch Lowers LT IDRs to 'BB+', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has downgraded China-based Zhongyuan Asset Management
Co., Ltd's (Zhongyuan AMC) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDR) to 'BB+' from 'BBB-'. The Outlook is
Stable. Fitch has also downgraded Zhongyuan AMC's USD400 million
4.2% senior unsecured notes due 2022 to 'BB+' from 'BBB-'. The
bonds were issued directly by Zhongyuan AMC and are rated at the
same level as its IDR as they constitute its direct, unconditional,
unsubordinated and unsecured obligations and rank pari passu with
all its other senior unsecured obligations.

The downgrade comes after Fitch lowered Fitch's assessment of
Zhongyuan AMC's Standalone Credit Profile (SCP) to 'b+' from 'bb-',
driven by an increase in Fitch's forecast for its net debt/EBITDA
to 13.3x from 11.4x by end-2025.

Fitch used the Government-Related Entities (GRE) Rating Criteria to
derive Zhongyuan AMC's rating. Fitch assessed its Long-Term IDR
using a bottom-up approach based on the company's 'b+' SCP plus a
three-notch uplift to reflect potential support from the Henan
government.

KEY RATING DRIVERS

'Midrange' Revenue Defensibility: The company's revenue is mainly
interest income from resolving non-performing assets (NPA) and
restructuring rural credit co-operatives. Fitch believes the
company has strong bargaining power in dealing with NPAs. In
addition, the counterparties in its rural credit co-operative
projects are mainly local governments, with demand likely to be in
line with the economic outlook.

'Midrange' Operating Risk: Finance costs are Zhongyuan AMC's
largest operating-cost component. The company's funding costs have
been stable in the past few years.

'b+' Standalone Credit Profile: Fitch reassessed Zhongyuan AMC's
SCP at 'b+' based on the 'Midrange' revenue defensibility factor
and operational risk assessment, and a 'Weaker' financial profile
after lowering Fitch's earnings forecast and raising Fitch's
projection for its net leverage ratio to 13.3x by the end of the
forecast period under Fitch's rating case. This partially
incorporates a CNY5 billion capital injection to be completed over
the period.

Status, Ownership and Control 'Strong': The finance bureau of Henan
province oversees Zhongyuan AMC and, together with Zhengzhou
municipality, increased its shareholding in the company to 72.0% in
2020, from 56.7%. The Henan government appoints or nominates the
company's board members and senior management and approves changes
in the supervisory and director boards as well as the company's
major decisions.

Support Record 'Moderate': The group received government subsidies
totalling CNY649 million in 2017-2019, which were equivalent to 70%
of net profit. Zhongyuan AMC has also received capital
contributions of CNY1.4 billion from the finance bureau since
2017.

Socio-Political Implications of Default 'Moderate': The company
deals with NPAs, the restructuring of credit co-operatives and
other investment operations in Henan province. It plays an
important role in resolving financial risk, having provided
restructuring services and invested CNY9 billion in 27 rural credit
co-operatives. It has also managed the NPAs of financial
institutions and provided working capital and receivable financing
to some distressed non-financial institutions.

Financial Implications of Default 'Moderate': The company has been
inactive in the onshore bond market since 4Q20. Its outstanding
onshore and offshore bonds fell to CNY9.3 billion in May 2021, from
CNY18 billion in 2019. At the same time, the company's debt
decreased as a proportion of the provincial government's major GRE
debt.

Nevertheless, Zhongyuan AMC remains one of Henan province's largest
GREs by assets and a default would have some implications for the
province's credibility and the availability of funding for other
provincial GREs.

DERIVATION SUMMARY

Fitch rates Zhongyuan AMC under the agency's Public Sector,
Revenue-Supported Entities Rating Criteria, which take into account
the company's revenue defensibility, operating risk and financial
profile. The three-notch uplift applied to the SCP reflects the
application of the GRE criteria and Fitch's assessment of the four
factors under the strength of linkage and incentive to support.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- A sustainable improvement in the net debt/EBITDA ratio, along
    with a better liquidity and debt structure or stronger revenue
    defensibility.

-- Increased government incentive to provide support or state
    ownership, as well as stronger socio-political and financial
    implications of default, may also trigger positive rating
    action.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Weakening revenue defensibility or operating risk as well as a
    deterioration of Zhongyuan AMC's SCP, including, but not
    limited to, measures on liquidity, operating revenue
    generation ability, leverage, debt structure and repayments,
    as well as failure to carry out the CNY5 billion capital
    injection.

-- Any rating action on Zhongyuan AMC's IDRs would result in
    similar action on its US dollar notes.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.



=========
I N D I A
=========

ANAND MINE: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anand Mine
Tools Private Limited (AMTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        4.95      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       1.60      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 19, 2020, placed
the rating(s) of AMTPL under the 'issuer non-cooperating' category
as AMTPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AMTPL continues to
be non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 24, 2021,
May 4, 2021 and May 6, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Nagpur, Maharashtra based Anand Mine Tools Private Limited (AMTPL),
was incorporated in the year 2010 by Mr. Tukaram Jawade along with
his son Mr. Hemant Jawade. The company is engaged in the trading of
pumps, spare parts and earthmoving machineries and also provides
workshop for repairing of mining machineries.


ARYA EDUCATIONAL: CARE Cuts Rating on INR9cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Arya
Educational and Cultural Society (AECS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       9.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 17, 2021, placed the
rating(s) of AECS under the 'issuer non-cooperating' category as
AECS had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AECS continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated March
1, 2021 March 11, 2021, and March 21, 2021.  In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating has been revised on account of on-going delays in the
account as confirmed by the banker.

Arya Educational and Cultural Society (AECS) was registered in Apr.
2015under the Societies Registration Act, 1860 for establishing and
operating educational institute in Purnia, Bihar with an objective
to provide education services. AECS is setting up a school from
pre-nursery up to VII standard and has applied for a franchisee
with 'Delhi Public School Society, Delhi' (DPS)wherein the society
will manage the school in accordance with the guidelines (relating
to fees, infrastructure, teacher-student ratio, faculty etc.)
issued by DPS and the day-to-day management of the school will be
looked after by the society. The school will be affiliated to
Central Board of Secondary Education (CBSE) and would commence its
first academic session (2019-20) up to Class VII with effect from
Apr. 2019 and expansion up to standard XII will take place in the
subsequent years. The initial intake capacity will be 950 students
and it will gradually increase in line with extension of the higher
classes.

BHAGIRATH DHANNALAL: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhagirath
Dhannalal (BD) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       6.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated May 8, 2020, had placed the
ratings of BD under the 'Issuer Non-cooperating' category as the
firm had failed to provide information for monitoring of the
ratings. BD continues to be non-cooperative despite requests for
submission of information through phone calls and e-mails dated
March 24, 2021, April 3, 2021 and April 13, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Bhagirath Dhannalal (BD) based out of Indore (Madhya Pradesh) is
engaged in the business of processing of Moong Dal, Chana Dal and
grading of wheat. It purchases the commodities from local mandi and
sells it in Madhya Pradesh, Tamil Nadu, Delhi and Maharashtra under
brand name of 'Love Story' and 'Om Brand' through 40-50 authorized
broker.


FOMRA SALES: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Fomra Sales Private Limited
        No. 126, Mint Street
        Sowcar Pet
        Madras 600079
        Tamilnadu

Insolvency Commencement Date: April 27, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 24, 2021

Insolvency professional: B. Sathrukkanan

Interim Resolution
Professional:            B. Sathrukkanan
                         9A/1 Ramraj Mansion, First Floor
                         N.R.G. Street, K.K. Pudur Post
                         Coimbatore 641038
                         Tamil Nadu
                         E-mail: prathyumnan2002@yahoo.com

Last date for
submission of claims:    May 11, 2021


HILTON INFRASTRUCTURE: CARE Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hilton
Infrastructure (HI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       13.91      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 17, 2020, placed the
rating(s) of HI under the 'issuer noncooperating' category as HI
had failed to provide information for monitoring of the rating. HI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated February 20, 2021. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Established in 2009, Hilton Infrastructure (HI) is engaged into
development of residential and commercial projects in Mumbai.  HI
is currently developing a redevelopment residential (13 storey) and
commercial (8 storey) project in Grant Road East, Mumbai. Further
in the same locality the entity is developing a single tower (21
storeys) under the name of 'Fuego' solely for the purpose of sale.
The entire project is spread across 55,518 square meters.


IL&FS: Grant Thornton Audit Unearths Fraudulent Practices
---------------------------------------------------------
The Economic Times reports that Grant Thornton Bharat's forensic
investigation into IL&FS Engineering and Construction Company
Limited (IECCL) - the erstwhile Maytas Infrastructure Ltd - has
revealed a wide range of activities bordering on fraud,
manipulation and misappropriation.

Grant Thornton Bharat's (GT) forensic audit report has alleged that
executives at IECCL manipulated revenues, misrepresented facts in
the financial statements, refused to write off assets that had gone
bad, reversed interest claims recorded in the financial statements,
manufactured claims to increase profits, manipulated fixed assets
and ignored whistleblowers.

"The new IL&FS Board decided to appoint GT to conduct forensic
audits on some group companies with the purpose of unearthing
financial irregularities; finding fraudulent transactions and
wrongdoings by the erstwhile management and assess its impact on
the ongoing resolution process," an IL&FS spokesperson said.

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

The Indian government, in October 2018, stepped in to take control
of crisis-ridden IL&FS by moving the National Company Law Tribunal
(NCLT) to supersede and reconstitute the board of the firm which
has defaulted on a series of its debt payments, according to Indian
Express. This was said to be an attempt to restore the confidence
of financial markets in the credibility and solvency of the
infrastructure financing and development group.

IREO GRACE: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IREO Grace
Realtech Private Limited (IGRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      47.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 3, 2020, placed the
rating of IGRPL under the 'issuer non-cooperating' category as
IGRPL had failed to provide information for monitoring of the
rating. IGRPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
13, 2021; April 5, 2021 and February 26, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on March 3, 2020 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Delays in servicing of debt obligations: The company has delayed
in debt repayment on account of cash flow mismatches on the back of
subdued real estate scenario, significant drop in sales momentum
and sales realizations.

Key Rating Strengths

* Experienced promoters and management team: IGRPL is promoted by
IREO, a private equity fund with assets of ~USD 1.7 billion
invested in India. IGRPL is managed by professionals with
experience in the real estate industry. The overall operations of
the company are managed by team of professionals which includes Mr.
Anupam Nagalia (Chief Operating Officer), who is a qualified
Chartered Accountant and Company Secretary. Before joining IGRPL,
he has worked with Vatika Group. Mr. Jai Bharat Aggarwal (Director
Finance) is responsible for making financial decisions for the
company. IREO group has established its track-record of delivery
with completion of two group housing projects in group company Ireo
Private Limited having more than 27.59 lakh square feet (lsf) of
saleable area in Gurgaon region. Furthermore, IREO Group has also
handed over 22 villas, 17 floors and 205 plots in township project
at Ludhiana developed under group company Ireo Waterfront Private
Limited and handed over 200 plots in Mohali developed under group
company Puma Realtors Private Limited.  

Incorporated in 2010, IGRPL is part of the IREO group, a real
estate private equity fund with investable assets of ~USD 1.7
billion. Presently, IGRPL is developing a residential group housing
project in Gurgaon under the name of 'IREO The Corridors'.

IGRPL has accumulated land bank in Gurgaon region and proposes to
launch more projects going forward. Presently, IGRPL has launched
one GH housing project (The Corridors) on a land area of 37.5 acres
comprising of 2,009 units.

JADEJA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jadeja
Industries Private Limited (JIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       9.90       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 30, 2020, placed the
rating of JIPL under the 'issuer non-cooperating' category as JIPL
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. JIPL
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and an email dated
March 16, 2021, March 26, 2021 and April 5, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Morbi (Gujarat) based JIPL was incorporated as a private limited
company during September, 2004 as Jadeja Refractories Private
Limited (JRPL). Subsequently, JRPL was converted into JIPL during
December 2013. JIPL is managed by three promoters namely Mr.
Keshrisinh Jadeja, Mr. Hitendrasinh Jadeja and Mr. Devendrasinh
Rana. JIPL is engaged in to manufacturing of refractory bricks
which is used in lining furnaces, kilns, fireboxes, and fireplaces.
JIPL operates from its sole manufacturing facility located in Morbi
(Gujarat).


LOTUS INFRAREALTY: CARE Lowers Rating on INR12.50cr LT Loan to B
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Lotus Infrarealty Limited (LIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      12.50       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 1, 2020, placed the
rating of LIL under the 'issuer non-cooperating' category as LIL
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. LIL
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and an email dated
February 15, 2021, February 25, 2021 and March 7, 2021. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

The rating assigned to the bank facilities of LIL have been revised
on account of negative net worth as on March 31, 2020 and CARE's
inability to carry out due diligence exercise with its lender.

Indore (Madhya Pradesh) based Lotus Infrarealty Limited (LIL) was
incorporated as a closely held limited company in December 2010 by
Chourasiya family. LIL is formed with a purpose to construct
commercial and residential projects as well as construction and
running of multiplex cinema under its own brand name. Currently,
LIL has undertaken one residential project named "Shri Sai Lotus
City" and one commercial project named "Lotus Convent Court". The
company is also running multiplex 2 screen cinema at Satarpura.


MATIX FERTILISERS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Matix
Fertilisers and Chemicals Limited (MFCL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/         4,305.00     CARE D; ISSUER NOT COOPERATING
   Short Term                      Rating continues to remain
   Bank Facilities                 under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 5, 2019, placed the
rating of MFCL under the 'issuer non-cooperating' category as MFCL
had failed to provide information for monitoring of the rating.
MFCL continues to be non-cooperative despite repeated requests for
submission of information through emails dated March 29, 2021,
April 8, 2021, April 18, 2021 etc. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Incorporated in July 2009, Matix Fertilisers and Chemicals Limited
(Matix) is setting up a Greenfield Ammonia (capacity: 0.73 mtpa)
and Urea Plant (capacity: 1.27 mtpa) along with a combined gas
fired captive power plant, railway siding and other utilities in
Panagarh Industrial Park at Panagarh, West Bengal (WB). Matix is
promoted by Mr Yogendra S Kanodia and Mr Nishant Kanodia of the
Datamatics Group.

PACIFIC EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pacific
Education Trust (PET) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       3.19       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 3, 2020, placed the
rating of PET under the 'Issuer noncooperating' category as PET had
failed to provide information for monitoring of the rating. PET
continues to be noncooperative despite repeated requests for
submission of information through phone calls and e-mails dated
April 12, 2021, April 14, 2021 and May 10, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating based on best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

The rating assigned to the bank facilities of PET continues to
factor in delays in debt servicing as confirmed by the lender.

Detailed description of the key rating driversPlease refer to PR
dated March 3, 2020

Ahmedabad based Pacific Education Trust (PET) was set up by the
Pacific Group of Udaipur (Rajasthan) on July 22, 2010 to impart
education in the field of engineering. The trust is managed by Mrs
Leela Devi Agarwal (Chairman) and Mr Rahul Agarwal (Vice-chairman)
having experience of more than a decade in managing various
educational institutions. PET provides education in the field of
engineering through 'Pacific School of Engineering, Surat (PSE)
from the Academic Year (AY) 2012-13.  PSE offers degree courses in
Civil, Mechanical, Electrical, Chemical and Computer Science while
it also offers diploma course in Mechanical, Civil and Electrical
engineering.


PRAGATI POLYMERS: CRISIL Lowers Rating on INR8cr Cash Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Pragati Polymers (PP) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with PP for
obtaining information through letters and emails dated October 31,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of PP
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.

Incorporated in 2000, PP is into manufacturing of woven sacks used
in the packaging of cement, fertilizers and sugar. It is
proprietorship firm managed by Mr. Sujit Kumar Thakur. The
manufacturing plant is located in Sanga Reddy district, Telangana.


PRIME TECHNOPLAST: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Prime
Technoplast Private Limited (PTPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             50        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PTPL for
obtaining information through letters and emails dated October 31,
2020 and April 28, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PTPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2007, PTPL manufactures PP bags. Mr. Mehtab Hussain
manages the daily operations. The manufacturing facility is in
Howrah, West Bengal.


PRIMUSS PIPES: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Primuss
Pipes & Tubes Limited (PPTL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      15.00      CARE D/CARE D; ISSUER NOT
   Term Bank                       COOPERATING; Rating continues
   Facilities                      to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 24, 2020, placed
the rating(s) of PPTL under the 'issuer non-cooperating' category
as PPTL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. PPTL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated April 20, 2021, April 22, 2021, April 26, 2021 and
April 27, 2021. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on February 24, 2020 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Poor liquidity position: As per the Q3FY20 published results on
February 21, 2020, two applications are filed against the company
before the Honorable National Company Law Tribunal, Allahabad
bench. One under section 9 of the Insolvency and Bankruptcy Code
2016 by an operational creditor and the other under section 7 by
the Financial Creditor (the bank), both the matters are pending
before the Honorable Tribunal. The plant of the company closed
since May 2019 for major maintenance and up gradation and could not
be resumed on account of severe working capital shortage. The
closing stocks of raw material and finished goods have also been
written down to estimated realizable value and difference is
charged as consumption/changes in inventory for the quarter
resulting into substantial operational losses and hence, the
production and sales during this quarter is lower in comparison to
the same quarter in the previous financial year. The manufacturing
facilities will take some more time to be operational. Also, there
are sizable differences in cash in hand and the turnover reported
as per GSTR (1) and GSTR (3b) which are under reconciliation. On
account of severe working capital shortage, statutory liabilities
of substantial amounts towards GST, TDS, EPF and ESI are also
outstanding beyond due dates. Owing to dead lock in the operations,
substantial amounts have been stuck in receivables and loans and
advances. The company is making efforts for the recovery and
provision for the Bad Debts shall be made at the end of the FY
2019-20. Interest on Unsecured Loans also shall be provided at the
end of FY 2019-20.

Kanpur (Uttar Pradesh) based, Premier Pipes Limited (PPL) was
incorporated in 1975 as Quality Steel Tubes Private Limited (QST
Ltd.). However, subsequently, in 2009, QST Ltd was acquired by
Premier Group. With the acquisition and refurbishment of all plant
and machineries, the company re-commenced its commercial operations
from 2011. In 2010, the company has changed its name from QST Ltd.
to PPL. Subsequently in FY19, it has changed its name from PPL to
PPTL.

PPTL is engaged in manufacturing of steel tubes, pipes and tubular
poles, scaffolding, solar module mounting in mild steel as well as
galvanized variants and greenhouse structure. The manufacturing
facility of the company is situated in an area of more than 15
acres at Bindki Road at Fatehpur, Uttar Pradesh with a capacity of
60000 Metric Tonnes Per Annum (MTPM).

R.S. FOODS: CARE Lowers Rating on INR21.97cr LT Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of R.S.
Foods (Jharkhand), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      21.97       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 25, 2019 placed the
rating(s) of R.S. Foods (Jharkhand) under the 'issuer
non-cooperating' category as R.S. Foods (Jharkhand) had failed to
provide information for monitoring of the rating and had not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. R.S. Foods (Jharkhand) continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and letter/email dated as
under:

Note on non-cooperation Date

1 Date of Letter to entity - seeking data-1 March 01, 2021
2 Date of Letter to entity - seeking data-2 March 11, 2021
3 Date of Letter to entity - seeking data-3 March 21, 2021

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating has been revised on account of non-availability of
current year financial information and non-interaction with the
banker and auditors.

R. S. Foods was established in August 2015 by four partners namely
Mr. Ajay Kumar Agarwal, Mrs. Amita Agarwal, Mr. Amit Agarwal and
Mrs. Ruchi Agarwal with an objective to enter into the milk
processing and manufacturing of other dairy products. However, the
entity started its operation from April 2017. The entity procures
liquid milk from the farmers and milk collection centres. The
manufacturing unit of the entity is located at Baheya, Angara,
Ranchi with capacity of 100000 litres per day. The registered
office of the entity is located at Lalpur, Ranchi. The day to day
operations of the entity are looked after by Mr. Ajay Kumar
Agarwal, Mrs. Amita Agarwal , Mr. Amit Agarwal and Mrs. Ruchi
Agarwal who has experience around 11 years, 11 years, 16 years and
09 years, respectively, in similar line of business.

RAGHUVIR GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raghuvir
Ginning Factory (RGF) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.75       CRISIL B/Stable (Issuer Not
                                     Cooperating)

  Proposed Long Term      3.25       CRISIL B/Stable (Issuer Not
  Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with RGF for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RGF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RGF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RGF continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2008, RGF is a partnership firm in the business of
cotton ginning and pressing. Its plant is situated in Talaja
(Gujarat).


REAL VALUE: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Real Value
Ventures Private Limited (RVV) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible      27.00      CARE D; ISSUER NOT COOPERATING
   Debentures III                  Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non Convertible      16.00      CARE D; ISSUER NOT COOPERATING
   Debentures IV                   Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 26, 2018, placed
the rating of RVV under the 'issuer non-cooperating' category as
RVV had failed to provide information for monitoring of the rating.
RVV continues to be non-cooperative despite request for submission
of information through emails dated March 30, 2021, April 9, 2021
and April 19, 2021. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on May 14, 2020, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Delays in debt servicing: CARE has noted that the company has
delays in debt servicing.

Real Value Ventures Pvt Ltd (RVV) is a special purpose vehicle
(SPV) formed by the Real Value Promoters (RV) group, to develop a
real estate residential project at Pallavaram, Chennai. The RV
group has nearly 25 years of experience in developing apartments,
villas and commercial complexes across Chennai. The group has
acquired and developed 6.6 million square feet of completed and
ongoing projects.


ROLTA DEFENCE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Rolta Defence Technology Systems Private Limtied
        Rolta Tower-A
        Rolta Technology Park
        22nd Street MIDC-Marol
        Andheri (East), Mumbai
        Maharashtra 400093

Insolvency Commencement Date: May 13, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 10, 2021

Insolvency professional: Vandana Garg

Interim Resolution
Professional:            Vandana Garg
                         B-307, 3rd Floor
                         Lodha Supremus 2
                         Wagle Industrial Estate
                         Thane, Mumbai 400604
                         E-mail: vskgarg0899@gmail.com
                                 cirp.rolta@gmail.com

Last date for
submission of claims:    June 9, 2021


ROLTA INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Rolta India Limited
        Rolta Tower-A
        Rolta Technology Park
        22nd Street MIDC-Marol
        Andheri (East), Mumbai
        Maharashtra 400093

Insolvency Commencement Date: May 13, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 10, 2021

Insolvency professional: Vandana Garg

Interim Resolution
Professional:            Vandana Garg
                         B-307, 3rd Floor
                         Lodha Supremus 2
                         Wagle Industrial Estate
                         Thane, Mumbai 400604
                         E-mail: vskgarg0899@gmail.com
                                 cirp.rolta@gmail.com

Last date for
submission of claims:    June 9, 2021


ROOPCHAND HOTELS: CARE Lowers Rating on INR5.58cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Roopchand Hotels Private Limited (RHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        5.58      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 21, 2020 placed the
rating of RHPL under the 'issuer non-cooperating' category as RHPL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. RHPL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
May 13, 2021, March 10, 2021 and February 26, 2021. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The revision in the rating takes into account the continuous delays
in servicing of debt obligations.

Detailed description of the key rating drivers

* Delays in debt servicing: As per the banker feedback, there have
been continuous delays in debt servicing obligations and the
account was classified as NPA. The same is on account of stressed
liquidity position and the process of settlement of the outstanding
amount is ongoing.

Roopchand Hotels Private Limited was incorporated in April 1992 and
is managed by the Mr. Ramchand Chabbrani, Mr. Tikamdas Chabbrani
and Mr. Ottanlal Chabbrani. RHPL is engaged in managing a hotel
namely Gomati and trading of seasonal fruits segment. The hotel
Gomati is spread over 2500 sq mt and is situated in Nagpur,
Maharashtra.


S E TRANSSTADIA: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S E
Transstadia Private Limited (SETPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      335.65      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 15, 2019, placed the
rating(s) of SETPL under the 'issuer non-cooperating' category as
SETPL had failed to provide information for monitoring of the
rating. SETPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
29, 2021, April 8, 2021, April 18, 2021. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

S E TransStadia Pvt Ltd (SETPL) belongs to 'Setco group' and has
developed multipurpose convertible (indoor & outdoor) stadium along
with sports facility in the vicinity of Kankaria Lake, Maninagar,
Ahmedabad. The multipurpose sports arena consists of about 14.50
lakh sq. ft. build-up area with 2 basement, 1 ground and 6 floors.
SETPL has signed a concession agreement (CA) with Government of
Gujarat (GoG) on June 14, 2012 to develop and operate a stadium as
Public-Private Partnership project on a Design, Built, Finance,
Own, Operate and Transfer (DBFOOT) basis. The total concession
period is 35 years upto June 2047 which includes construction
period of 3 years.

SALIM'S PAPER: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Salim's
Paper Private Limited (SPPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      12.08       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 25, 2020, placed
the rating(s) of SPPL under the 'issuer non-cooperating' category
as SPPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. SPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated April 20, 2021, April 22, 2021, April 26, 2021 and
April 27, 2021. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on February 25, 2020 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Project implementation risk associated with debt funded project
Initially, SPPL undertook a project for greenfield project for the
manufacturing of tissue papers. Initially, It envisaged total
project cost of INR19.23 crore towards the project envisaged to be
funded through term loan of INR3.00 crore and remaining through
promoter's contribution of INR16.23 crore in form of share capital
and unsecured loan from promoters. However, due to delay in
procurement of machineries, the project was delayed by around one
year and envisaged to be completed by March 2019. It incurred total
project cost of INR30.47 crore towards the project funded through
term loan of INR10.00 crore and remaining through promoter's
contribution in form of share capital and unsecured loan from
promoters. It has started trial run of the project and envisaged to
start full commercial operation from April 2019.

* Vulnerability of margins to fluctuation in raw material prices
and foreign exchange rates: The profitability of the company is
vulnerable to any adverse movement in raw material prices as the
company will not be immediately able to pass on the increased price
to its customer. Further, SPPL will be exposed to foreign exchange
fluctuation risk considering that the company will export its
product however the risk will be partially offset by import of raw
material from foreign market.

Key Rating Strengths

* Experienced and qualified promoters with strong group support: Mr
Kalimuddin Kagzi and Mr. Zainuddin Kagzi, are the key directors of
the company and MBA by qualification. They are equally supported by
others directors. Further, the promoters of SPPL have been engaged
in the paper industry since 1965 through its group concern, M/s
Handmade Papers (HP). HP majorly generates revenue from export to
Doha and Dubai. Due to long-standing experience of the promoters in
the paper industry through HP, the promoters have established has
developed relationship with customers.

* Favourable demand outlook of tissue papers: Tissue paper Industry
in India is expected to grow due to industries such as Hotels,
Restaurants, offices, and daily house hold uses, among others
switching over to tissue papers.

Jaipur (Rajasthan)-based Salims Paper Private Limited (SPPL) was
formed in May 2011 as a private limited company by Jaipur based
Kagji family with an objective to set up greenfield project for the
manufacturing of tissue papers.

SAMBHAV EXIM: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sambhav
Exim (SBE) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       8.97       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/Short      6.00       CARE D/CARE D; ISSUER NOT
   Term Bank                       COOPERATING; Rating continues
   Facilities                      to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 14, 2020, placed the
rating(s) of SBE under the 'issuer noncooperating' category as SBE
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SBE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated March 30,
2021, April 9, 2021, April 19, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Established in September, 2015, Ahmedabad (Gujarat) based Sambhav
Exim (SBE) is a partnership firm managed by two partners viz. Mr.
Vijaykumar P. Shah and Mr. AnkitKumar P. Shah. SBE is setting up a
plant in Ularia, Ahmedabad to manufacture woven sack bags, BOPP
woven bags and flexible pouches with a proposed manufacturing
capacity of 3,600 metric tons of packaging material per annum as on
March 31, 2017. The products manufactured by SBE are used in
various industries such as agriculture, chemical, fertilizers, food
etc. Both the partners have over a decade of experience in
packaging industry.


SKG TIMBERS: CARE Lowers Rating on INR3cr LT Loan to C
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of SKG
Timbers Private Limited (SKGTPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        3.00      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      18.00      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 27, 2020 placed the
ratings of SKGTPL under the 'issuer non-cooperating' category as
SKGTPL had failed to provide information for monitoring of the
rating. SKGTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated March 13, 2021, March 23, 2021, April 2,
2021. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further banker could not be contacted.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by SKGTPL with CARE'S efforts to undertake a review
of the rating outstanding. CARE views information availability risk
as a key factor in its assessment of credit risk. Further, the
ratings continue to remain constrained owing to small and
fluctuating scale of operations, low profitability margins,
susceptibility to fluctuation in log prices and presence in a
highly fragmented timber sector with low entry barriers and high
competition and stretched liquidity. The ratings, however, continue
to take comfort from experienced promoters and moderate capital
structure.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small and fluctuating scale of operations: The scale of operation
continues to remain small as marked by total operating income of
INR41.98 crores and gross cash accruals of INR0.35 crores during
FY20 as against INR49.92 crore and INR0.37 crore in FY19 (FY refers
to the period April 1 to March 31). The small scale limits the
company's financial flexibility in times of stress and deprives it
from scale benefits.

* Low profitability margins: The profitability margins of the
company have been historically on the lower side owing to low value
addition nature and highly competitive nature of industry. PBILDT
margin of the company continues to remain low below 3% for the last
three financial years from FY18 to FY20. The PAT margin stood below
unity for last three financial years ending FY20.

* Susceptibility to fluctuation in log prices: SKGTPL is exposed to
volatility in the log prices as it does not enter into any contract
for purchase of raw materials. Since there is a long lag between
raw material procurement and liquidation of inventory, the company
is exposed to the risk of adverse price movement resulting in lower
realization than expected.

* Presence in a highly fragmented timber sector with low entry
barriers and high competition:  The timber industry is marked by
the presence of unorganized players who primarily cater to the
regional demand to reduce incidence of high transportation costs as
price is the main differentiating factor in the timber industry.
The major income of SKGTPL comes from trading of timber where the
company processes timber logs and markets them to various retailers
with limited value addition to the product. Timber trading business
is characterized by high volumes and low margins. The timber
trading sector is highly competitive, comprising a large number a
large number of players in the organized segment as a result of low
entry barriers. This results in intense competition which has a
cascading effect on the player's margins.

Key Rating Strengths

* Experienced promoters: The operations of SKGTPL are currently
being managed by Mr. Sushil Kumar and Mrs. Suchitra Goel. Both Mr.
Sushil Kumar and Mrs. Suchitra Goel have an experience of more than
a decade in manufacturing and trading of wood and wood products
through their association with this entity, Archit Plywood Private
Limited and other associate concerns. The directors have a
considerable track record in the industry which has resulted in
long term relationships with suppliers and customers.

* Moderate capital structure: The capital structure of the company
improved and stood moderate as marked by overall gearing ratio of
0.33x respectively as on March 31, 2020 as against 0.40x
respectively as on March 31, 2019.

Delhi based SKG Timbers Pvt Ltd (SKGTPL) established in 2010 as a
private limited company and currently being managed by Mr. Sushil
Kumar, Mrs.Suchitra Goel and Mr. Raghav Goel. The company is
engaged into trading of MDF i.e Medium density fiber board (MDF)
and processing of wooden logs to make plywood. The company sells
the traded goods to traders located in mainly Delhi and Gandhidham.

SKM BUILDCON: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M/s SKM
Buildcon (SKM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        5.58      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 17, 2020 placed the
rating(s) of SKM under the 'issuer noncooperating' category as SKM
Buildcon had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SKM Buildcon
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/emails dated March 3, 2021, March 13, 2021, March 23, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

M/s SKM Buildcon (SKM) was established in 2008 as a partnership
concern. M/s SKMB participates in the tender process of various
public works department contracts, government contracts and related
ancillary works. M/s SKMB has reputed client base primarily dealing
with public works department, government departments and clients
like Tarwani group and Fortune Recourse Private Limited
(Swarnbhumi). The day to day affairs of the firm are looked after
by Mr Suresh Kumar Mirghani with adequate support from the other
partner and a team of experienced personnel.


SUPRIMA COSMO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Suprima
Cosmo- Tech (SCT) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.85       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         0.50       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Cash          0.65       CRISIL B+/Stable (Issuer Not
   Credit Limit                      Cooperating)

   Proposed Long Term     8.00       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SCT for
obtaining information through letters and emails dated October 31,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SCT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCT continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 2001 as a proprietorship firm by Mr. Sunil Mahajan,
SCT manufactures baby care and personal care products. It is a 100%
export-oriented unit, exporting mainly to the US, Latin America,
and South America.


SUVI INTERNATIONAL: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Suvi
International Private Limited (SIPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      1         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               3         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SIPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SIPL, based in Delhi, was founded by Mr. Rajendra Gupta and Mr.
Sumit Singhal in 2006. The company manufactures EPE liners, which
are primarily used for providing inner seal protection for caps of
various bottles used in the beverage and pharmaceutical industries.
It has two units, one in Bawana (Delhi) and the other in Rai.


TRANSSTADIA TECHNOLOGIES: CARE Cuts Rating on INR2.25cr Loan to C
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Transstadia Technologies Private Limited (TST), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       2.25       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

   Short Term Bank      2.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 1, 2019, placed the
rating(s) of TST under the 'issuer non-cooperating' category as
Transstadia Technologies Private Limited had failed to provide
information for monitoring of the rating. Transstadia Technologies
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
29, 2021, April 8, 2021, April 18, 2021 etc.  In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings have been revised on account of weak leverage
indicators and Operating loss reported for FY20.

Transstadia Technologies Pvt Ltd (TST) was incorporated in November
2010 by the promoters of Setco group, led by Mr. Harish K Sheth and
is involved in the business of manufacturing, selling and leasing
of Modular arena systems (T-Box). Manufacturing plant of the
company is situated at Kalol, Gujrat. T-Box system is a patented
technology owned by 'Mobile Tribunen AG' (MT AG) of Switzerland.
TST has signed an exclusive license agreement with MT AG for
manufacturing and selling of T-Box systems in India, Pakistan, Sri
Lanka and Bangladesh. MT AG can also purchase the T-box system from
TST to support its internal sales requirement.

UNITRIVENI OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Unitriveni
Overseas (UTO) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      17.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 13, 2020, placed the
ratings of Unitriveni Overseas under the 'issuer noncooperating'
category as the firm had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement.
Unitriveni Overseas continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated as under:

Note on non-cooperation Date Remarks

1 Date of Letter to entity - seeking data-1 February 03, 2021 -
2 Date of Letter to entity - seeking data-2 February 13, 2021 -
3 Date of Letter to entity - seeking data-3 February 23, 2021 -

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Unitriveni Overseas (UTO) was constituted as a partnership firm on
May 6, 2008 by Bhattacharya family of Kolkata, West Bengal. The
firm is engaged in processing and export of sea food, primarily
Vannami and black tiger prawns. UTO has its processing facilities
on lease rental basis at Kolkata, West Bengal (owned by Sunshine
Packaging Industries). The facility has an aggregate processing
capacity of 28 metric tonnes per day (MTPD) of seafood. The firm
has One Star Export House status from the Government of India. The
firm exports its products mainly to USA, France, Vietnam, etc. UTO
procures prawn from the open market from farmers and agents for
processing and export. The plant is appropriately located in
proximity to several aquaculture farms in West Bengal which reduces
the risk of raw material availability and also keeps the inward
freight costs under control.


VIBRANT LAMINATE: CARE Lowers Rating on INR13.50cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vibrant laminate Private Limited (VLPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      13.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 30, 2020 placed the
rating of VLPL under the 'issuer non-cooperating' category as
Vibrant laminate Private Limited had failed to provide information
for monitoring of the rating. Vibrant laminate Private Limited
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated April 5, 2021, March 26, 2021, March 16, 2021, etc. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating is revised on account of no due-diligence conducted due
to non-cooperation by Vibrant laminate Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. The rating has been revised on account of delays in
the servicing of its debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: As per audit report for FY20, there has
been instances of delay in debt repayment during the financial year
FY20 due to the stretched liquidity position.

Gorakhpur (Uttar Pradesh) based Vibrant Laminates Private limited
(VLPL) was incorporated in April, 2016 by Mr. Ashok Kumar
Matanhelia, Mr. Somil Matanhelia, Mr. Shobhit Matanhelia and Mr.
Rajesh Agarwal with an aim to set up a manufacturing plant of paper
based decorative laminate sheets with a thickness ranging from
0.70mm to 1.25 mm at Sandila and production capacity of 1.25 Lakh
sheets per month. The decorative laminate sheets are used as an
overlay over plywood or other wood furniture. VLPL purchases its
key raw material i. e. Craft Paper and Chemicals procure from Uttar
Pradesh, Gujarat and Maharashtra and imports base paper from China.
The company sell the finished product to various states of India
and also export to Nepal through dealers or direct sales agents
under the brand name "Vibrant Laminate." Promoters also promoted
Asian Fertilizers Limited (AFL) involved in manufacturing of
fertilizers and chemicals.

VITTHAL CORPORATION: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vitthal
Corporation Ltd. (VCL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      171.25      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 16, 2020, placed the
rating(s) of VCL under the 'issuer non-cooperating' category as VCL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. VCL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and e-mails dated January 30, 2021,
February 09, 2021 and February 19, 2021. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Vitthal Corporation Limited (VCL) was incorporated in 1998 as
Vitthal Sugars Manufacturing Limited (VSML) to undertake
manufacturing of sugar. The company changed its name to its present
name on July 22, 2010. VCL's facility was commissioned in 2008 with
an installed capacity of 2500 TCD (tons of cane crushed per day).
VCL has a fully integrated sugar manufacturing unit consisting of
distillery unit of 30 KLPD (kilo liters per day) and 12MW
(megawatt) bagasse based power generation plant.



===============
P A K I S T A N
===============

PAKISTAN: Economic Crisis Intensifies as China Refuses Debt Relief
------------------------------------------------------------------
Yahoo! News reports that bankrupt Pakistan's debt problems seem to
be escalating as its all weather-ally China has declined to
restructure USD3 billion in liabilities.

Islamabad has requested Beijing to forgive debt liabilities owed to
China-funded energy projects established under the China-Pakistan
Economic Corridor (CPEC), the report says.

The debt load, owed largely for the building of independent power
producers (IPPs) on take-or-pay power generation contracts, is
substantially more than the USD 19 billion in total invested in the
plants, Asia Times reported citing reports and industry analysts,
Yahoo! News relays.

According to Yahoo! News, media reports suggested that China has
refused to budge on Islamabad's request to renegotiate the power
purchase agreements, saying that any debt relief would require
Chinese banks to amend the terms and conditions under which the
credits were extended.

The banks, including China Development Bank and the Export-Import
Bank of China, were not prepared to revise any of the clauses of
the agreement reached earlier with the government, Beijing said in
response to the request to renegotiate terms.

Yahoo! News relates that Pakistan Tehrik-e-Insaf (PTI) Senator and
industrialist Nauman Wazir told Asia Times, "First, the tariff
determined by National Electric Power Regulatory Authority (NEPRA)
at the time of allowing power generation in the private sector was
on the very high side."

"Then, the IPPs submitted erroneous declarations concerning
capital, financial assets and operational cost of the company,
which became obvious when the balance sheets of the IPPs were made
public," he claimed citing evidence that came to light when an
inquiry committee on Pakistan's power sector revealed its findings
last year.

Pakistan has already entered a sovereign debt "danger zone" with
total liabilities and debts of USD294 billion representing 109 per
cent as a percentage of GDP as of Dec. 30, 2020, Yahoo! News
notes.

The Pakistan government reportedly owes about USD158.9 billion to
domestic creditors, of which public sector enterprises owe about
USD15.1 billion, Yahoo! News discloses.  According to The News
International, the foreign commercial loans of USD3.11 billion and
USD1 billion from Chinese deposits helped the government to achieve
the net transfer of dollar inflows in the current fiscal year.

With the combination of foreign commercial loans and safe deposits,
Pakistan received over USD4.1 billion that was over 50 per cent out
of the total received foreign dollar inflows from creditors, the
report notes.



=================
S I N G A P O R E
=================

LIBBY PERSZYK: Creditors' Proofs of Debt Due June 29
----------------------------------------------------
Creditors of Libby, Perszyk, Kathman Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by June 29,
2021, to be included in the company's dividend distribution.

The company's liquidator is:

         Susan Lim Wie
         Esteem Management Services Pte Ltd
         133 Cecil Street
         #16-01 Keck Seng Tower
         Singapore 069535


M&L OFFSHORE: Creditors' Proofs of Debt Due June 29
---------------------------------------------------
Creditors of M&L Offshore Investments X Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
June 29, 2021, to be included in the company's dividend
distribution.

The company's liquidator is:

         Ho Lon Gee
         80 Robinson Road #02-00
         Singapore 068898




=====================
S O U T H   K O R E A
=====================

ASIANA AIRLINES: Korean Air Wins 2nd Approval for Takeover
----------------------------------------------------------
Yonhap News Agency reports that Korean Air Lines Co., South Korea's
biggest carrier, said May 31 it has obtained its second overseas
approval from Thailand for its planned acquisition of smaller local
rival Asiana Airlines Inc.

Yonhap relates that Korean Air said it recently received approval
from the Thai regulator, following the first from Turkey in
February.

It still needs nods from seven other countries and the European
Union to proceed with the KRW1.8 trillion (US$1.6 billion) deal to
acquire the debt-ridden Asiana.

The seven countries include South Korea, the United States, China,
Japan, Turkey, Vietnam and Taiwan.

According to Yonhap, Korean Air said in March it aims to launch a
merged entity with Asiana in 2024 after completing a takeover
process by next year.

The nation's two full-service carriers account for a combined 40
percent of passenger and cargo slots at Incheon International
Airport, South Korea's main gateway, below the level that
constitutes a monopoly.

The two airlines have suspended most of their flights on
international routes since March 2020 as countries have
strengthened their entry restrictions to stem the spread of the
COVID-19 pandemic.

They have focused on winning more cargo delivery deals to offset
the pandemic-caused slump in travel demand.

                      About Asiana Airlines

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business.  Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.

State lenders Korea Development Bank and the Export-Import Bank of
Korea planned to inject a combined KRW1.7 trillion into Asiana to
help the airline stay afloat.  In self-help measures, Asiana has
had all of its 10,500 employees take unpaid leave for 15 days a
month since April 2020 until business circumstances normalize,
Yonhap noted.  Asiana's executives have also agreed to forgo 60% of
their wages, though no specific time frame was given for how long
the pay cuts will remain in effect.

In November 2020, Korean Air said it will acquire Asiana Airlines
in a deal valued at KRW1.8 trillion that could create the world's
10th-biggest airline by fleets, Yonhap said.



=================
S R I   L A N K A
=================

KOTAGALA PLANTATIONS: Fitch Affirms 'RD(lka)' National LT Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka-based Kotagala Plantations
PLC's National Long-Term Rating at 'RD(lka)' (Restricted Default).
Fitch has also assigned a national rating to Kotagala's
restructured senior unsecured debentures of 'C(lka)'. The
instrument rating reflects Fitch's assessment that the debenture
holders are materially subordinated to secured bank debt.

The affirmation reflects Kotagala's ongoing debt-restructuring
process, with the company still to reach an agreement with a
majority of its lenders.

KEY RATING DRIVERS

Majority of Loans Unresolved: Kotagala is in the process of
restructuring around LKR1.9 billion of bank debt as of end-March
2021 (FY21). It has managed to extend the maturities of some loans
at a reduced interest rate in exchange for timely settlement using
a tripartite agreement. This involves tea brokers remitting
proceeds from the company's revenue directly to banks, with any
balance reaching Kotagala to meet operating expenses. The long-term
efficacy of this mechanism depends on the productivity of the
company's tea estates and tea prices.

Debenture Restructured: Kotagala restructured its two remaining
debenture tranches, which amount to LKR500 million, in September
2020. The restructure involved pushing back maturities to August
2026 and reducing the interest rate to 7.5%, from 14.8% and 15.0%
for type C and D, respectively, using a tripartite agreement with a
tea broker that channels revenue to the debenture trustee for the
settlement of dues. Unrelated investors will be given payment
priority over related parties for both tranches as part of the
restructure.

Unsustainable Cost Structure: Fitch expects Kotagala's EBITDA to
turn negative in FY22, from an estimated LKR35 million in FY21,
following structural losses in its rubber segment (FY20: -LKR232
million), but also due to Fitch's expectation of moderating tea
prices and higher costs. Fitch does not expect a meaningful
turnaround in the rubber segment, as Fitch believes Kotagala's
investments in rubber will be inadequate to improve yields.

Kotagala's rubber segment has been on a structural decline due to
weak prices and falling production levels; rubber production fell
to 1,403 tonnes in FY20, from 2,580 tonnes in FY17. The increase in
daily wages to LKR1,000, with effect from March 2021, is likely to
result in a 13% rise in direct costs, which would exacerbate
Kotagala's inability to generate gross profit in the next two
years. Kotagala expects the increase in machine-plucked teas should
mitigate higher labour costs, although the efficacy of this
strategy is yet to be seen given it was only implemented in FY20.

High Statutory Arrears: Kotagala is running arrears in FY21 of
LKR1.3 billion in relation to employee pensions, gratuity
provisions and government lease rentals. In response, it plans to
pay court-directed charges related to employee obligations and has
agreed to a monthly payment mechanism with authorities for pension
contributions. However, Fitch believes this is still likely to be
challenging. Lease rental arrears will be met via the annual
harvesting of timber trees, together with any proceeds from its
ongoing legal case against the Urban Development Authority related
to one of its estates.

Unencumbered Assets, Rights Issue: Kotagala says it had around
LKR260 million in unencumbered assets as of FY20, which included
ownership stakes in the plantation and leisure sectors. However,
Fitch believes the company's ability to raise funds through timely
asset sales may be limited given the weak operating environment.

In December 2020, Kotagala made public its plan to raise LKR789
million via a rights issue, which is yet to be approved by the
Colombo Stock Exchange. This includes LKR200 million of new money,
to be used for working capital purposes and debt settlement, with
the balance taking the form of a conversion of related-party
payables to equity.

Weak Linkages with Parent: Fitch rates Kotagala on its standalone
strength due to Fitch's assessment of weak linkages between
Kotagala and its stronger ultimate parent, The Colombo Fort Land
and Building PLC (CFLB), which effectively owns 61% of Kotagala.
CFLB has provided limited support in the form of related-party
payables, but this has not been material enough to avoid default
and Fitch therefore assesses strategic ties as weak. Kotagala's
legal and operational ties with CFLB are also weak, based on
Fitch's Parent and Subsidiary Rating Linkage Criteria.

DERIVATION SUMMARY

Kotagala's rating is driven by its debt-restructuring process for
its bank loans and is therefore multiple-notches lower than the
rating of its closest peers on the Sri Lanka national scale.

KEY ASSUMPTIONS

-- Revenue to fall by 7% in FY22 to LKR2.9 billion, from an
    estimated LKR3.2 billion.

-- EBITDA generation of LKR35 million in FY21 and then an EBITDA
    loss of LKR189 million in FY22 due to increase in daily wages
    and Fitch's expectation of moderating commodity prices.

-- Capex of around LKR90 million a year over FY21-FY24.

-- No dividend payments.

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to positive
rating action/upgrade:

-- Following a possible financial restructuring and once
    sufficient information is available, the rating will be
    upgraded to reflect the appropriate National Long-Term Rating
    for the post-restructuring capital structure, risk profile and
    prospects in accordance with Fitch's criteria.

Factor that could, individually or collectively, lead to negative
rating action/downgrade:

-- Kotagala entering into bankruptcy filings, administration,
    receivership, liquidation or other formal winding-up
    procedures or if it ceases operation.

LIQUIDITY AND DEBT STRUCTURE

Poor Liquidity: Kotagala only had LKR38 million in cash at
end-December 2020 to meet LKR1.1 billion in debt maturities falling
due in 2021. Of this, around LKR220 million was short-term
commercial paper, which was secured against short-term investments
in money-market funds worth LKR217 million. Kotagala does not have
the necessary funds to meet most near-term debt obligations, and
access to new capital is poor. Fitch also believes Kotagala's
ability to service its interest obligations remains a challenge, as
Fitch forecasts EBITDA to remain negative in FY22 and FY23 (last 12
months ended December FY21 EBITDA/interest cover: -0.6x).



===============
T H A I L A N D
===============

THAILAND: Central Bank Worried Over Possible Rise in NPLs
---------------------------------------------------------
Bangkok Post reports that the Bank of Thailand (BoT) is concerned
with the expected higher number of non-performing loans (NPLs) of
tourism-related businesses in the second quarter of this year
because of the third wave of Covid-19.

According to Bangkok Post, both the BoT and financial institutions
are concerned about rising NPLs in the tourism sector and
tourism-related businesses, including aviation, transportation, and
restaurants, which are suffering from the severe outbreak.

Bangkok Post relates that the central bank has been closely
monitoring these industries and it is ready to offer financial
assistance if necessary, said BoT senior director for regulatory
policy department 2, Suwannee Jatsadasak.

Bangkok Post says the central bank announced that the commercial
banking sector's NPL ratio or stage 3 loans, which is classified
under the Thai Financial Reporting Standard number 9 (TFRS9), for
the first quarter of 2021 was at 3.10% of total loans outstanding
of the overall commercial banking sector.

The NPL ratio continued to decline from 3.14% in the third quarter
of 2020 to 3.12% in the fourth quarter last year, mainly because of
the BoT's debt restructuring measures offered to both commercial
and retail loan borrowers, Ms Suwannee said.

For the first quarter of 2021, the NPL ratio of commercial loans
was 3.17%, a decline from 3.23% and 3.24% in the fourth and the
third quarters of last year, respectively.

Meanwhile, the NPL ratio of consumer loans was 2.92% in the first
quarter of 2021, rising from 2.85% and 2.91% in the fourth quarter
and the third quarter of 2020, respectively, Bangkok Post
discloses.

At the same time, the late-payment loan ratio, which is classified
as stage 2, declined from 7.03% in the third quarter of 2020 to
6.62% in the fourth quarter last year, and to 6.41% in the first
quarter of 2021.

According to Bangkok Post, Ms. Suwannee said the BoT implemented a
third phase of debt relief for consumer loans on Friday and
commercial loan restructuring through asset warehousing and an
amended-soft loan scheme from April 26 this year. With the fresh
debt aid measures, it would help to contain the distressed-debt of
overall banking sector.

"Despite the third wave infections emerging in April, the
commercial banking sector may not need to increase loan loss
reserve significantly in the second quarter because of the exiting
solid cushion," she said.

Provisions for loan loss in commercial banking sector was at around
THB44 billion in the first quarter of 2021, down 14% year-on-year.
The banking system set aside a massive reserve of around THB240
billion for 2020, Bangkok Post adds.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week May 24, 2021 to May 31, 2021
-----------------------------------------------------------
Issuer                   Coupon    Maturity    Currency    Price
------                   ------    --------    --------    -----


  AUSTRALIA
  ---------

ACN 113 874 712 PTY LTD   13.25      02/15/18      USD      0.15
ACN 113 874 712 PTY LTD   13.25      02/15/18      USD      0.15
CLEAN SEAS SEAFOOD LTD     8.00      11/18/22      AUD      1.05
CLIME CAPITAL LTD/FUND     6.25      11/30/21      AUD      0.98
GLENNON SMALL COS LTD      5.60      09/30/30      AUD     10.40
VIRGIN AUSTRALIA HOLDIN    8.08      03/05/24      AUD      7.55
VIRGIN AUSTRALIA HOLDIN    8.25      05/30/23      AUD      7.85
VIRGIN AUSTRALIA HOLDIN    8.00      11/26/24      AUD      8.22
VIRGIN AUSTRALIA HOLDIN    8.13      11/15/24      USD      9.23
VIRGIN AUSTRALIA HOLDIN    7.88      10/15/21      USD      9.25
VIRGIN AUSTRALIA HOLDIN    7.88      10/15/21      USD      9.25
VIRGIN AUSTRALIA HOLDIN    8.13      11/15/24      USD      9.25


   CHINA
   -----

AKESU DISTRICT GREEN IN    4.09      03/11/23      CNY     39.51
AKESU DISTRICT GREEN IN    4.09      03/11/23      CNY     39.68
AKESU XINCHENG ASSET IN    6.40      04/20/22      CNY     20.24
AKESU XINCHENG ASSET IN    6.40      04/20/22      CNY     40.01
ALTAY PREFECTURE STATE-    4.85      01/22/23      CNY     38.70
ALTAY PREFECTURE STATE-    4.85      01/22/23      CNY     39.04
AN SHUN YU KUN REAL EST    5.48      11/10/21      CNY     39.68
ANHUI HUAAN FOREIGN ECO    7.30      07/13/21      CNY     70.01
ANHUI JIANGNAN INDUSTRI    4.76      07/08/23      CNY     59.25
ANHUI JIANGNAN INDUSTRI    4.76      07/08/23      CNY     59.31
ANJI NORTHWEST DEVELOPM    5.90      07/18/23      CNY     59.39
ANJI NORTHWEST DEVELOPM    5.90      07/18/23      CNY     59.58
ANLU CONSTRUCTION DEVEL    5.45      06/15/23      CNY     59.11
ANLU CONSTRUCTION DEVEL    5.45      06/15/23      CNY     59.47
ANQING ECONOMIC&TECHNOL    4.09      03/09/23      CNY     38.87
ANQING ECONOMIC&TECHNOL    4.09      03/09/23      CNY     39.96
ANQING URBAN CONSTRUCTI    6.01      04/27/22      CNY     40.00
ANQING URBAN CONSTRUCTI    6.01      04/27/22      CNY     40.55
ANQIU HUAAN STATE OWNED    7.00      09/14/24      CNY     75.00
ANSHUN CITY CONSTRUCTIO    7.30      09/15/24      CNY     68.49
ANSHUN CITY CONSTRUCTIO    7.30      09/15/24      CNY     73.65
ANSHUN STATE-RUN ASSETS    4.48      07/18/23      CNY     55.82
ANSHUN STATE-RUN ASSETS    4.48      07/18/23      CNY     56.53
ANSHUN XIXIU CITY INVES    4.70      11/22/23      CNY     55.41
ANSHUN XIXIU CITY INVES    4.70      11/22/23      CNY     58.20
BAOJI INVESTMENT GROUP     5.05      04/18/24      CNY     60.50
BAOJI INVESTMENT GROUP     5.05      04/18/24      CNY     60.97
BAOTOU CITY SCIENCE EDU    6.48      03/25/22      CNY     19.96
BAOTOU CITY SCIENCE EDU    6.48      03/25/22      CNY     25.50
BAOYING CITY CONSTRUCTI    4.50      03/24/23      CNY     39.01
BAOYING CITY CONSTRUCTI    4.50      03/24/23      CNY     40.14
BAYAN ZHUOER HETAO WATE    8.54      03/31/22      CNY     13.54
BAYAN ZHUOER HETAO WATE    8.54      03/31/22      CNY     14.80
BAZHONG STATE-OWNED ASS    8.50      04/25/21      CNY     20.00
BAZHONG STATE-OWNED ASS    5.13      12/02/22      CNY     38.77
BAZHONG STATE-OWNED ASS    5.13      12/02/22      CNY     40.00
BEIJING FUTURE SCIENCE     4.20      08/13/22      CNY     40.20
BEIJING FUTURE SCIENCE     4.20      08/13/22      CNY     40.32
BEIJING SHIJINGSHAN STA    6.08      08/18/21      CNY     20.07
BEIJING SHIJINGSHAN STA    6.08      08/18/21      CNY     23.87
BEIPIAO CITY CONSTRUCTI    6.70      03/25/23      CNY     35.90
BEIPIAO CITY CONSTRUCTI    6.70      03/25/23      CNY     40.80
BENGBU URBAN INVESTMENT    5.80      04/13/24      CNY     61.35
BENGBU URBAN INVESTMENT    5.80      04/13/24      CNY     61.83
BIJIE CONSTRUCTION INVE    6.50      01/28/22      CNY     19.45
BIJIE CONSTRUCTION INVE    6.50      01/28/22      CNY     20.10
BIJIE DEXI CONSTRUCTION    5.10      12/05/23      CNY     54.67
BIJIE DEXI CONSTRUCTION    4.60      11/17/23      CNY     57.34
BIJIE DEXI CONSTRUCTION    4.60      11/17/23      CNY     58.14
BIJIE DEXI CONSTRUCTION    5.10      12/05/23      CNY     58.55
BIJIE QIXINGGUAN DISTRI    7.60      09/08/24      CNY     68.00
BINZHOU ZHANHUA DISTRIC    4.93      11/29/23      CNY     58.09
BINZHOU ZHANHUA DISTRIC    4.93      11/29/23      CNY     58.09
BINZHOU ZHONGHAI VENTUR    6.65      04/13/22      CNY     20.00
BINZHOU ZHONGHAI VENTUR    6.65      04/13/22      CNY     20.01
BOHAI LEASING CO LTD       7.00      09/10/21      CNY     46.00
BOHAI LEASING CO LTD       7.00      06/20/21      CNY     59.00
BOILL HOLDING GROUP CO     7.50      06/07/21      CNY     64.01
BORALA MONGOL AUTONOMOU    5.77      08/26/22      CNY     38.50
BORALA MONGOL AUTONOMOU    5.77      08/26/22      CNY     39.91
BOZHOU URBAN CONSTRUCTI    4.78      04/14/23      CNY     39.46
BOZHOU URBAN CONSTRUCTI    4.78      04/14/23      CNY     40.06
BOZHOU YIJU REAL ESTATE    4.82      10/27/21      CNY     49.49
BOZHOU YIJU REAL ESTATE    4.82      10/27/21      CNY     49.58
BRILLIANCE AUTO GROUP H    5.80      03/20/24      CNY     54.80
BRILLIANCE AUTO GROUP H    5.40      09/14/23      CNY     55.80
BRILLIANCE AUTO GROUP H    6.30      09/14/23      CNY     56.93
BRILLIANCE AUTO GROUP H    5.80      11/05/23      CNY     59.80
BRILLIANCE AUTO GROUP H    5.80      06/17/24      CNY     60.78
BRILLIANCE AUTO GROUP H    5.30      10/23/20      CNY     68.50
BRILLIANCE AUTO GROUP H    6.50      01/22/22      CNY     68.50
BRILLIANCE AUTO GROUP H    6.50      03/13/22      CNY     68.50
BRILLIANCE AUTO GROUP H    6.50      04/18/22      CNY     68.50
BRILLIANCE AUTO GROUP H    6.50      06/03/22      CNY     68.50
BRILLIANCE AUTO GROUP H    6.30      09/14/23      CNY     68.50
BRILLIANCE AUTO GROUP H    5.80      11/05/23      CNY     68.50
CANGNAN COUNTY STATE OW    5.58      11/11/22      CNY     40.00
CANGNAN COUNTY STATE OW    5.58      11/11/22      CNY     40.46
CEFC SHANGHAI INTERNATI    4.08      09/09/21      CNY     60.00
CEFC SHANGHAI INTERNATI    4.98      12/10/20      CNY     61.29
CHANG DE DING LI INDUST    4.30      03/10/23      CNY     39.97
CHANG DE DING LI INDUST    4.30      03/10/23      CNY     39.97
CHANGCHUN MODERN AGRICU    7.00      07/25/21      CNY     19.50
CHANGCHUN MODERN AGRICU    7.00      07/25/21      CNY     19.92
CHANGDE DE YUAN SHANTY     5.33      09/13/23      CNY     67.35
CHANGDE URBAN CONSTRUCT    3.59      01/12/23      CNY     39.87
CHANGDE URBAN CONSTRUCT    3.59      01/12/23      CNY     40.00
CHANGGE JINCAI PUBLIC A    7.10      04/19/24      CNY     60.17
CHANGGE JINCAI PUBLIC A    7.10      04/19/24      CNY     61.89
CHANGJI URBAN CONSTRUCT    4.24      11/18/23      CNY     56.95
CHANGJI URBAN CONSTRUCT    4.24      11/18/23      CNY     58.10
CHANGLE COUNTY NEWTOWN     5.18      12/16/22      CNY     39.45
CHANGLE COUNTY NEWTOWN     5.18      12/16/22      CNY     40.41
CHANGSHA COUNTY XINGCHE    7.90      03/25/22      CNY     25.73
CHANGSHA COUNTY XINGCHE    7.90      03/25/22      CNY     25.73
CHANGSHA ECONOMIC & TEC    8.45      04/13/22      CNY     15.47
CHANGSHA ECONOMIC & TEC    4.78      03/03/24      CNY     60.50
CHANGSHA ECONOMIC & TEC    4.78      03/03/24      CNY     61.26
CHANGSHA FURONG CITY DE    3.88      01/26/23      CNY     40.13
CHANGSHA FURONG CITY DE    3.88      01/26/23      CNY     40.67
CHANGSHA METRO GROUP CO    6.20      04/23/23      CNY     31.03
CHANGSHA METRO GROUP CO    6.20      04/23/23      CNY     32.11
CHANGSHA METRO GROUP CO    5.97      04/03/25      CNY     62.86
CHANGSHA METRO GROUP CO    5.40      07/14/25      CNY     70.00
CHANGSHA METRO GROUP CO    4.10      12/21/25      CNY     70.00
CHANGSHA METRO GROUP CO    4.10      12/21/25      CNY     70.50
CHANGSHA METRO GROUP CO    5.40      07/14/25      CNY     72.57
CHANGSHA TIANXIN CITY C    4.20      11/06/22      CNY     39.96
CHANGSHA TIANXIN CITY C    4.20      11/06/22      CNY     40.00
CHANGSHA TIANXIN CITY C    3.43      08/08/23      CNY     59.13
CHANGSHA TIANXIN CITY C    3.43      08/08/23      CNY     59.35
CHANGSHA YUHUA JINGKAI     4.17      09/06/23      CNY     59.18
CHANGSHA YUHUA JINGKAI     4.17      09/06/23      CNY     59.20
CHANGSHA YUHUA URBAN CO    3.80      01/28/23      CNY     39.92
CHANGSHA YUHUA URBAN CO    3.80      01/28/23      CNY     39.98
CHANGSHU BINJIANG URBAN    6.39      09/11/21      CNY     20.00
CHANGSHU BINJIANG URBAN    6.39      09/11/21      CNY     20.16
CHANGSHU DONGNAN ASSET     6.53      03/26/22      CNY     20.52
CHANGSHU DONGNAN ASSET     6.53      03/26/22      CNY     27.32
CHANGSHU TRANSPORTATION    7.00      04/29/21      CNY     20.00
CHANGSHU TRANSPORTATION    7.00      04/29/21      CNY     27.00
CHANGXING URBAN CONSTRU    6.00      12/03/21      CNY     19.00
CHANGXING URBAN CONSTRU    6.00      12/03/21      CNY     20.27
CHANGZHOU PUBLIC HOUSIN    6.64      07/02/21      CNY     19.98
CHANGZHOU PUBLIC HOUSIN    6.64      07/02/21      CNY     19.98
CHANGZHOU TIANNING CONS    6.48      02/12/22      CNY     20.00
CHANGZHOU TIANNING CONS    6.48      02/12/22      CNY     20.47
CHANGZHOU XINGANG ECONO    3.42      10/20/23      CNY     58.83
CHANGZHOU XINGANG ECONO    3.42      10/20/23      CNY     59.60
CHANGZHOU ZHONGLOU ECON    3.64      10/26/23      CNY     59.42
CHANGZHOU ZHONGLOU ECON    3.64      10/26/23      CNY     59.48
CHAOHU URBAN TOWN CONST    6.50      04/30/22      CNY     40.46
CHAOHU URBAN TOWN CONST    6.50      04/30/22      CNY     42.10
CHENGDU ECONOMIC & TECH    6.90      05/30/21      CNY     20.03
CHENGDU ECONOMIC & TECH    6.90      05/30/21      CNY     26.00
CHENGDU GARDEN WATER CI    6.15      05/03/23      CNY     59.37
CHENGDU GARDEN WATER CI    6.15      05/03/23      CNY     59.61
CHENGDU PIDU DISTRICT S    6.95      04/01/22      CNY     20.37
CHENGDU PIDU DISTRICT S    6.95      04/01/22      CNY     28.83
CHENGDU SHUZHOU CITY CO    6.58      05/26/22      CNY     40.30
CHENGDU SHUZHOU CITY CO    6.58      05/26/22      CNY     40.50
CHENGDU XINGCHENGJIAN I    6.00      03/20/22      CNY     20.00
CHENGDU XINGCHENGJIAN I    6.00      03/20/22      CNY     20.09
CHENGDU XINGJIN ECOLOGI    3.65      10/13/23      CNY     58.63
CHENGDU XINGJIN ECOLOGI    3.65      10/13/23      CNY     59.54
CHENGDU XINKAIYUAN URBA    7.43      08/12/21      CNY     20.15
CHENGDU XINKAIYUAN URBA    7.43      08/12/21      CNY     21.00
CHENGDU XINKAIYUAN URBA    5.29      04/27/23      CNY     58.80
CHENGDU XINKAIYUAN URBA    5.29      04/27/23      CNY     59.22
CHENGFA INVESTMENT GROU    6.87      04/30/21      CNY     20.00
CHENGFA INVESTMENT GROU    6.87      04/30/21      CNY     21.37
CHENZHOU BAIFU INVESTME    6.54      08/28/21      CNY     19.88
CHENZHOU BAIFU INVESTME    4.96      03/22/26      CNY     61.46
CHENZHOU BAIFU INVESTME    4.96      03/22/26      CNY     61.47
CHENZHOU FUCHENG HIGH T    4.73      01/22/23      CNY     39.50
CHENZHOU FUCHENG HIGH T    4.73      01/22/23      CNY     39.76
CHENZHOU INDUSTRY INVES    6.45      01/23/22      CNY     20.02
CHENZHOU INDUSTRY INVES    6.45      01/23/22      CNY     28.60
CHENZHOU WENLV INDUSTRY    5.34      11/28/23      CNY     58.46
CHENZHOU XINTIAN INVEST    5.38      03/08/26      CNY     61.59
CHENZHOU XINTIAN INVEST    5.38      03/08/26      CNY     61.72
CHIBI LANTIAN URBAN CON    4.38      08/10/23      CNY     59.19
CHIBI LANTIAN URBAN CON    4.38      08/10/23      CNY     59.68
CHINA FORTUNE LAND DEVE    7.40      03/24/21      CNY     25.13
CHINA FORTUNE LAND DEVE    7.20      04/18/21      CNY     25.13
CHINA FORTUNE LAND DEVE    5.60      09/10/21      CNY     25.13
CHINA FORTUNE LAND DEVE    5.80      05/23/22      CNY     25.13
CHINA FORTUNE LAND DEVE    5.00      05/30/22      CNY     68.15
CHINA OCEANWIDE HOLDING    8.90      12/13/21      CNY     54.50
CHINA OCEANWIDE HOLDING    8.60      09/21/21      CNY     63.01
CHINA SECURITY CO LTD      4.45      11/11/19      CNY     31.00
CHINA YIXING ENVIRONMEN    4.08      09/14/23      CNY     59.60
CHINA YIXING ENVIRONMEN    4.08      09/14/23      CNY     59.66
CHONGQIN BAIYAN INVESTM    5.75      05/03/23      CNY     59.74
CHONGQIN BAIYAN INVESTM    5.75      05/03/23      CNY     60.04
CHONGQIN XINLIANG INVES    4.76      08/26/23      CNY     37.53
CHONGQIN XINLIANG INVES    4.76      08/26/23      CNY     37.55
CHONGQING BANAN ECONOMI    6.17      03/13/22      CNY     19.70
CHONGQING BANAN ECONOMI    7.00      08/20/21      CNY     20.00
CHONGQING BANAN ECONOMI    7.00      08/20/21      CNY     20.06
CHONGQING BANAN ECONOMI    6.17      03/13/22      CNY     20.21
CHONGQING BAYUAN CONSTR    4.99      08/16/23      CNY     58.18
CHONGQING BISHAN DISTRI    4.93      03/29/23      CNY     39.95
CHONGQING BISHAN DISTRI    4.93      03/29/23      CNY     39.98
CHONGQING CHANGSHOU ECO    7.20      07/15/21      CNY     20.01
CHONGQING CHANGSHOU ECO    7.20      07/15/21      CNY     20.17
CHONGQING CHANGSHOU ECO    7.10      06/19/21      CNY     20.00
CHONGQING CHANGSHOU ECO    7.10      06/19/21      CNY     20.02
CHONGQING DAZU INDUSTRI    6.30      04/28/22      CNY     40.00
CHONGQING DAZU INDUSTRI    6.30      04/28/22      CNY     40.07
CHONGQING ECO&TECH DEVE    3.95      04/13/23      CNY     39.82
CHONGQING ECO&TECH DEVE    3.95      04/13/23      CNY     40.24
CHONGQING ENERGY INVEST    5.63      03/18/22      USD     53.04
CHONGQING FULING TRAFFI    6.68      02/03/22      CNY     20.00
CHONGQING FULING TRAFFI    6.68      02/03/22      CNY     20.23
CHONGQING GAOXIN CITY D    7.80      04/25/21      CNY     20.00
CHONGQING GAOXIN CITY D    7.80      04/25/21      CNY     30.80
CHONGQING GARDENING IND    8.45      06/03/21      CNY     20.00
CHONGQING GARDENING IND    8.45      06/03/21      CNY     20.06
CHONGQING HECHUAN CITY     7.30      07/07/21      CNY     20.16
CHONGQING HECHUAN CITY     7.30      07/07/21      CNY     21.00
CHONGQING HECHUAN CITY     3.95      09/06/23      CNY     59.44
CHONGQING HECHUAN CITY     3.95      09/06/23      CNY     59.76
CHONGQING JIANGBEIZUI C    6.50      07/21/21      CNY     16.58
CHONGQING JIANGBEIZUI C    6.50      07/21/21      CNY     20.15
CHONGQING JIN TONG INDU    4.44      11/16/23      CNY     56.16
CHONGQING JIN TONG INDU    4.44      11/16/23      CNY     57.61
CHONGQING JINYUN ASSET     4.50      12/31/22      CNY     40.06
CHONGQING JINYUN ASSET     4.50      12/31/22      CNY     40.07
CHONGQING JIULONG HI-TE    6.60      08/19/21      CNY     20.14
CHONGQING JIULONG HI-TE    6.60      08/19/21      CNY     20.26
CHONGQING KAIQIAN INVES    4.64      03/21/23      CNY     38.61
CHONGQING KAIQIAN INVES    4.64      03/21/23      CNY     38.88
CHONGQING LAND PROPERTI    3.36      03/21/23      CNY     39.77
CHONGQING LAND PROPERTI    3.36      03/21/23      CNY     40.10
CHONGQING LIANGJIANG NE    5.88      09/16/21      CNY     16.68
CHONGQING LIANGJIANG NE    6.70      04/25/21      CNY     20.00
CHONGQING LIANGJIANG NE    5.88      09/16/21      CNY     20.17
CHONGQING LIANGJIANG NE    3.10      08/05/21      CNY     39.95
CHONGQING LIANGJIANG NE    3.10      08/05/21      CNY     40.00
CHONGQING MAIRUI URBAN     4.95      04/21/23      CNY     40.07
CHONGQING MAIRUI URBAN     4.95      04/21/23      CNY     60.06
CHONGQING NANCHUAN CITY    4.20      07/11/23      CNY     59.13
CHONGQING NANCHUAN CITY    4.20      07/11/23      CNY     59.36
CHONGQING QIJIANG EAST     4.00      09/05/23      CNY     57.74
CHONGQING QIJIANG EAST     4.00      09/05/23      CNY     58.15
CHONGQING SHUANGQIAO EC    5.99      11/19/21      CNY     19.93
CHONGQING SHUANGQIAO EC    5.99      11/19/21      CNY     26.25
CHONGQING TEA GARDEN IN    7.70      05/20/21      CNY     20.03
CHONGQING TONGLIANG JIN    6.59      04/08/22      CNY     20.00
CHONGQING TONGLIANG JIN    6.59      04/08/22      CNY     20.18
CHONGQING TONGNAN DISTR    4.99      12/31/22      CNY     39.28
CHONGQING TONGNAN DISTR    4.99      12/31/22      CNY     40.00
CHONGQING WANSHENG ECO     6.95      08/25/21      CNY     19.99
CHONGQING WANSHENG ECO     6.95      08/25/21      CNY     25.00
CHONGQING WANSHENG ECO     5.40      11/18/21      CNY     39.41
CHONGQING WANZHOU SANXI    4.95      08/25/22      CNY     40.26
CHONGQING WANZHOU SANXI    4.95      08/25/22      CNY     40.80
CHONGQING XINGRONG HOLD    4.86      03/31/23      CNY     38.50
CHONGQING XINGRONG HOLD    4.86      03/31/23      CNY     39.13
CHONGQING XIYONG MICRO-    6.58      07/25/21      CNY     20.09
CHONGQING XIYONG MICRO-    6.58      07/25/21      CNY     22.33
CHONGQING YONGCHUAN HUI    7.28      05/30/21      CNY     20.05
CHONGQING YONGCHUAN HUI    7.28      05/30/21      CNY     21.60
CHONGQING YUELAI INVEST    6.09      04/29/22      CNY     40.00
CHONGQING YUELAI INVEST    6.09      04/29/22      CNY     40.18
CHONGQING YUNAN ASSET M    7.05      06/17/21      CNY     20.01
CHONGQING YUNAN ASSET M    7.05      06/17/21      CNY     20.76
CHUN'AN XINANJIANG DEVE    6.10      03/11/22      CNY     20.32
CHUN'AN XINANJIANG DEVE    6.10      03/11/22      CNY     24.55
CHUN'AN XINANJIANG DEVE    3.84      11/04/23      CNY     58.70
CHUN'AN XINANJIANG DEVE    3.84      11/04/23      CNY     59.43
CHUZHOU CITY INVESTMENT    6.40      08/22/21      CNY     20.01
CHUZHOU CITY INVESTMENT    6.40      08/22/21      CNY     20.15
CHUZHOU CITY INVESTMENT    6.30      11/30/21      CNY     30.58
CITIC GUOAN GROUP CORP     4.90      11/06/19      CNY     18.25
CITIC GUOAN GROUP CORP     5.80      12/15/19      CNY     18.25
CITIC GUOAN GROUP CORP     4.23      12/15/20      CNY     18.25
CITIC GUOAN GROUP CORP     4.49      03/08/21      CNY     18.25
CIXI CITY CONSTRUCTION     6.18      08/18/21      CNY     20.12
CIXI CITY CONSTRUCTION     6.18      08/18/21      CNY     28.80
CIXI STATE OWNED ASSET     4.90      04/07/24      CNY     60.64
CIXI STATE OWNED ASSET     4.90      04/07/24      CNY     63.13
DAFANG COUNTY CONSTRUCT    6.00      09/26/23      CNY     57.81
DAFANG COUNTY CONSTRUCT    6.00      09/26/23      CNY     59.34
DALI HAIDONG DEVELOPMEN    6.01      01/25/23      CNY     39.39
DALI HAIDONG DEVELOPMEN    6.01      01/25/23      CNY     39.82
DALIAN PULANDIAN CONSTR    3.80      01/25/23      CNY     39.54
DALIAN RONGDA INVESTMEN    5.69      12/05/21      CNY     20.15
DALIAN SHITAI CITY CONS    4.50      02/01/23      CNY     35.60
DALIAN SHITAI CITY CONS    4.50      02/01/23      CNY     39.31
DANGTU COUNTY CONSTRUCT    5.38      08/10/22      CNY     40.27
DANGTU COUNTY CONSTRUCT    5.38      08/10/22      CNY     40.35
DANGYANG XINYUAN INVEST    7.99      05/23/21      CNY     20.00
DANGYANG XINYUAN INVEST    4.97      03/29/23      CNY     39.30
DANGYANG XINYUAN INVEST    4.97      03/29/23      CNY     40.06
DANYANG HI-TECH INDUSTR    6.40      04/24/22      CNY     19.64
DANYANG HI-TECH INDUSTR    6.40      04/24/22      CNY     40.00
DANYANG INVESTMENT GROU    3.99      01/25/23      CNY     39.25
DANYANG INVESTMENT GROU    3.99      01/25/23      CNY     39.51
DATONG ECONOMIC CONSTRU    4.49      10/22/22      CNY     39.73
DATONG ECONOMIC CONSTRU    4.49      10/22/22      CNY     40.30
DAWA COUNTY CITY CONSTR    6.29      06/12/22      CNY     39.00
DAWA COUNTY CITY CONSTR    6.29      06/12/22      CNY     39.90
DAWA COUNTY LINGANG ECO    5.99      10/19/24      CNY     73.86
DAYE ZHENHENG CITY DEVE    4.50      03/28/23      CNY     38.78
DAYE ZHENHENG CITY DEVE    4.50      03/28/23      CNY     39.55
DAYE ZHENHENG CITY DEVE    4.05      08/31/23      CNY     55.75
DAYE ZHENHENG CITY DEVE    4.05      08/31/23      CNY     58.26
DAZHOU DEVELOPMENT HOLD    6.55      01/14/22      CNY     20.00
DAZHOU DEVELOPMENT HOLD    6.55      01/14/22      CNY     20.19
DAZHOU DEVELOPMENT HOLD    5.10      11/27/22      CNY     39.81
DAZHOU DEVELOPMENT HOLD    5.10      11/27/22      CNY     40.00
DEHONGZHOU HONGKANG INV    6.68      01/23/22      CNY     19.94
DEHONGZHOU HONGKANG INV    6.68      01/23/22      CNY     19.97
DEQING CONSTRUCTION INV    3.60      11/11/23      CNY     59.48
DEQING CONSTRUCTION INV    3.60      11/11/23      CNY     59.50
DEXING INVESTMENT HOLDI    5.99      03/21/23      CNY     36.80
DEXING INVESTMENT HOLDI    5.99      03/21/23      CNY     39.69
DEYANG ECONOMIC DEVELOP    7.90      04/28/21      CNY     20.00
DEYANG ECONOMIC DEVELOP    7.90      04/28/21      CNY     28.26
DONGLING GROUP INC CO      8.00      07/14/22      CNY     40.00
DONGLING GROUP INC CO      8.00      07/14/22      CNY     40.30
DONGTAI STATE-OWNED ASS    3.04      11/16/23      CNY     58.08
DONGYING CITY URBAN ASS    5.57      03/31/22      CNY     20.23
DONGYING CITY URBAN ASS    5.57      03/31/22      CNY     21.58
DONGZHI COUNTY CITY OPE    4.88      06/20/23      CNY     60.31
DONGZHI COUNTY CITY OPE    4.88      06/20/23      CNY     60.32
DUJIANGYAN NEW CITY CON    6.90      10/19/24      CNY     69.05
DUJIANGYAN XINGYAN INVE    6.10      03/12/22      CNY     19.00
DUJIANGYAN XINGYAN INVE    6.10      03/12/22      CNY     19.35
DUNYUN STATE-OWNED ASSE    6.60      12/28/22      CNY     39.31
ENSHI URBAN CONSTRUCTIO    7.50      06/03/21      CNY     20.04
ENSHI URBAN CONSTRUCTIO    7.50      06/03/21      CNY     27.54
ENSHI URBAN CONSTRUCTIO    3.84      11/01/23      CNY     58.70
ENSHI URBAN CONSTRUCTIO    3.84      11/01/23      CNY     59.04
EZHOU CITY CONSTRUCTION    7.76      05/15/21      CNY     20.01
EZHOU CITY CONSTRUCTION    6.68      09/19/21      CNY     20.18
EZHOU CITY CONSTRUCTION    6.68      09/19/21      CNY     20.53
EZHOU CITY CONSTRUCTION    7.76      05/15/21      CNY     26.50
FEICHENG CITY ASSETS MA    4.04      03/23/23      CNY     39.32
FEICHENG CITY ASSETS MA    4.04      03/23/23      CNY     39.71
FEIXI COUNTY URBAN & RU    4.45      06/03/23      CNY     60.35
FEIXI COUNTY URBAN & RU    4.45      06/03/23      CNY     61.24
FENG COUNTY ECONOMIC DE    5.18      06/21/23      CNY     58.37
FENG COUNTY ECONOMIC DE    5.18      06/21/23      CNY     58.92
FENGCHENG CITY CONSTRUC    6.49      02/10/22      CNY     20.34
FENGCHENG CITY CONSTRUC    6.49      02/10/22      CNY     20.69
FENGCHENG CITY MODERN I    5.76      12/17/22      CNY     39.44
FENGCHENG CITY MODERN I    5.76      12/17/22      CNY     40.00
FENGDU COUNTY STATE-OWN    6.38      09/05/24      CNY     60.00
FENGHUANG MINGCHENG CON    6.50      03/23/24      CNY     59.86
FENGHUANG MINGCHENG CON    6.50      03/23/24      CNY     59.87
FENGTAI HUAXING CITY DE    5.60      03/13/24      CNY     61.33
FENGTAI HUAXING CITY DE    5.60      03/13/24      CNY     61.38
FENGXIAN URBAN INVESTME    4.23      07/13/21      CNY     19.88
FENGXIAN URBAN INVESTME    4.23      07/13/21      CNY     19.96
FENGXIAN URBAN INVESTME    6.48      03/20/22      CNY     19.99
FENGXIAN URBAN INVESTME    6.48      03/20/22      CNY     20.00
FENYI CITY CONSTRUCTION    4.54      08/22/23      CNY     58.33
FENYI CITY CONSTRUCTION    4.54      08/22/23      CNY     58.42
FUGUINIAO CO LTD           6.30      04/22/20      CNY     13.00
FUJIAN FUSHENG GROUP CO    7.90      11/19/21      CNY     60.00
FUJIAN FUSHENG GROUP CO    7.90      12/17/21      CNY     70.99
FUJIAN JINJIANG INDUSTR    7.08      06/27/21      CNY     20.06
FUJIAN JINJIANG INDUSTR    7.08      06/27/21      CNY     20.65
FUJIAN JINJIANG URBAN C    3.35      08/24/23      CNY     59.00
FUJIAN JINJIANG URBAN C    3.35      08/24/23      CNY     59.95
FUJIAN PROVINCE LIANJIA    6.29      04/30/22      CNY     40.00
FUJIAN PROVINCE LIANJIA    6.29      04/30/22      CNY     40.47
FUJIAN ZHANGLONG GROUP     4.99      08/07/22      CNY     40.00
FUJIAN ZHANGLONG GROUP     4.99      08/07/22      CNY     40.47
FUNING URBAN INVESTMENT    7.19      08/15/21      CNY     20.14
FUNING URBAN INVESTMENT    7.19      08/15/21      CNY     21.15
FUNING URBAN INVESTMENT    6.00      03/14/24      CNY     61.23
FUNING URBAN INVESTMENT    6.00      03/14/24      CNY     61.49
FUQING CITY STATE-OWNED    5.94      11/26/22      CNY     39.80
FUXIN INFRASTRUCTURE CO    6.18      03/18/22      CNY     19.00
FUXIN INFRASTRUCTURE CO    6.18      03/18/22      CNY     19.76
FUZHOU CHANGLE DISTRICT    4.50      04/11/23      CNY     38.78
FUZHOU CHANGLE DISTRICT    4.50      04/11/23      CNY     39.99
FUZHOU DEVELOPMENT ZONE    3.53      08/25/23      CNY     49.63
FUZHOU DEVELOPMENT ZONE    3.53      08/25/23      CNY     59.42
FUZHOU DONGXIANG INVEST    6.20      03/20/24      CNY     58.60
FUZHOU DONGXIANG INVEST    6.20      03/20/24      CNY     61.90
FUZHOU LINCHUAN URBAN C    5.68      07/05/23      CNY     59.79
FUZHOU LINCHUAN URBAN C    5.68      07/05/23      CNY     60.06
FUZHOU URBAN AND RURAL     5.48      01/26/22      CNY     20.00
FUZHOU URBAN AND RURAL     5.48      01/26/22      CNY     20.35
FUZHOU URBAN AND RURAL     4.89      07/08/22      CNY     40.34
FUZHOU URBAN AND RURAL     4.89      07/08/22      CNY     40.55
GANSU PROVINCIAL HIGHWA    6.58      09/24/22      CNY     71.60
GANSU PROVINCIAL HIGHWA    6.20      03/28/23      CNY     72.14
GANZHOU CITY DEVELOPMEN    5.50      06/16/22      CNY     40.00
GANZHOU CITY DEVELOPMEN    5.50      06/16/22      CNY     40.16
GANZHOU DEVELOPMENT INV    8.10      12/11/23      CNY     63.88
GAOMI STATE-OWNED ASSET    4.69      01/26/23      CNY     39.55
GAOMI STATE-OWNED ASSET    4.69      01/26/23      CNY     39.73
GAOYOU CITY CONSTRUCTIO    5.48      09/15/22      CNY     40.00
GAOYOU CITY CONSTRUCTIO    5.48      09/15/22      CNY     40.33
GAOYOU CITY ECONOMY DEV    3.65      09/02/23      CNY     59.51
GAOYOU CITY ECONOMY DEV    3.65      09/02/23      CNY     60.00
GONG'AN COUNTY CITY CON    4.30      08/30/23      CNY     59.09
GONG'AN COUNTY CITY CON    4.30      08/30/23      CNY     59.20
GONGQINGCHENG FINANCIAL    5.85      03/25/23      CNY     39.08
GONGQINGCHENG FINANCIAL    5.85      03/25/23      CNY     40.29
GUANGAN DEVELOPMENT AND    6.39      03/24/22      CNY     20.28
GUANGAN DEVELOPMENT AND    6.39      03/24/22      CNY     24.00
GUANGAN ECONOMIC & TECH    7.10      09/22/21      CNY     20.03
GUANGAN ECONOMIC & TECH    7.10      09/22/21      CNY     20.03
GUANGAN ECONOMIC & TECH    5.16      04/14/23      CNY     38.70
GUANGAN ECONOMIC & TECH    5.16      04/14/23      CNY     39.34
GUANGAN TRANSPORTATION     5.39      12/01/23      CNY     58.51
GUANGDONG HUIZHOU COMMU    4.16      05/17/23      CNY     60.28
GUANGDONG HUIZHOU COMMU    4.16      05/17/23      CNY     60.32
GUANGDONG HUIZHOU COMMU    4.95      12/27/23      CNY     61.30
GUANGDONG HUIZHOU COMMU    4.95      12/27/23      CNY     61.30
GUANGRAO COUNTY ECONOMI    3.61      09/08/23      CNY     60.06
GUANGSHUI CITY DEVELOPM    6.19      03/01/24      CNY     61.38
GUANGSHUI CITY DEVELOPM    6.19      03/01/24      CNY     61.39
GUANGXI BAISE DEVELOPME    7.27      06/20/21      CNY     19.90
GUANGXI BAISE DEVELOPME    7.27      06/20/21      CNY     19.99
GUANGXI LAIBIN INDUSTRI    5.97      11/26/21      CNY     19.94
GUANGXI LAIBIN INDUSTRI    5.97      11/26/21      CNY     20.00
GUANGYUAN YUANQU CONSTR    8.35      08/26/21      CNY     20.14
GUANGYUAN YUANQU CONSTR    8.35      08/26/21      CNY     27.00
GUANGYUAN YUANQU CONSTR    4.48      03/10/23      CNY     38.65
GUANGYUAN YUANQU CONSTR    4.48      03/10/23      CNY     38.99
GUANGZHOU HUANTOU NANSH    6.38      11/18/24      CNY     59.72
GUANGZHOU HUANTOU NANSH    6.38      11/18/24      CNY     59.98
GUANGZHOU METRO GROUP C    6.45      04/02/24      CNY     45.00
GUANGZHOU METRO GROUP C    6.45      04/02/24      CNY     47.35
GUANGZHOU METRO GROUP C    6.05      06/03/24      CNY     62.28
GUILIN CITY INVESTMENT     6.90      06/13/21      CNY     20.00
GUILIN CITY INVESTMENT     6.90      06/13/21      CNY     20.05
GUILIN ECONOMIC CONSTRU    5.60      04/22/22      CNY     20.00
GUILIN ECONOMIC CONSTRU    5.60      04/22/22      CNY     20.39
GUIRENNIAO CO LTD          7.00      12/03/19      CNY     49.50
GUIXI STATE OWNED HOLDI    4.18      08/18/23      CNY     58.60
GUIXI STATE OWNED HOLDI    4.18      08/18/23      CNY     58.93
GUIYANG BAIYUN CITY CON    4.75      09/13/26      CNY     73.28
GUIYANG BAIYUN CITY CON    4.75      09/13/26      CNY     73.47
GUIYANG BAIYUN INDUSTRY    7.30      03/27/22      CNY     20.23
GUIYANG BAIYUN INDUSTRY    7.30      03/27/22      CNY     25.00
GUIYANG CITY CONSTRUCTI    4.37      03/25/26      CNY     66.33
GUIYANG CITY CONSTRUCTI    4.37      03/25/26      CNY     67.09
GUIYANG CITY CONSTRUCTI    4.00      11/14/26      CNY     73.25
GUIYANG CITY CONSTRUCTI    4.00      11/14/26      CNY     74.71
GUIYANG GUANCHENG INDUS    7.50      12/25/22      CNY     70.37
GUIYANG GUANSHANHU DIST    4.48      03/09/23      CNY     37.39
GUIYANG GUANSHANHU DIST    4.48      03/09/23      CNY     38.24
GUIYANG GUANSHANHU DIST    4.87      01/28/23      CNY     38.56
GUIYANG GUANSHANHU DIST    4.87      01/28/23      CNY     38.88
GUIYANG URBAN CONSTRUCT    5.23      12/02/22      CNY     39.52
GUIYANG URBAN CONSTRUCT    5.23      12/02/22      CNY     39.60
GUIZHOU EAST LAKE CITY     5.18      01/06/23      CNY     38.57
GUIZHOU EAST LAKE CITY     5.18      01/06/23      CNY     39.95
GUIZHOU FANJINGSHAN INV    6.95      01/28/22      CNY     19.65
GUIZHOU FANJINGSHAN INV    6.95      01/28/22      CNY     20.00
GUIZHOU GUIAN CONSTRUCT    4.17      10/28/22      CNY     40.09
GUIZHOU GUIAN CONSTRUCT    4.17      10/28/22      CNY     41.00
GUIZHOU GUILONG INDUSTR    7.80      04/28/22      CNY     50.15
GUIZHOU GUILONG INDUSTR    7.80      04/28/22      CNY     50.22
GUIZHOU HONGCAI INVESTM    6.00      06/07/23      CNY     48.73
GUIZHOU HONGCAI INVESTM    6.00      06/07/23      CNY     49.16
GUIZHOU RAILWAY INVESTM    7.20      03/27/22      CNY     20.10
GUIZHOU RAILWAY INVESTM    7.20      03/27/22      CNY     20.61
GUIZHOU RAILWAY INVESTM    7.50      04/23/24      CNY     45.82
GUIZHOU RAILWAY INVESTM    7.50      04/23/24      CNY     62.67
GUIZHOU SHUICHENG CITY     4.98      11/22/23      CNY     54.89
GUIZHOU SHUICHENG CITY     4.98      11/22/23      CNY     59.70
GUIZHOU SHUICHENG ECONO    7.50      10/26/25      CNY     59.50
GUIZHOU XINDONGGUAN CIV    7.70      09/05/24      CNY     67.00
GULIN STATE-OWNED ASSET    4.18      08/04/23      CNY     58.52
GULIN STATE-OWNED ASSET    4.18      08/04/23      CNY     58.80
HAIAN COUNTY DEVELOPMEN    5.45      04/13/23      CNY     38.98
HAIAN COUNTY DEVELOPMEN    5.45      04/13/23      CNY     39.28
HAIAN DEVELOPMENT ZONE     4.47      11/16/23      CNY     57.87
HAIAN DEVELOPMENT ZONE     4.47      11/16/23      CNY     58.08
HAIAN URBAN DEMOLITION     5.08      11/27/22      CNY     40.15
HAIAN URBAN DEMOLITION     5.08      11/27/22      CNY     40.88
HAICHENG URBAN JINCAI L    5.37      08/10/23      CNY     59.25
HAIFENG MARINE INFRASTR    6.84      04/29/22      CNY     40.05
HAIKOU MEILAN INTERNATI    5.25      09/06/19      USD     23.42
HAINAN AIRLINES HOLDING    6.20      05/24/21      CNY     51.00
HAINING CITY DEVELOPMEN    5.58      10/22/21      CNY     20.08
HAINING CITY DEVELOPMEN    5.58      10/22/21      CNY     20.70
HAMI JIANHUI STATE-OWNE    3.90      09/21/23      CNY     57.74
HAMI JIANHUI STATE-OWNE    3.90      09/21/23      CNY     58.20
HANCHENG CITY INVESTMEN    4.69      12/05/23      CNY     57.03
HANCHENG CITY INVESTMEN    4.69      12/05/23      CNY     57.23
HANCHUAN CITY HANRONG I    4.25      07/18/23      CNY     59.13
HANCHUAN CITY HANRONG I    4.25      07/18/23      CNY     59.24
HANDAN CONSTRUCTION & I    5.48      05/27/22      CNY     40.25
HANDAN CONSTRUCTION & I    5.48      05/27/22      CNY     47.20
HANGZHOU CANAL COMPREHE    3.40      10/17/23      CNY     59.43
HANGZHOU CANAL COMPREHE    3.40      10/17/23      CNY     60.01
HANGZHOU CITY CONSTRUCT    3.80      03/14/23      CNY     40.00
HANGZHOU CITY CONSTRUCT    3.80      03/14/23      CNY     40.18
HANGZHOU FUYANG DEVELOP    7.70      04/28/21      CNY     20.00
HANGZHOU FUYANG DEVELOP    7.70      04/28/21      CNY     29.00
HANGZHOU FUYANG DEVELOP    4.76      01/27/23      CNY     39.29
HANGZHOU FUYANG DEVELOP    4.76      01/27/23      CNY     40.30
HANGZHOU GONGSHU DISTRI    6.90      07/21/21      CNY     20.13
HANGZHOU GONGSHU DISTRI    6.90      07/21/21      CNY     20.40
HANGZHOU METRO GROUP CO    5.97      09/17/24      CNY     62.56
HANGZHOU WEST LAKE INVE    4.30      04/25/23      CNY     40.45
HANGZHOU WEST LAKE INVE    4.30      04/25/23      CNY     60.57
HANGZHOU XIAOSHAN ECO&T    6.90      05/13/21      CNY     17.27
HANGZHOU XIAOSHAN ECO&T    6.90      05/13/21      CNY     20.04
HANGZHOU XIAOSHAN QIANJ    4.00      03/22/23      CNY     39.34
HANGZHOU XIAOSHAN QIANJ    4.00      03/22/23      CNY     40.31
HANJIANG STATE-OWNED-AS    5.40      04/21/24      CNY     61.61
HANJIANG STATE-OWNED-AS    5.40      04/21/24      CNY     61.95
HAWTAI MOTOR GROUP LTD     6.10      10/26/21      CNY     74.00
HEBEI ZHONGYUE CITY CON    4.10      11/16/21      CNY     19.88
HEBEI ZHONGYUE CITY CON    4.10      11/16/21      CNY     19.90
HEBI INVESTMENTS GROUP     7.88      08/01/21      CNY     20.16
HEBI INVESTMENTS GROUP     7.88      08/01/21      CNY     20.99
HECHI CITY CONSTRUCTION    5.58      11/13/22      CNY     39.11
HECHI CITY CONSTRUCTION    5.58      11/13/22      CNY     42.42
HECHI STATE-OWNED ASSET    4.37      11/04/23      CNY     58.06
HECHI STATE-OWNED ASSET    4.37      11/04/23      CNY     58.26
HEFEI CONSTRUCTION INVE    7.20      04/29/24      CNY     63.10
HEFEI CONSTRUCTION INVE    7.20      04/29/24      CNY     63.28
HEFEI XINCHENG STATE-OW    4.13      07/15/23      CNY     59.23
HEFEI XINCHENG STATE-OW    4.13      07/15/23      CNY     59.27
HEILONGJIANG HECHENG CO    5.60      11/11/21      CNY     19.89
HEILONGJIANG HECHENG CO    7.05      06/21/22      CNY     30.08
HEISHAN TONGHE ASSET MA    6.79      09/18/22      CNY     39.28
HEISHAN TONGHE ASSET MA    6.79      09/18/22      CNY     39.39
HENAN ENERGY & CHEMICAL    6.98      11/02/21      CNY     55.82
HENGDONG URBAN & RURAL     6.60      12/27/23      CNY     59.74
HENGDONG URBAN & RURAL     6.60      12/27/23      CNY     59.90
HENGYANG BAISHAZHOU DEV    6.87      08/22/21      CNY     20.02
HENGYANG BAISHAZHOU DEV    6.87      08/22/21      CNY     24.50
HENGYANG COMMUNICATION     4.28      01/21/23      CNY     39.65
HENGYANG COMMUNICATION     4.28      01/21/23      CNY     40.00
HESHAN PUBLIC ASSET MAN    4.08      09/28/23      CNY     58.14
HESHAN PUBLIC ASSET MAN    4.08      09/28/23      CNY     59.08
HESHAN PUBLIC ASSET MAN    5.08      12/07/23      CNY     60.27
HESHAN PUBLIC ASSET MAN    5.08      12/07/23      CNY     60.27
HETIAN YUXIN STATE-OWNE    4.65      03/28/23      CNY     38.73
HETIAN YUXIN STATE-OWNE    4.65      03/28/23      CNY     38.78
HEYUAN CITY RUNYE INVES    6.20      12/03/21      CNY     20.23
HEYUAN CITY RUNYE INVES    6.20      12/03/21      CNY     25.88
HEZHOU URBAN CONSTRUCTI    8.16      05/16/21      CNY     20.04
HEZHOU URBAN CONSTRUCTI    8.16      05/16/21      CNY     21.00
HNA GROUP CO LTD           5.99      11/27/22      CNY     24.27
HNA GROUP CO LTD           5.99      11/27/22      CNY     29.10
HNA GROUP CO LTD           7.10      04/15/20      CNY     70.00
HONGHEZHOU DEVELOPMENT     5.90      07/12/24      CNY     72.00
HUACHEN ENERGY CO LTD      6.63      05/18/20      USD     34.50
HUAIAN CITY HUAIAN DIST    4.63      05/03/23      CNY     59.91
HUAIAN CITY HUAIAN DIST    4.63      05/03/23      CNY     60.30
HUAIAN CITY URBAN ASSET    5.70      04/23/22      CNY     21.54
HUAIAN CITY URBAN ASSET    5.70      04/23/22      CNY     40.48
HUAIAN CITY XUYI URBAN     5.10      04/15/23      CNY     39.33
HUAIAN CITY XUYI URBAN     5.10      04/15/23      CNY     39.46
HUAIAN HONGRI TRANSPORT    5.09      04/20/23      CNY     38.52
HUAIAN HONGRI TRANSPORT    5.09      04/20/23      CNY     38.79
HUAIAN HONGZE DISTRICT     4.37      07/18/23      CNY     58.63
HUAIAN HONGZE DISTRICT     4.37      07/18/23      CNY     59.32
HUAI'AN NEW CITY INVEST    6.95      07/28/21      CNY     20.15
HUAI'AN NEW CITY INVEST    6.95      07/28/21      CNY     27.50
HUAIHUA CITY CONSTRUCTI    4.18      08/31/23      CNY     58.02
HUAIHUA CITY CONSTRUCTI    4.18      08/31/23      CNY     58.11
HUAIHUA ECONOMIC DEVELO    6.80      03/26/22      CNY     19.77
HUAIHUA ECONOMIC DEVELO    6.80      03/26/22      CNY     20.00
HUAIHUA TRANSPORTATION     4.96      04/12/23      CNY     39.04
HUAIHUA TRANSPORTATION     4.96      04/12/23      CNY     39.25
HUAINAN URBAN CONSTRUCT    6.79      07/09/21      CNY     20.15
HUAINAN URBAN CONSTRUCT    6.79      07/09/21      CNY     20.26
HUANGGANG CITY CONSTRUC    4.08      01/18/23      CNY     40.25
HUANGSHAN CHENGTOU GROU    5.95      05/06/22      CNY     40.39
HUANGSHAN CHENGTOU GROU    5.95      05/06/22      CNY     40.65
HUANGSHI CIHU HIGH-TECH    4.97      06/08/23      CNY     59.78
HUANGSHI CIHU HIGH-TECH    4.97      06/08/23      CNY     59.92
HUANGSHI CIHU HIGH-TECH    4.50      06/08/23      CNY     60.13
HUANGSHI CIHU HIGH-TECH    4.50      06/08/23      CNY     63.00
HUANGSHI URBAN CONSTRUC    5.99      04/29/22      CNY     40.00
HUANGSHI URBAN CONSTRUC    5.99      04/29/22      CNY     40.40
HUAYANG NEW MATERIAL TE    3.67      02/26/23      CNY     75.00
HUBEI PROVINCE CHANGJIA    6.15      04/03/22      CNY     20.39
HUBEI PROVINCE CHANGJIA    6.15      04/03/22      CNY     22.40
HULUDAO INVESTMENT GROU    7.50      10/18/23      CNY     36.83
HULUDAO INVESTMENT GROU    7.50      10/18/23      CNY     45.80
HULUNBEIER INVESTMENT C    6.31      04/30/22      CNY     39.88
HULUNBEIER INVESTMENT C    6.31      04/30/22      CNY     40.36
HUNAN CHANGDE DEYUAN IN    6.50      06/16/21      CNY     20.06
HUNAN CHANGDE DEYUAN IN    6.50      06/16/21      CNY     20.12
HUNAN CHUZHISHENG HOLDI    5.60      12/18/22      CNY     39.61
HUNAN CHUZHISHENG HOLDI    5.60      12/18/22      CNY     40.56
HUNAN JINYANG INVESTMEN    5.70      11/27/21      CNY     18.60
HUNAN JINYANG INVESTMEN    5.70      11/27/21      CNY     20.01
HUNAN JINYANG INVESTMEN    4.37      01/19/23      CNY     39.45
HUNAN JINYANG INVESTMEN    4.39      04/06/23      CNY     39.58
HUNAN JINYANG INVESTMEN    4.37      01/19/23      CNY     39.59
HUNAN JINYANG INVESTMEN    4.39      04/06/23      CNY     39.77
HUNAN JINYANG NEW CITY     4.43      10/23/22      CNY     40.05
HUNAN LINGANG DEVELOPME    3.94      10/26/23      CNY     57.20
HUNAN LINGANG DEVELOPME    3.94      10/26/23      CNY     57.44
HUNAN LINGANG DEVELOPME    4.24      07/21/23      CNY     57.96
HUNAN LINGANG DEVELOPME    4.24      07/21/23      CNY     58.13
HUNAN LOUDI ECONOMIC &     6.36      03/13/22      CNY     19.14
HUNAN LOUDI ECONOMIC &     6.36      03/13/22      CNY     27.00
HUNAN LOUDI ECONOMIC &     4.89      03/30/23      CNY     37.23
HUNAN LOUDI ECONOMIC &     4.89      03/30/23      CNY     38.62
HUNAN PROVINCIAL RAILWA    6.09      04/30/25      CNY     70.00
HUNAN PROVINCIAL RAILWA    6.09      04/30/25      CNY     72.38
HUNAN SENTE INDUSTRIAL     6.90      11/28/24      CNY     40.00
HUNAN SHAODONG ECO-INDU    6.58      12/13/23      CNY     60.23
HUNAN SHAODONG ECO-INDU    6.58      12/13/23      CNY     60.24
HUNAN TIER GROUP CO LTD    4.20      03/17/23      CNY     37.93
HUNAN TIER GROUP CO LTD    4.20      03/17/23      CNY     38.33
HUNAN YOUZHOU INVESTMEN    4.80      07/07/23      CNY     59.67
HUNAN YOUZHOU INVESTMEN    4.80      07/07/23      CNY     59.68
HUZHOU URBAN CONSTRUCTI    6.48      08/28/21      CNY     20.13
HUZHOU URBAN CONSTRUCTI    6.48      08/28/21      CNY     22.38
HUZHOU XISAISHAN DEVELO    7.80      04/29/21      CNY     20.00
HUZHOU XISAISHAN DEVELO    7.80      04/29/21      CNY     20.00
INNER MONGOLIA JINLONG     7.30      11/19/22      CNY     39.50
INNER MONGOLIA JINLONG     7.30      11/19/22      CNY     39.78
INNER MONGOLIA KE'ERQIN    6.50      03/11/22      CNY     19.35
INNER MONGOLIA KE'ERQIN    6.50      03/11/22      CNY     19.40
INNER MONGOLIA KE'ERQIN    6.45      04/30/22      CNY     39.28
INNER MONGOLIA KE'ERQIN    6.45      04/30/22      CNY     40.00
INNER MONGOLIA SHENGXIA    8.18      08/21/21      CNY     20.09
INNER MONGOLIA SHENGXIA    8.18      08/21/21      CNY     24.00
INNER MONGOLIA ZHUNGEER    6.54      12/31/21      CNY     20.40
INNER MONGOLIA ZHUNGEER    6.54      12/31/21      CNY     22.10
JIAN CITY JINGANGSHAN D    7.99      06/03/21      CNY     19.86
JIAN CITY JINGANGSHAN D    7.99      06/03/21      CNY     20.87
JIAN CITY JINGANGSHAN D    4.87      01/27/23      CNY     38.47
JIAN CITY JINGANGSHAN D    4.87      01/27/23      CNY     39.07
JIANAN INVESTMENT HOLDI    6.85      05/23/21      CNY     20.04
JIANAN INVESTMENT HOLDI    6.85      05/23/21      CNY     26.50
JIANAN INVESTMENT HOLDI    4.30      03/08/23      CNY     39.74
JIANAN INVESTMENT HOLDI    4.30      03/08/23      CNY     40.21
JIANAN INVESTMENT HOLDI    3.50      09/05/23      CNY     59.26
JIANAN INVESTMENT HOLDI    3.85      09/05/23      CNY     59.26
JIANAN INVESTMENT HOLDI    3.85      09/05/23      CNY     59.29
JIANAN INVESTMENT HOLDI    3.50      09/05/23      CNY     59.34
JIANGMEN NEW HI-TECH IN    6.03      04/22/22      CNY     20.17
JIANGMEN NEW HI-TECH IN    6.03      04/22/22      CNY     21.10
JIANGSU BEIGU INDUSTRIA    5.80      06/20/23      CNY     59.85
JIANGSU BEIGU INDUSTRIA    5.80      06/20/23      CNY     60.38
JIANGSU DAHANG LINGANG     5.18      09/22/23      CNY     58.56
JIANGSU DAHANG LINGANG     5.18      09/22/23      CNY     58.58
JIANGSU GAOCHUN ECONOMI    3.92      11/23/23      CNY     59.13
JIANGSU GAOCHUN ECONOMI    3.67      09/23/23      CNY     59.28
JIANGSU GAOCHUN ECONOMI    3.67      09/23/23      CNY     59.37
JIANGSU GAOCHUN ECONOMI    3.92      11/23/23      CNY     59.82
JIANGSU HAIRUN CITY DEV    6.22      04/03/22      CNY     20.28
JIANGSU HAIRUN CITY DEV    6.22      04/03/22      CNY     22.20
JIANGSU HAIZHOU DEVELOP    4.67      06/06/23      CNY     60.13
JIANGSU HAIZHOU DEVELOP    4.67      06/06/23      CNY     60.24
JIANGSU HANRUI INVESTME    4.63      04/15/23      CNY     39.96
JIANGSU HANRUI INVESTME    4.63      04/15/23      CNY     40.51
JIANGSU HANRUI INVESTME    5.00      08/31/23      CNY     57.22
JIANGSU HANRUI INVESTME    5.00      08/31/23      CNY     58.15
JIANGSU JINTAN GUOFA IN    6.85      05/30/21      CNY     20.00
JIANGSU JINTAN GUOFA IN    6.85      05/30/21      CNY     20.03
JIANGSU JINTAN GUOFA IN    4.60      08/22/23      CNY     58.37
JIANGSU JINTAN GUOFA IN    4.60      08/22/23      CNY     58.97
JIANGSU NANTONG NO2 CON    8.10      07/10/21      CNY     20.00
JIANGSU NANTONG NO2 CON    8.10      07/10/21      CNY     20.04
JIANGSU RUNCHENG ASSET     5.65      04/19/24      CNY     60.62
JIANGSU RUNCHENG ASSET     5.65      04/19/24      CNY     62.65
JIANGSU RUNQI WANGUO IN    4.14      10/21/21      CNY     29.66
JIANGSU RUNQI WANGUO IN    4.14      10/21/21      CNY     29.94
JIANGSU SUHAI INVESTMEN    7.28      05/29/21      CNY     20.04
JIANGSU SUHAI INVESTMEN    7.28      05/29/21      CNY     25.00
JIANGSU TAICANG PORT DE    7.40      04/28/21      CNY     20.00
JIANGSU TAICANG PORT DE    7.40      04/28/21      CNY     20.02
JIANGSU WUZHONG ECONOMI    5.49      11/19/21      CNY     20.25
JIANGSU WUZHONG ECONOMI    5.49      11/19/21      CNY     20.32
JIANGSU XISHAN ECONOMIC    5.78      07/20/22      CNY     40.48
JIANGSU XISHAN ECONOMIC    5.78      07/20/22      CNY     40.50
JIANGSU YANGKOU PORT CO    6.23      04/10/22      CNY     20.24
JIANGSU YANGKOU PORT CO    6.23      04/10/22      CNY     27.50
JIANGSU YINGZHOU DEVELO    4.33      09/21/23      CNY     57.59
JIANGSU YINGZHOU DEVELO    4.33      09/21/23      CNY     57.75
JIANGSU ZHANGJIAGANG EC    3.95      03/22/23      CNY     40.00
JIANGSU ZHANGJIAGANG EC    3.95      03/22/23      CNY     40.14
JIANGSU ZHONGAN CONSTRU    5.65      03/24/24      CNY     60.91
JIANGSU ZHONGAN CONSTRU    5.65      03/24/24      CNY     62.40
JIANGSU ZHUFU INDUSTRIA    4.47      07/20/23      CNY     56.30
JIANGSU ZHUFU INDUSTRIA    4.47      07/20/23      CNY     58.60
JIANGXI HEJI INVESTMENT    5.09      12/17/22      CNY     39.40
JIANGXI HEJI INVESTMENT    5.09      12/17/22      CNY     40.00
JIANGXI HUIHENG PROPERT    4.43      08/30/21      CNY     39.85
JIANGXI HUIHENG PROPERT    4.43      08/30/21      CNY     39.98
JIANGXI LONGHU MOUNTAIN    4.35      03/16/23      CNY     39.51
JIANGXI LONGHU MOUNTAIN    4.35      03/16/23      CNY     39.52
JIANGXI PINGXIANG CHANG    6.00      08/11/24      CNY     60.00
JIANGYOU HONGFEI INVEST    6.55      09/02/22      CNY     39.86
JIANGYOU HONGFEI INVEST    6.55      09/02/22      CNY     40.31
JIANHU COUNTY DEVELOPME    7.29      09/25/21      CNY     20.01
JIANHU COUNTY DEVELOPME    7.29      09/25/21      CNY     22.75
JIANHU URBAN CONSTRUCTI    6.30      06/01/22      CNY     39.78
JIANHU URBAN CONSTRUCTI    3.28      10/13/21      CNY     39.82
JIANHU URBAN CONSTRUCTI    3.28      10/13/21      CNY     41.00
JIANHU URBAN CONSTRUCTI    6.30      06/01/22      CNY     42.86
JIANYANG DEVELOPMENT HO    3.93      11/10/23      CNY     57.14
JIANYANG DEVELOPMENT HO    3.93      11/10/23      CNY     57.50
JIANYANG MODERN INDUSTR    6.00      04/24/24      CNY     60.32
JIAXING XIANGJIADANG DE    3.87      09/21/23      CNY     57.71
JIAXING XIANGJIADANG DE    4.13      07/20/23      CNY     58.56
JIAXING XIANGJIADANG DE    3.87      09/21/23      CNY     58.80
JIAXING XIANGJIADANG DE    4.13      07/20/23      CNY     59.35
JIAYU COUNTY URBAN TOWN    5.70      01/19/23      CNY     39.99
JIAYU COUNTY URBAN TOWN    5.70      01/19/23      CNY     40.18
JIAYU COUNTY URBAN TOWN    5.70      03/23/24      CNY     60.43
JIAYU COUNTY URBAN TOWN    5.70      03/23/24      CNY     60.44
JIAYU COUNTY URBAN TOWN    6.50      01/19/24      CNY     60.79
JIAYU COUNTY URBAN TOWN    6.50      01/19/24      CNY     61.16
JIAYUGUAN CITY INFRASTR    7.83      09/23/21      CNY     20.00
JIAYUGUAN CITY INFRASTR    7.83      09/23/21      CNY     20.01
JIEYANG CITY INVESTMENT    6.55      08/27/21      CNY     20.14
JIEYANG CITY INVESTMENT    6.55      08/27/21      CNY     20.25
JILIN CITY CONSTRUCTION    3.80      01/27/23      CNY     39.28
JILIN ECONOMIC AND TECH    6.20      04/29/23      CNY     59.65
JILIN ECONOMIC AND TECH    6.20      04/29/23      CNY     59.89
JILIN NORTHEAST SOCK IN    7.50      05/19/22      CNY     70.31
JINAN CITY LICHENG DIST    5.00      06/23/22      CNY     39.51
JINAN CITY LICHENG DIST    5.00      06/23/22      CNY     40.29
JINAN HI-TECH HOLDING G    6.38      06/19/21      CNY     20.07
JINAN HI-TECH HOLDING G    6.38      06/19/21      CNY     20.20
JINCHANG CONSTRUCTION I    6.79      12/21/22      CNY     20.00
JINCHANG CONSTRUCTION I    6.79      12/21/22      CNY     39.97
JINCHENG STATE-OWNED CA    4.99      11/11/21      CNY     20.00
JINCHENG STATE-OWNED CA    4.99      11/11/21      CNY     20.10
JINGDEZHEN CERAMIC CULT    5.38      11/27/22      CNY     39.85
JINGDEZHEN CERAMIC CULT    5.38      11/27/22      CNY     40.00
JINGHONG STATE-OWNED AS    8.08      05/23/21      CNY     20.00
JINGHONG STATE-OWNED AS    8.08      05/23/21      CNY     20.04
JINGJIANG CITY INVESTME    4.55      03/30/23      CNY     39.22
JINGJIANG CITY INVESTME    4.55      03/30/23      CNY     39.43
JINGJIANG HARBOUR GROUP    7.30      08/05/21      CNY     19.98
JINGJIANG HARBOUR GROUP    7.30      08/05/21      CNY     20.16
JINGMEN CITY CONSTRUCTI    6.85      07/09/22      CNY     30.00
JINGMEN CITY CONSTRUCTI    6.85      07/09/22      CNY     30.51
JINGMEN HIGH-TECH DEVEL    5.48      08/11/22      CNY     39.80
JINGMEN HIGH-TECH DEVEL    5.48      08/11/22      CNY     40.09
JINGMEN HIGH-TECH DEVEL    4.15      07/28/23      CNY     58.34
JINGMEN HIGH-TECH DEVEL    4.15      07/28/23      CNY     58.98
JINGSHAN JINGCHENG INVE    4.38      08/29/23      CNY     58.68
JINGSHAN JINGCHENG INVE    4.38      08/29/23      CNY     60.02
JINGZHOU DEVELOPMENT ZO    4.87      09/23/26      CNY     75.19
JINGZHOU URBAN CONSTRUC    3.97      03/10/23      CNY     39.06
JINGZHOU URBAN CONSTRUC    3.97      03/10/23      CNY     39.95
JINHU COUNTY STATE-OWNE    7.75      08/25/21      CNY     20.16
JINHU COUNTY STATE-OWNE    7.75      08/25/21      CNY     21.33
JINHU COUNTY STATE-OWNE    4.00      07/26/22      CNY     49.72
JINHU COUNTY STATE-OWNE    4.00      07/26/22      CNY     50.12
JINING CITY SHIZHONG DI    6.39      01/29/22      CNY     20.08
JINING CITY SHIZHONG DI    6.39      01/29/22      CNY     24.44
JINING CITY SHIZHONG DI    3.52      09/14/23      CNY     58.43
JINING CITY SHIZHONG DI    3.52      09/14/23      CNY     59.36
JINING HIGH TECH URBAN     6.09      04/30/22      CNY     40.30
JINING HIGH TECH URBAN     6.09      04/30/22      CNY     41.50
JINING HIGH TECH URBAN     5.88      04/25/23      CNY     70.83
JINSHA COUNTY CONSTRUCT    6.01      09/05/23      CNY     59.72
JINSHA COUNTY CONSTRUCT    6.01      09/05/23      CNY     59.73
JINTANG MODERN AGRICULT    5.49      07/14/23      CNY     58.79
JINTANG MODERN AGRICULT    5.49      07/14/23      CNY     59.00
JINZHAI URBAN DEVELOPME    5.90      04/25/23      CNY     40.90
JINZHAI URBAN DEVELOPME    5.90      04/25/23      CNY     40.91
JINZHOU CITY INVESTMENT    6.44      08/18/21      CNY     19.95
JINZHOU CITY INVESTMENT    6.44      08/18/21      CNY     24.91
JISHOU HUATAI STATE OWN    7.18      02/09/22      CNY     20.03
JISHOU HUATAI STATE OWN    7.18      02/09/22      CNY     22.82
JIUJIANG CITY CONSTRUCT    5.50      05/22/22      CNY     39.55
JIUJIANG CITY CONSTRUCT    5.50      05/22/22      CNY     40.39
JIUJIANG LAND INVESTMEN    6.20      03/23/22      CNY     20.36
JIUJIANG LAND INVESTMEN    6.20      03/23/22      CNY     20.42
JIUJIANG LIANXI DISTRIC    4.58      03/30/23      CNY     39.58
JIUJIANG LIANXI DISTRIC    4.58      03/30/23      CNY     39.68
JIXI STATE OWN ASSET MA    6.87      01/19/22      CNY     19.54
JIXI STATE OWN ASSET MA    6.87      01/19/22      CNY     20.85
KAIFENG URBAN OPERATION    6.35      03/23/22      CNY     19.92
KAIFENG URBAN OPERATION    6.35      03/23/22      CNY     19.92
KAIFU CITY DEVELOPMENT     4.20      01/21/23      CNY     38.50
KAIFU CITY DEVELOPMENT     4.20      01/21/23      CNY     39.95
KAIFU CITY DEVELOPMENT     3.73      08/22/23      CNY     59.14
KAIFU CITY DEVELOPMENT     3.73      08/22/23      CNY     59.49
KAILI GUIZHOU TOWN CONS    5.29      12/17/22      CNY     38.70
KAILI GUIZHOU TOWN CONS    5.29      12/17/22      CNY     40.00
KAILI GUIZHOU TOWN CONS    4.20      10/13/23      CNY     56.34
KAILI GUIZHOU TOWN CONS    4.20      10/13/23      CNY     56.92
KANGMEI PHARMACEUTICAL     5.50      04/20/21      CNY      5.28
KANGMEI PHARMACEUTICAL     6.80      06/28/21      CNY      5.63
KANGMEI PHARMACEUTICAL     6.28      03/20/21      CNY     20.50
KANGMEI PHARMACEUTICAL     6.10      03/28/21      CNY     20.50
KANGMEI PHARMACEUTICAL     5.20      07/17/22      CNY     20.50
KANGMEI PHARMACEUTICAL     5.29      08/16/22      CNY     20.50
KANGMEI PHARMACEUTICAL     5.47      09/15/22      CNY     20.50
KANGMEI PHARMACEUTICAL     7.00      06/21/21      CNY     20.69
KANGMEI PHARMACEUTICAL     6.33      01/27/22      CNY     36.69
KASHI URBAN CONSTRUCTIO    5.80      07/20/22      CNY     39.74
KASHI URBAN CONSTRUCTIO    5.80      07/20/22      CNY     40.00
KUNMING DONGJUN REAL ES    4.50      11/02/21      CNY     24.70
KUNSHAN COMMUNICATION D    6.95      05/22/21      CNY     20.07
KUNSHAN COMMUNICATION D    6.95      05/22/21      CNY     25.45
LANZHOU STATE OWNED ASS    6.32      09/10/21      CNY     14.90
LANZHOU STATE OWNED ASS    6.32      09/10/21      CNY     19.90
LAOHEKOU CITY CONSTRUCT    6.75      08/12/22      CNY     39.82
LAOHEKOU CITY CONSTRUCT    6.75      08/12/22      CNY     39.94
LEIYANG CITY AND RURAL     7.80      04/10/22      CNY     20.58
LEIYANG CITY AND RURAL     7.80      04/10/22      CNY     20.58
LEPING STATE-OWNED ASSE    3.70      10/20/23      CNY     58.50
LEPING STATE-OWNED ASSE    3.70      10/20/23      CNY     59.04
LEQING CITY STATE OWNED    5.99      10/20/21      CNY     20.21
LEQING CITY STATE OWNED    5.99      10/20/21      CNY     20.85
LESHAN STATE-OWNED ASSE    5.68      10/22/21      CNY     20.00
LESHAN STATE-OWNED ASSE    5.68      10/22/21      CNY     20.20
LIANYUNGANG TRANSPORT G    5.47      11/17/21      CNY     20.21
LIANYUNGANG TRANSPORT G    5.47      11/17/21      CNY     25.00
LIAOCHENG ANTAI URBAN R    4.58      04/11/23      CNY     38.82
LIAOCHENG ANTAI URBAN R    5.16      04/11/23      CNY     39.11
LIAOCHENG ANTAI URBAN R    5.16      04/11/23      CNY     39.15
LIAOCHENG ANTAI URBAN R    4.58      04/11/23      CNY     39.84
LIAOCHENG XINGYE ECONOM    5.20      04/13/23      CNY     38.94
LIAOCHENG XINGYE ECONOM    5.20      04/13/23      CNY     38.99
LIAONING GUANLONG CONST    4.70      11/10/23      CNY     58.17
LIAONING GUANLONG CONST    4.70      11/10/23      CNY     58.21
LIAONING YAODU DEVELOPM    6.50      04/29/23      CNY     59.99
LILING HIGH-TECH INDUST    4.93      01/19/23      CNY     38.81
LILING HIGH-TECH INDUST    4.93      01/19/23      CNY     39.80
LINFEN YAODU DISTRICT I    7.19      03/13/22      CNY     20.02
LINYI CITY DEVELOPMENT     3.85      11/22/23      CNY     59.48
LINYI CITY DEVELOPMENT     3.85      11/22/23      CNY     60.04
LISHUI CITY CULTURAL TO    5.67      08/13/22      CNY     40.51
LISHUI CITY CULTURAL TO    5.67      08/13/22      CNY     40.55
LIUPANSHUI DEVELOPMENT     3.74      01/20/23      CNY     38.70
LIUPANSHUI DEVELOPMENT     3.74      01/20/23      CNY     39.74
LIUPANSHUI MINSHENG INV    5.08      01/29/23      CNY     38.10
LIUPANSHUI MINSHENG INV    5.08      01/29/23      CNY     39.19
LIUYANG MODERN MANUFACT    4.72      01/19/23      CNY     39.53
LIUYANG MODERN MANUFACT    4.72      01/19/23      CNY     39.71
LIUYANG URBAN CONSTRUCT    6.98      08/22/21      CNY     16.77
LIUYANG URBAN CONSTRUCT    6.98      08/22/21      CNY     20.20
LIUYANG URBAN CONSTRUCT    4.45      05/24/23      CNY     60.17
LIUYANG URBAN CONSTRUCT    4.45      05/24/23      CNY     60.38
LIUZHOU CITY INVESTMENT    7.18      12/31/22      CNY     29.40
LIUZHOU CITY INVESTMENT    7.18      12/31/22      CNY     29.90
LIUZHOU DONGTONG INVEST    4.45      07/22/23      CNY     57.64
LIUZHOU DONGTONG INVEST    4.45      07/22/23      CNY     57.81
LIUZHOU INVESTMENT HOLD    4.28      03/08/23      CNY     38.84
LIUZHOU INVESTMENT HOLD    4.28      03/08/23      CNY     39.75
LIUZHOU LONGJIAN INVEST    8.28      04/30/24      CNY     49.58
LIUZHOU LONGJIAN INVEST    8.28      04/30/24      CNY     61.46
LIYANG KUNLUN URBAN CON    5.90      10/24/21      CNY     18.00
LIYANG KUNLUN URBAN CON    5.90      10/24/21      CNY     20.20
LONGHAI STATE-OWNED ASS    6.58      08/15/21      CNY     20.08
LONGYAN RAILWAY CONSTRU    4.98      04/13/23      CNY     39.05
LONGYAN RAILWAY CONSTRU    4.98      04/13/23      CNY     39.78
LOUDI TIDU INVESTMENT D    7.18      08/27/21      CNY     20.00
LOUDI TIDU INVESTMENT D    7.18      08/27/21      CNY     20.07
LOUDI TIDU INVESTMENT D    4.83      01/20/23      CNY     39.43
LOUDI TIDU INVESTMENT D    4.83      01/20/23      CNY     39.75
LOUDI WANBAO NEW DISTRI    5.13      02/01/23      CNY     39.01
LOUDI WANBAO NEW DISTRI    5.13      02/01/23      CNY     39.25
LOUDI WANBAO NEW DISTRI    4.42      08/01/23      CNY     57.63
LOUDI WANBAO NEW DISTRI    4.42      08/01/23      CNY     58.28
LU'AN CITY CONSTRUCTION    5.05      04/26/21      CNY     50.01
LUJIANG CITY CONSTRUCTI    6.70      04/16/22      CNY     20.00
LUJIANG CITY CONSTRUCTI    6.70      04/16/22      CNY     20.49
LUOYANG CITY COUNTRY CO    4.28      04/26/23      CNY     36.67
LUOYANG CITY COUNTRY CO    4.28      04/26/23      CNY     39.79
LUOYANG CITY DEVELOPMEN    4.47      12/02/22      CNY     40.00
LUOYANG CITY DEVELOPMEN    4.47      12/02/22      CNY     40.18
LUZHOU FUYANG INVESTMEN    5.00      08/11/23      CNY     59.79
LUZHOU FUYANG INVESTMEN    5.00      08/11/23      CNY     59.80
LUZHOU XINGLU INVESTMEN    6.41      04/23/25      CNY     60.00
LUZHOU XINGLU INVESTMEN    6.41      04/23/25      CNY     73.49
LUZHOU XINGYANG INVESTM    4.87      01/28/23      CNY     39.25
LUZHOU XINGYANG INVESTM    4.87      01/28/23      CNY     39.34
MA'ANSHAN CIHU HIGH TEC    6.85      09/09/21      CNY     20.19
MA'ANSHAN CIHU HIGH TEC    6.85      09/09/21      CNY     23.00
MA'ANSHAN CIHU HIGH TEC    3.90      11/28/23      CNY     59.19
MA'ANSHAN CIHU HIGH TEC    3.90      11/28/23      CNY     60.40
MAANSHAN ECONOMIC TECHN    6.49      03/06/22      CNY     20.11
MAANSHAN ECONOMIC TECHN    6.49      03/06/22      CNY     24.99
MAANSHAN HUASHAN DISTRI    6.07      04/20/22      CNY     16.93
MAANSHAN HUASHAN DISTRI    6.07      04/20/22      CNY     19.88
MAANSHAN NINGBO INVESTM    7.50      04/18/26      CNY     40.00
MAANSHAN SOUTHERN INDUS    4.53      07/25/23      CNY     57.83
MAANSHAN SOUTHERN INDUS    4.43      09/02/23      CNY     58.22
MAANSHAN SOUTHERN INDUS    4.53      07/25/23      CNY     58.39
MAANSHAN SOUTHERN INDUS    4.43      09/02/23      CNY     58.50
MEISHAN CITY DONGPO DEV    5.90      06/30/23      CNY     58.37
MEISHAN CITY DONGPO DEV    5.90      06/30/23      CNY     58.57
MEISHAN HONGDA CONSTRUC    4.18      03/28/23      CNY     38.80
MEISHAN HONGDA CONSTRUC    4.18      03/28/23      CNY     38.90
MEIZHOU CITY XIN JIN YE    6.02      04/22/22      CNY     20.40
MEIZHOU CITY XIN JIN YE    6.02      04/22/22      CNY     25.32
MEIZHOU MEI COUNTY DIST    5.00      12/30/22      CNY     39.80
MEIZHOU MEI COUNTY DIST    5.00      12/30/22      CNY     40.00
MUDANJIANG AREA URBAN D    6.48      06/30/22      CNY     39.84
MUDANJIANG AREA URBAN D    6.48      06/30/22      CNY     45.00
MUNICIPALITY OF SHENZHE    3.00      03/29/22      CNY     20.00
MUNICIPALITY OF SHENZHE    3.00      03/29/22      CNY     20.00
MUNICIPALITY OF SHENZHE    3.37      03/29/26      CNY     69.66
MUNICIPALITY OF SHENZHE    3.37      03/29/26      CNY     69.66
MUNICIPALITY OF SHENZHE    3.37      03/29/26      CNY     70.12
MUNICIPALITY OF SHENZHE    3.37      03/29/26      CNY     75.00
MUNICIPALITY OF SHENZHE    3.37      03/29/26      CNY     75.00
NANCHANG ECONOMY TECHNO    3.83      09/22/23      CNY     59.21
NANCHANG ECONOMY TECHNO    3.83      09/22/23      CNY     59.73
NANCHONG AIRPORT INVEST    6.80      01/26/22      CNY     19.95
NANCHONG AIRPORT INVEST    6.80      01/26/22      CNY     19.99
NANJING BAIXIA STATE-OW    3.98      03/29/23      CNY     40.11
NANJING BAIXIA STATE-OW    3.98      03/29/23      CNY     40.24
NANJING HEXI NEW TOWN A    3.20      07/22/21      CNY     39.76
NANJING JIANGNING ECONO    7.94      04/14/24      CNY     39.91
NANJING JIANGNING ECONO    7.94      04/14/24      CNY     48.10
NANJING JIANGNING URBAN    3.48      11/11/23      CNY     59.71
NANJING JIANGNING URBAN    3.48      11/11/23      CNY     59.84
NANJING JIANYE SCIENCE     4.37      06/24/23      CNY     59.84
NANJING JIANYE SCIENCE     4.37      06/24/23      CNY     60.16
NANJING LISHUI ECONOMIC    6.27      09/22/21      CNY     20.09
NANJING LISHUI ECONOMIC    6.27      09/22/21      CNY     21.29
NANJING LISHUI ECONOMIC    3.41      11/09/23      CNY     59.37
NANJING LISHUI ECONOMIC    3.41      11/09/23      CNY     59.50
NANJING LISHUI URBAN CO    4.97      04/28/23      CNY     59.16
NANJING LISHUI URBAN CO    4.97      04/28/23      CNY     59.95
NANJING METRO GROUP CO     3.29      08/29/23      CNY     59.50
NANJING METRO GROUP CO     3.29      08/29/23      CNY     60.03
NANJING QIXIA STATE-OWN    4.10      06/24/23      CNY     60.05
NANJING QIXIA STATE-OWN    4.10      06/24/23      CNY     60.40
NANJING STATE OWNED ASS    5.60      03/06/23      CNY     30.77
NANJING STATE OWNED ASS    5.60      03/06/23      CNY     30.85
NANJING TANGSHAN CONSTR    6.80      06/30/21      CNY     20.12
NANJING TANGSHAN CONSTR    6.80      06/30/21      CNY     26.80
NANNING HI-TECH INDUSTR    4.28      03/25/23      CNY     35.20
NANNING HI-TECH INDUSTR    4.28      03/25/23      CNY     39.50
NANNING HI-TECH INDUSTR    3.82      10/20/23      CNY     57.56
NANNING HI-TECH INDUSTR    3.82      10/20/23      CNY     58.74
NANNING LVGANG CONSTRUC    7.30      06/27/21      CNY     20.06
NANNING LVGANG CONSTRUC    7.30      06/27/21      CNY     24.80
NANPING CITY WUYI NEW D    4.96      09/28/22      CNY     40.16
NANPING CITY WUYI NEW D    4.96      09/28/22      CNY     40.20
NANTONG CHONGCHUAN URBA    5.70      07/21/22      CNY     70.00
NANTONG CHONGCHUAN URBA    5.70      07/21/22      CNY     70.75
NANTONG CITY TONGZHOU D    4.88      04/10/24      CNY     50.51
NANTONG CITY TONGZHOU D    3.75      07/07/23      CNY     59.90
NANTONG CITY TONGZHOU D    3.75      07/07/23      CNY     59.93
NANTONG CITY TONGZHOU D    4.88      04/10/24      CNY     61.17
NANTONG CITY XINGCHUAN     3.80      09/06/21      CNY     39.84
NANTONG CITY XINGCHUAN     3.80      09/06/21      CNY     40.01
NANTONG HIGH TECHNOLOGY    5.00      10/19/22      CNY     40.21
NANTONG HIGH TECHNOLOGY    5.00      10/19/22      CNY     41.52
NANTONG SUTONG SCIENCE     6.20      03/18/22      CNY     19.95
NANTONG SUTONG SCIENCE     6.20      03/18/22      CNY     20.00
NANYANG HIGH-TECH DISTR    6.45      04/29/23      CNY     59.68
NANYANG HIGH-TECH DISTR    6.45      04/29/23      CNY     60.71
NANZHANG COUNTY CONSTRU    6.00      01/20/24      CNY     59.92
NANZHANG COUNTY CONSTRU    6.00      01/20/24      CNY     61.22
NEIJIANG CITY XINGYUAN     4.28      08/16/23      CNY     57.69
NEIJIANG CITY XINGYUAN     4.28      08/16/23      CNY     58.04
NEIJIANG STATE-OWNED AS    6.20      04/12/23      CNY     39.35
NEIJIANG STATE-OWNED AS    6.20      04/12/23      CNY     39.51
NEIJINAG CONSTRUCTION E    5.03      12/25/22      CNY     36.36
NEIJINAG CONSTRUCTION E    5.03      12/25/22      CNY     39.50
NEOGLORY HOLDING GROUP     8.00      10/22/20      CNY     56.00
NEOGLORY HOLDING GROUP     8.00      09/25/20      CNY     60.00
NEOGLORY HOLDING GROUP     8.10      11/23/18      CNY     72.00
NINGBO CITY ZHENHAI INV    5.85      12/04/21      CNY     20.15
NINGBO CITY ZHENHAI INV    5.85      12/04/21      CNY     20.17
NINGBO FENGHUA INVESTME    4.58      03/28/22      CNY     50.00
NINGBO FENGHUA INVESTME    4.58      03/28/22      CNY     50.38
NINGBO MEISHAN ISLAND D    6.27      03/23/22      CNY     20.20
NINGBO MEISHAN ISLAND D    6.27      03/23/22      CNY     28.29
NINGGUO CITY STATE OWNE    8.70      04/28/21      CNY     20.00
NINGGUO CITY STATE OWNE    8.70      04/28/21      CNY     20.00
NINGXIA SHENG YAN INDUS    7.50      09/27/23      CNY     42.45
NINGXIANG CITY CONSTRUC    6.70      01/20/22      CNY     20.20
NINGXIANG CITY CONSTRUC    6.70      01/20/22      CNY     20.37
NINGXIANG ECONOMIC TECH    3.87      01/27/23      CNY     39.79
NINGXIANG ECONOMIC TECH    3.87      01/27/23      CNY     40.00
NINGXIANG STATE-OWNED A    3.88      11/02/23      CNY     57.98
NINGXIANG STATE-OWNED A    3.88      11/02/23      CNY     58.12
NINGXIANG STATE-OWNED A    4.89      06/03/23      CNY     58.76
NINGXIANG STATE-OWNED A    4.89      06/03/23      CNY     58.91
ONE BELT ONE ROAD JIANG    4.70      07/15/23      CNY     60.17
ONE BELT ONE ROAD JIANG    4.70      07/15/23      CNY     60.18
PANJIN WATER GROUP CO L    5.18      10/28/23      CNY     57.30
PANJIN WATER GROUP CO L    5.18      10/28/23      CNY     58.99
PANSHAN COUNTY STATE-OW    7.48      01/21/22      CNY     20.17
PANSHAN COUNTY STATE-OW    7.48      01/21/22      CNY     20.17
PANZHIHUA STATE OWNED A    8.18      03/13/22      CNY     20.20
PANZHIHUA STATE OWNED A    8.18      03/13/22      CNY     20.53
PEIXIAN CITY INVESTMENT    5.20      11/10/22      CNY     40.00
PEIXIAN CITY INVESTMENT    5.20      11/10/22      CNY     40.13
PEKING UNIVERSITY FOUND    6.20      05/31/20      CNY     11.00
PEKING UNIVERSITY FOUND    6.15      07/23/20      CNY     11.00
PEKING UNIVERSITY FOUND    6.30      09/12/20      CNY     11.00
PEKING UNIVERSITY FOUND    4.80      07/26/21      CNY     11.00
PEKING UNIVERSITY FOUND    6.10      08/22/21      CNY     11.00
PEKING UNIVERSITY FOUND    5.99      11/02/21      CNY     11.00
PEKING UNIVERSITY FOUND    5.80      01/28/22      CNY     11.00
PEKING UNIVERSITY FOUND    6.68      08/09/23      CNY     11.00
PEKING UNIVERSITY FOUND    6.50      11/16/23      CNY     11.00
PEKING UNIVERSITY FOUND    6.30      03/04/24      CNY     11.00
PENGZHOU STATE-PENGZHOU    3.95      10/20/23      CNY     56.69
PENGZHOU STATE-PENGZHOU    3.95      10/20/23      CNY     57.60
PINGHU CITY INVESTMENT     5.13      04/29/23      CNY     60.23
PINGHU CITY INVESTMENT     5.13      04/29/23      CNY     60.62
PINGLIANG CULTURAL & TO    6.85      11/30/22      CNY     36.00
PINGLIANG CULTURAL & TO    6.85      11/30/22      CNY     40.02
PINGTAN COMPREHENSIVE P    3.92      01/29/23      CNY     39.64
PINGTAN COMPREHENSIVE P    3.92      01/29/23      CNY     40.10
PINGXIANG CHANGXING INV    5.26      04/11/23      CNY     38.83
PINGXIANG CHANGXING INV    5.26      04/11/23      CNY     39.37
PINGXIANG HUIFENG INVES    6.60      01/26/22      CNY     19.96
PINGXIANG HUIFENG INVES    6.60      01/26/22      CNY     20.54
PINGYANG STATE-OWNED AS    4.97      01/08/23      CNY     40.00
PINGYANG STATE-OWNED AS    4.97      01/08/23      CNY     40.30
PIZHOU CITY HENGRUN INV    6.46      12/05/21      CNY     20.25
PIZHOU CITY HENGRUN INV    6.46      12/05/21      CNY     22.46
PIZHOU ECONOMIC DEVELOP    5.00      10/29/22      CNY     39.50
PIZHOU ECONOMIC DEVELOP    5.00      10/29/22      CNY     40.00
PUTIAN HIGH TECHNOLOGY     5.90      05/03/22      CNY     25.17
PUTIAN HIGH TECHNOLOGY     5.90      05/03/22      CNY     25.19
QIANAN URBAN CONSTRUCTI    7.19      08/11/21      CNY     20.00
QIANAN URBAN CONSTRUCTI    7.19      08/11/21      CNY     20.09
QIANAN XINGYUAN WATER I    6.25      04/22/22      CNY     20.38
QIANAN XINGYUAN WATER I    6.25      04/22/22      CNY     40.36
QIANDONGNAN TRANSPORTAT    5.79      12/21/22      CNY     37.20
QIANDONGNAN TRANSPORTAT    5.79      12/21/22      CNY     38.05
QIANDONGNANZHOU KAIHONG    5.30      09/22/26      CNY     64.49
QIANDONGNANZHOU KAIHONG    5.30      09/22/26      CNY     64.59
QIANJIANG URBAN CONSTRU    5.19      12/21/22      CNY     39.77
QIANJIANG URBAN CONSTRU    5.19      12/21/22      CNY     40.00
QIANNAN AUTONOMOUS PREF    6.99      04/19/24      CNY     58.13
QIANNAN AUTONOMOUS PREF    6.99      04/19/24      CNY     58.26
QIANNANZHOU INVESTMENT     6.43      03/09/22      CNY     19.00
QIANNANZHOU INVESTMENT     6.43      03/09/22      CNY     19.41
QIANNANZHOU INVESTMENT     6.77      07/28/24      CNY     71.75
QIANXINAN AUTONOMOUS RE    5.90      06/22/23      CNY     59.33
QIANXINAN AUTONOMOUS RE    5.90      06/22/23      CNY     59.43
QICHUN COUNTY CONSTRUCT    4.96      10/18/23      CNY     58.17
QICHUN COUNTY CONSTRUCT    4.96      10/18/23      CNY     58.25
QIDONG COMMUNICATIONS I    4.00      03/18/23      CNY     39.85
QIDONG COMMUNICATIONS I    4.00      03/18/23      CNY     39.95
QIDONG STATE-OWNED ASSE    7.30      11/20/22      CNY     30.87
QIDONG STATE-OWNED ASSE    7.30      11/20/22      CNY     31.00
QIDONG STATE-OWNED ASSE    4.00      03/09/23      CNY     39.72
QIDONG STATE-OWNED ASSE    4.00      03/09/23      CNY     40.28
QIDONG URBAN CONSTRUCTI    7.90      04/28/21      CNY     20.00
QIHE CITY OPERATION CON    5.10      03/07/23      CNY     39.14
QIHE CITY OPERATION CON    5.10      03/07/23      CNY     39.62
QINGDAO CHANGYANG INVES    3.73      09/12/23      CNY     57.62
QINGDAO CHANGYANG INVES    3.73      09/12/23      CNY     58.20
QINGDAO CONSON DEVELOPM    6.40      12/12/22      CNY     30.76
QINGDAO CONSON DEVELOPM    6.40      12/12/22      CNY     31.05
QINGDAO HICREAT DEVELOP    6.88      04/25/21      CNY     20.00
QINGDAO HICREAT DEVELOP    6.88      04/25/21      CNY     21.13
QINGDAO JIAOZHOU BAY DE    6.33      09/18/21      CNY     20.23
QINGDAO JIAOZHOU BAY DE    6.33      09/18/21      CNY     21.30
QINGDAO JIMO CITY TOURI    5.47      11/17/21      CNY     20.17
QINGDAO JIMO CITY TOURI    5.47      11/17/21      CNY     20.40
QINGDAO OCEAN INVESTMEN    4.36      05/12/23      CNY     60.05
QINGDAO OCEAN INVESTMEN    4.36      05/12/23      CNY     60.06
QINGDAO WEST COAST DEVE    4.26      06/06/23      CNY     59.60
QINGDAO WEST COAST DEVE    4.26      06/06/23      CNY     60.25
QINGHAI PROVINCIAL INVE    7.88      03/22/21      USD     30.00
QINGHAI PROVINCIAL INVE    7.25      02/22/20      USD     30.00
QINGHAI PROVINCIAL INVE    6.40      07/10/21      USD     33.88
QINGHAI STATE-OWNED ASS    5.40      05/21/23      CNY     32.88
QINGHAI STATE-OWNED ASS    6.38      08/14/28      CNY     36.00
QINGHAI STATE-OWNED ASS    7.20      11/25/28      CNY     36.00
QINGHAI STATE-OWNED ASS    6.70      10/10/29      CNY     36.00
QINGHAI STATE-OWNED ASS    5.90      12/17/22      CNY     36.10
QINGZHOU CITY CONSTRUCT    6.80      08/25/24      CNY     65.01
QINGZHOU HONGYUAN PUBLI    7.59      05/29/21      CNY     20.01
QINHUANGDAO CITY DEVELO    4.69      04/14/23      CNY     38.88
QINHUANGDAO CITY DEVELO    4.69      04/14/23      CNY     40.38
QINHUANGDAO DEVELOPMENT    4.07      08/26/23      CNY     57.33
QINHUANGDAO DEVELOPMENT    4.07      08/26/23      CNY     57.97
QINZHOU BINHAI NEW CITY    6.99      07/07/21      CNY     20.00
QINZHOU BINHAI NEW CITY    6.99      07/07/21      CNY     20.01
QIONGLAI CITY CONSTRUCT    6.98      03/25/22      CNY     20.27
QIONGLAI CITY CONSTRUCT    6.98      03/25/22      CNY     20.80
QUANJIAO URBAN INFRASTR    5.10      05/18/23      CNY     59.85
QUANJIAO URBAN INFRASTR    5.10      05/18/23      CNY     59.88
QUJING CITY QILIN DISTR    5.37      11/26/22      CNY     39.42
QUJING CITY QILIN DISTR    5.37      11/26/22      CNY     41.95
QUJING DEVELOPMENT INVE    7.48      04/28/21      CNY     20.00
QUJING DEVELOPMENT INVE    7.48      04/28/21      CNY     22.55
QUJING ECO TECH DEVELOP    7.48      07/21/21      CNY     19.92
QUJING ECO TECH DEVELOP    7.48      07/21/21      CNY     20.02
QUJING ECO TECH DEVELOP    5.75      06/01/23      CNY     59.00
QUJING ECO TECH DEVELOP    5.75      06/01/23      CNY     59.35
RENHUAI CITY DEVELOPMEN    8.09      05/16/21      CNY     20.03
RENHUAI CITY DEVELOPMEN    8.09      05/16/21      CNY     20.04
RENHUAI CITY DEVELOPMEN    5.12      04/14/23      CNY     38.55
RENHUAI CITY DEVELOPMEN    5.12      04/14/23      CNY     38.56
RENQIU CONSTRUCTION INV    5.68      11/18/22      CNY     40.26
RENQIU CONSTRUCTION INV    5.68      11/18/22      CNY     41.09
RENSHOU DEVELOPMENT OF     6.42      12/22/22      CNY     38.47
RENSHOU DEVELOPMENT OF     6.42      12/22/22      CNY     40.00
REWARD SCIENCE AND TECH    5.53      07/05/21      CNY     29.10
REWARD SCIENCE AND TECH    6.40      03/03/22      CNY     70.00
RIGHT WAY REAL ESTATE D    8.00      07/15/21      CNY     43.89
RIZHAO CITY CONSTRUCTIO    3.98      12/07/22      CNY     39.72
RIZHAO CITY CONSTRUCTIO    3.98      12/07/22      CNY     39.78
RUCHENG COUNTY URBAN CO    5.69      02/23/24      CNY     71.67
RUCHENG COUNTY URBAN CO    5.69      02/23/24      CNY     71.68
RUDONG COUNTY DONGTAI S    6.99      06/20/21      CNY     20.05
RUDONG COUNTY DONGTAI S    6.99      06/20/21      CNY     25.90
RUDONG COUNTY JINXIN TR    4.57      07/26/23      CNY     59.53
RUDONG COUNTY JINXIN TR    3.80      07/26/23      CNY     59.65
RUDONG COUNTY JINXIN TR    3.80      07/26/23      CNY     59.69
RUDONG COUNTY JINXIN TR    4.57      07/26/23      CNY     60.10
RUDONG COUNTY KAITAI CI    4.57      01/08/23      CNY     40.11
RUDONG NEW WORLD INVEST    4.37      07/18/23      CNY     58.31
RUDONG NEW WORLD INVEST    4.37      07/18/23      CNY     58.68
RUGAO COMMUNICATIONS CO    3.74      03/23/23      CNY     40.07
RUGAO COMMUNICATIONS CO    3.74      03/23/23      CNY     40.13
RUGAO ECONOMIC & TRADE     3.95      03/24/23      CNY     39.58
RUGAO ECONOMIC & TRADE     3.95      03/24/23      CNY     39.76
RUIAN STATE OWNED ASSET    4.56      01/27/23      CNY     39.66
RUIAN STATE OWNED ASSET    4.56      01/27/23      CNY     40.35
RUICHANG CITY INVESTMEN    5.68      03/25/23      CNY     38.78
RUICHANG CITY INVESTMEN    5.68      03/25/23      CNY     40.21
RUICHANG CITY INVESTMEN    5.50      06/17/23      CNY     58.98
RUICHANG CITY INVESTMEN    5.50      06/17/23      CNY     60.14
RUIJIN URBAN DEVELOPMEN    4.13      09/06/23      CNY     58.78
RUIJIN URBAN DEVELOPMEN    4.13      09/06/23      CNY     58.82
RUZHOU CITY XINYUAN INV    6.30      09/16/21      CNY     24.00
RUZHOU CITY XINYUAN INV    6.30      09/16/21      CNY     24.83
RUZHOU CITY XINYUAN INV    4.43      09/26/23      CNY     56.57
RUZHOU CITY XINYUAN INV    4.43      09/26/23      CNY     56.63
SANMEN COUNTY STATE-OWN    6.85      10/29/21      CNY     20.00
SANMEN COUNTY STATE-OWN    6.80      03/18/22      CNY     20.00
SANMEN COUNTY STATE-OWN    6.85      10/29/21      CNY     20.19
SANMEN COUNTY STATE-OWN    6.80      03/18/22      CNY     20.21
SANMING STATE-OWNED ASS    5.10      04/17/24      CNY     60.94
SANMING STATE-OWNED ASS    5.10      04/17/24      CNY     61.38
SANMING TRANSPORTATION     3.68      03/29/23      CNY     39.00
SANMING TRANSPORTATION     3.68      03/29/23      CNY     39.74
SHAANXI ANKANG HIGH TEC    8.78      09/17/21      CNY     20.29
SHAANXI ANKANG HIGH TEC    8.78      09/17/21      CNY     27.00
SHAANXI XIXIAN NEW AREA    5.10      06/06/23      CNY     59.35
SHAANXI XIXIAN NEW AREA    5.10      06/06/23      CNY     59.35
SHAANXI XIXIAN NEW AREA    6.85      08/15/21      CNY     20.00
SHAANXI XIXIAN NEW AREA    6.85      08/15/21      CNY     20.04
SHAANXI XIXIAN NEW AREA    6.89      01/05/22      CNY     19.98
SHAANXI XIXIAN NEW AREA    6.89      01/05/22      CNY     25.10
SHAANXI XIXIAN NEW AREA    5.15      11/27/22      CNY     39.79
SHAANXI XIXIAN NEW AREA    5.15      11/27/22      CNY     41.01
SHANDONG BORUN INDUSTRI    6.50      11/02/21      CNY     33.19
SHANDONG BOXING COUNTY     8.00      12/22/21      CNY     20.50
SHANDONG BOXING COUNTY     8.00      12/22/21      CNY     20.50
SHANDONG CENTURY SUNSHI    8.19      07/21/21      CNY     20.04
SHANDONG CENTURY SUNSHI    8.19      07/21/21      CNY     20.19
SHANDONG FUYU CHEMICAL     7.70      09/18/22      CNY     70.00
SHANDONG GAOCHUANG CONS    6.05      06/18/22      CNY     40.37
SHANDONG GAOCHUANG CONS    6.05      06/18/22      CNY     42.45
SHANDONG HONGHE HOLDING    8.50      06/23/21      CNY     20.14
SHANDONG HONGHE HOLDING    8.50      06/23/21      CNY     24.00
SHANDONG RUYI TECHNOLOG    7.90      09/18/23      CNY     52.10
SHANDONG SNTON GROUP CO    5.18      09/08/21      CNY      8.52
SHANDONG SNTON GROUP CO    6.20      05/30/21      CNY      9.50
SHANDONG TENGJIAN INVES    6.00      06/08/22      CNY     40.00
SHANDONG TENGJIAN INVES    6.00      06/08/22      CNY     40.08
SHANDONG WANTONG PETROL    7.97      11/29/21      CNY      0.20
SHANGHAI MINHANG URBAN     5.63      04/20/22      CNY     20.45
SHANGHAI MINHANG URBAN     5.63      04/20/22      CNY     20.47
SHANGHAI MUNICIPAL INVE    4.80      11/05/24      CNY     60.41
SHANGHAI MUNICIPAL INVE    4.80      11/05/24      CNY     61.45
SHANGHAI NANHUI URBAN C    6.04      08/20/21      CNY     20.13
SHANGHAI NANHUI URBAN C    6.04      08/20/21      CNY     20.33
SHANGHAI URBAN CONSTRUC    3.50      01/06/23      CNY     39.62
SHANGHAI URBAN CONSTRUC    3.50      01/06/23      CNY     40.03
SHANGRAO CITY STATE-OWN    4.65      01/29/23      CNY     39.94
SHANGRAO CITY STATE-OWN    4.65      01/29/23      CNY     40.33
SHANTOU CITY CONSTRUCTI    8.57      03/23/22      CNY     15.60
SHANTOU CITY CONSTRUCTI    8.57      03/23/22      CNY     15.65
SHANTOU INVESTMENT HOLD    7.99      03/04/24      CNY     48.05
SHANTOU INVESTMENT HOLD    7.99      03/04/24      CNY     48.10
SHANXI INTERNATIONAL EL    5.88      05/24/22      CNY     51.83
SHANXI XIANG KUANG GROU    8.80      02/11/22      CNY     24.50
SHANXI XIANG KUANG GROU    8.80      02/11/22      CNY     41.13
SHAODONG NEW AREA DEVEL    7.10      04/19/24      CNY     62.09
SHAODONG NEW AREA DEVEL    7.10      04/19/24      CNY     62.10
SHAOGUAN URBAN INVESTME    3.67      10/25/24      CNY     68.28
SHAOGUAN URBAN INVESTME    3.67      10/25/24      CNY     68.58
SHAOWU URBAN CONSTRUCTI    5.88      09/11/22      CNY     40.04
SHAOWU URBAN CONSTRUCTI    5.88      09/11/22      CNY     43.39
SHAOXING CHENGZHONGCUN     6.09      04/27/22      CNY     40.39
SHAOXING CHENGZHONGCUN     6.09      04/27/22      CNY     40.44
SHAOXING CITY INVESTMEN    5.75      04/17/22      CNY     20.50
SHAOXING CITY INVESTMEN    5.75      04/17/22      CNY     28.00
SHAOXING CITY KEQIAO DI    6.40      08/20/21      CNY     20.18
SHAOXING CITY KEQIAO DI    6.40      08/20/21      CNY     20.48
SHAOXING JINGHU NEW DIS    6.13      04/30/22      CNY     33.57
SHAOXING JINGHU NEW DIS    6.13      04/30/22      CNY     40.55
SHAOXING KEQIAO CITY CO    3.64      09/19/23      CNY     59.58
SHAOXING KEQIAO CITY CO    3.64      09/19/23      CNY     59.60
SHAOXING KEQIAO ECONOMI    7.00      12/10/21      CNY     20.00
SHAOXING KEQIAO ECONOMI    7.00      12/10/21      CNY     20.40
SHAOXING KEYAN CONSTRUC    6.28      03/24/22      CNY     20.00
SHAOXING KEYAN CONSTRUC    6.28      03/24/22      CNY     20.22
SHAOXING PAOJIANG INDUS    6.98      05/29/21      CNY     20.08
SHAOXING PAOJIANG INDUS    6.98      05/29/21      CNY     23.90
SHAOXING SHANGYU ECONOM    4.76      04/11/23      CNY     40.02
SHAOXING SHANGYU ECONOM    4.76      04/11/23      CNY     40.14
SHAOXING SHANGYU URBAN     6.80      08/07/21      CNY     20.19
SHAOXING SHANGYU URBAN     6.80      08/07/21      CNY     21.15
SHAOYANG BAOQING INDUST    5.78      07/04/26      CNY     68.10
SHAOYANG DULIANG INVEST    5.50      04/13/23      CNY     36.67
SHAOYANG DULIANG INVEST    5.50      04/13/23      CNY     39.33
SHENGZHOU INVESTMENT HO    7.60      07/17/21      CNY     20.17
SHENGZHOU INVESTMENT HO    7.60      07/17/21      CNY     20.59
SHENMU CITY STATE-OWNED    7.28      06/23/21      CNY     20.09
SHENMU CITY STATE-OWNED    7.28      06/23/21      CNY     20.19
SHENYANG DADONG STATE-O    6.05      03/20/22      CNY     20.00
SHENYANG DADONG STATE-O    6.05      03/20/22      CNY     20.17
SHENYANG ECONOMIC AFFOR    7.17      04/29/22      CNY     38.01
SHENYANG ECONOMIC AFFOR    7.17      04/29/22      CNY     39.72
SHENYANG TIEXI STATE-OW    6.00      01/14/22      CNY     20.20
SHENYANG TIEXI STATE-OW    6.00      01/14/22      CNY     27.50
SHENZHEN METRO GROUP CO    5.40      03/25/23      CNY     30.87
SHENZHEN METRO GROUP CO    5.40      03/25/23      CNY     31.50
SHENZHEN METRO GROUP CO    6.75      01/24/24      CNY     39.24
SHENZHEN METRO GROUP CO    6.75      01/24/24      CNY     48.76
SHIJIAZHUANG HUTUO NEW     5.28      12/24/25      CNY     54.93
SHIJIAZHUANG HUTUO NEW     5.28      12/24/25      CNY     55.00
SHIJIAZHUANG STATE-OWNE    5.75      04/09/22      CNY     20.37
SHIJIAZHUANG STATE-OWNE    5.75      04/09/22      CNY     27.20
SHISHI CITY CONSTRUCTIO    6.10      05/04/22      CNY     40.20
SHISHI CITY CONSTRUCTIO    6.10      05/04/22      CNY     40.43
SHIYAN ECO DEVELOPMENT     3.98      08/05/23      CNY     59.12
SHIYAN ECO DEVELOPMENT     3.98      08/05/23      CNY     59.19
SHIYAN STATE-OWNED CAPI    6.58      08/20/21      CNY     20.21
SHIYAN STATE-OWNED CAPI    6.58      08/20/21      CNY     20.29
SHIYAN STATE-OWNED CAPI    4.88      01/11/26      CNY     69.72
SHIYAN STATE-OWNED CAPI    4.88      01/11/26      CNY     70.40
SHIZHU TUJIA HONGSHENG     7.00      11/13/24      CNY     64.00
SHUCHENG COUNTY URBAN C    5.50      04/29/23      CNY     60.70
SHUCHENG COUNTY URBAN C    5.50      04/29/23      CNY     60.71
SHUYANG JINGYUAN ASSET     5.49      09/11/22      CNY     39.00
SHUYANG JINGYUAN ASSET     5.49      09/11/22      CNY     40.11
SICHUAN COAL GASIFICATI    7.00      04/18/23      CNY     39.74
SICHUAN COAL GASIFICATI    7.00      12/14/23      CNY     59.49
SICHUAN COAL INDUSTRY G    7.70      01/09/18      CNY     45.00
SICHUAN LANGZHONG FAMOU    5.60      04/19/23      CNY     39.39
SICHUAN LANGZHONG FAMOU    5.60      04/19/23      CNY     39.46
SICHUAN LONGYANG TIANFU    5.45      05/27/23      CNY     59.58
SICHUAN LONGYANG TIANFU    5.45      05/27/23      CNY     59.62
SICHUAN NAXING INDUSTRI    7.17      09/11/21      CNY     20.00
SICHUAN NAXING INDUSTRI    7.17      09/11/21      CNY     20.03
SICHUAN NAXING INDUSTRI    4.68      03/31/23      CNY     38.56
SICHUAN NAXING INDUSTRI    4.68      03/31/23      CNY     39.15
SICHUAN NAXING INDUSTRI    6.80      08/18/22      CNY     50.79
SICHUAN NAXING INDUSTRI    6.80      08/18/22      CNY     50.80
SICHUAN TIANYIN INDUSTR    6.79      03/25/22      CNY     20.03
SICHUAN TIANYIN INDUSTR    6.79      03/25/22      CNY     28.00
SIHONG COUNTY HONG YUAN    6.15      03/16/22      CNY     20.11
SIHONG COUNTY HONG YUAN    6.15      03/16/22      CNY     20.35
SIHUI STATE OWNED ASSET    4.59      01/14/23      CNY     39.17
SIHUI STATE OWNED ASSET    4.59      01/14/23      CNY     40.00
SIYANG COUNTY MINKANG R    4.94      01/21/23      CNY     40.23
SIYANG COUNTY MINKANG R    4.94      01/21/23      CNY     40.56
SLENDER WEST LAKE TOURI    6.80      06/25/21      CNY     20.00
SLENDER WEST LAKE TOURI    6.80      06/25/21      CNY     20.06
SONGYUAN URBAN DEVELOPM    5.79      12/04/21      CNY     19.87
SONGYUAN URBAN DEVELOPM    5.79      12/04/21      CNY     20.78
SUINING COUNTY RUNQI IN    7.10      06/25/21      CNY     20.04
SUINING COUNTY RUNQI IN    7.10      06/25/21      CNY     20.25
SUINING COUNTY RUNQI IN    5.42      11/20/22      CNY     39.73
SUINING COUNTY RUNQI IN    5.42      11/20/22      CNY     40.00
SUINING FUYUAN INDUSTRY    6.39      03/17/22      CNY     19.75
SUINING FUYUAN INDUSTRY    6.39      03/17/22      CNY     24.18
SUINING FUYUAN INDUSTRY    5.34      12/02/23      CNY     55.29
SUINING FUYUAN INDUSTRY    5.34      12/02/23      CNY     58.65
SUINING KAIDA INVESTMEN    4.89      04/08/23      CNY     38.25
SUINING KAIDA INVESTMEN    4.89      04/08/23      CNY     38.26
SUINING ROUGANG INVESTM    5.65      01/24/24      CNY     58.33
SUINING TIANTAI INDUSTR    5.98      03/28/24      CNY     58.05
SUINING TIANTAI INDUSTR    5.98      03/28/24      CNY     59.34
SUIZHOU DEVELOPMENT INV    8.40      04/30/21      CNY     20.01
SUIZHOU DEVELOPMENT INV    8.40      04/30/21      CNY     20.71
SUIZHOU DEVELOPMENT INV    5.70      04/07/24      CNY     59.03
SUIZHOU DEVELOPMENT INV    5.70      04/07/24      CNY     59.43
SUIZHOU HIGH-TECH INDUS    4.47      03/25/23      CNY     38.76
SUIZHOU HIGH-TECH INDUS    4.47      03/25/23      CNY     38.91
SUIZHOU URBAN CONSTRUCT    7.18      09/02/21      CNY     20.05
SUIZHOU URBAN CONSTRUCT    7.18      09/02/21      CNY     21.20
SUIZHOU YULONG WATER SU    6.10      03/28/23      CNY     42.46
SUQIAN ECONOMIC DEVELOP    5.40      04/20/24      CNY     61.94
SUQIAN ECONOMIC DEVELOP    5.40      04/20/24      CNY     62.45
SUQIAN YUFENG ASSET MAN    5.50      04/21/24      CNY     61.23
SUQIAN YUFENG ASSET MAN    5.50      04/21/24      CNY     64.26
SUZHOU CITY CONSTRUCTIO    3.89      03/24/23      CNY     40.05
SUZHOU CITY CONSTRUCTIO    3.89      03/24/23      CNY     40.16
SUZHOU CITY HENGCHENG C    4.40      03/01/23      CNY     40.05
SUZHOU CITY HENGCHENG C    4.40      03/01/23      CNY     40.16
SUZHOU NEW & HIGH-TECH     4.18      03/23/23      CNY     38.82
SUZHOU NEW & HIGH-TECH     4.18      03/23/23      CNY     39.84
SUZHOU SND GROUP CO LTD    6.20      07/22/21      CNY     20.11
SUZHOU SND GROUP CO LTD    6.20      07/22/21      CNY     20.23
SUZHOU WUJIANG COMMUNIC    3.75      05/26/23      CNY     75.00
SUZHOU WUJIANG DISTRICT    5.25      07/08/22      CNY     40.40
SUZHOU WUJIANG DISTRICT    5.25      07/08/22      CNY     40.52
TAIAN TAISHAN HOLDINGS     5.50      04/26/23      CNY     39.32
TAIAN TAISHAN HOLDINGS     5.50      04/26/23      CNY     39.56
TAICANG SCIENCE EDUCATI    5.54      08/28/22      CNY     40.53
TAICANG SCIENCE EDUCATI    5.54      08/28/22      CNY     44.65
TAIXING CITY HONGQIAO Y    5.03      10/29/22      CNY     39.72
TAIXING CITY HONGQIAO Y    5.03      10/29/22      CNY     43.87
TAIZHOU CITY CONSTRUCTI    6.92      10/16/23      CNY     46.89
TAIZHOU CITY CONSTRUCTI    6.92      10/16/23      CNY     47.15
TAIZHOU HAILING CITY DE    4.60      12/14/22      CNY     39.40
TAIZHOU HAILING CITY DE    4.60      12/14/22      CNY     40.08
TAIZHOU JIAOJIANG STATE    6.18      07/06/22      CNY     40.48
TAIZHOU JIAOJIANG STATE    6.18      07/06/22      CNY     44.00
TAIZHOU JINDONG URBAN C    5.10      06/02/23      CNY     59.40
TAIZHOU JINDONG URBAN C    5.10      06/02/23      CNY     59.51
TAIZHOU XINTAI GROUP CO    4.07      03/23/23      CNY     39.64
TAIZHOU XINTAI GROUP CO    4.07      03/23/23      CNY     39.79
TIANCHANG CITY CONSTRUC    4.99      12/05/23      CNY     55.84
TIANCHANG CITY CONSTRUC    4.99      12/05/23      CNY     59.71
TIANJIN BEICHEN TECHNOL    6.87      08/20/21      CNY     19.84
TIANJIN BEICHEN TECHNOL    6.87      08/20/21      CNY     27.00
TIANJIN BINHAI NEW AREA    6.10      11/23/21      CNY     19.88
TIANJIN BINHAI NEW AREA    6.10      11/23/21      CNY     23.87
TIANJIN BOHAI STATE-OWN    3.82      04/18/23      CNY     39.06
TIANJIN BOHAI STATE-OWN    4.10      04/18/26      CNY     67.13
TIANJIN BOHAI STATE-OWN    4.10      04/18/26      CNY     70.00
TIANJIN DONGFANG CAIXIN    5.19      01/29/22      CNY     19.20
TIANJIN DONGFANG CAIXIN    5.19      01/29/22      CNY     19.86
TIANJIN DONGLI CITY INF    4.28      12/02/22      CNY     40.11
TIANJIN ECONOMIC TECHNO    6.50      12/03/22      CNY     30.48
TIANJIN ECONOMIC TECHNO    6.50      12/03/22      CNY     31.30
TIANJIN GUANGCHENG INVE    7.45      07/24/21      CNY     29.00
TIANJIN GUANGCHENG INVE    6.97      02/22/23      CNY     29.15
TIANJIN GUANGCHENG INVE    5.40      04/20/23      CNY     39.64
TIANJIN GUANGCHENG INVE    5.40      04/20/23      CNY     40.00
TIANJIN HARBOR CONSTRUC    6.29      10/21/21      CNY     39.78
TIANJIN HUANCHENG URBAN    5.75      04/27/22      CNY     39.60
TIANJIN HUANCHENG URBAN    5.75      04/27/22      CNY     40.50
TIANJIN INFRASTRUCTURE     5.70      02/26/23      CNY     24.43
TIANJIN INFRASTRUCTURE     5.70      02/26/23      CNY     30.53
TIANJIN JINNAN CITY CON    6.50      06/03/21      CNY     20.00
TIANJIN JINNAN CITY CON    6.50      06/03/21      CNY     20.00
TIANJIN METRO GROUP CO     4.27      10/16/25      CNY     68.66
TIANJIN METRO GROUP CO     4.27      10/16/25      CNY     74.00
TIANJIN NINGHE DISTRICT    7.00      05/30/21      CNY     19.99
TIANJIN NINGHE DISTRICT    7.00      05/30/21      CNY     27.50
TIANJIN NINGHE INVESTME    5.50      04/22/23      CNY     38.98
TIANJIN NINGHE INVESTME    5.50      04/22/23      CNY     40.17
TIANJIN RAILWAY CONSTRU    5.58      04/13/25      CNY     60.28
TIANJIN REAL ESTATE GRO    4.50      09/29/20      USD     73.75
TIANJIN WATER INVESTMEN    6.60      07/28/21      CNY     19.73
TIANJIN WATER INVESTMEN    6.60      07/28/21      CNY     21.80
TIANJIN WUQING ECONOMIC    6.65      09/12/21      CNY     19.53
TIANJIN WUQING ECONOMIC    6.65      09/12/21      CNY     19.93
TIANJIN WUQING STATE-OW    4.15      11/17/22      CNY     33.12
TIANJIN WUQING STATE-OW    4.15      11/17/22      CNY     40.12
TIANMEN CITY CONSTRUCTI    8.20      08/28/21      CNY     20.23
TIANMEN CITY CONSTRUCTI    8.20      08/28/21      CNY     25.16
TIANMEN CITY CONSTRUCTI    3.98      11/15/23      CNY     58.09
TIANMEN CITY CONSTRUCTI    3.98      11/15/23      CNY     58.85
TONGLING CONSTRUCTION I    4.12      03/14/23      CNY     40.00
TONGLING CONSTRUCTION I    4.12      03/14/23      CNY     40.07
TSINGHUA HOLDINGS CORP     4.95      08/08/22      CNY     36.40
TSINGHUA HOLDINGS CORP     3.15      10/25/21      CNY     48.64
TSINGHUA HOLDINGS CORP     5.30      03/26/23      CNY     50.00
TSINGHUA HOLDINGS CORP     4.10      08/24/21      CNY     66.77
TSINGHUA UNIGROUP CO LT    5.20      12/10/23      CNY     11.65
TSINGHUA UNIGROUP CO LT    5.11      01/25/24      CNY     13.00
TSINGHUA UNIGROUP CO LT    4.94      03/25/22      CNY     16.55
TSINGHUA UNIGROUP CO LT    5.85      03/27/22      CNY     16.88
TSINGHUA UNIGROUP CO LT    6.15      12/26/21      CNY     28.03
TSINGHUA UNIGROUP CO LT    5.60      11/15/20      CNY     28.13
TSINGHUA UNIGROUP CO LT    6.20      03/16/21      CNY     28.13
TSINGHUA UNIGROUP CO LT    6.00      08/14/22      CNY     28.13
TULUFAN DISTRICT STATE-    6.20      03/19/22      CNY     20.21
TULUFAN DISTRICT STATE-    6.20      03/19/22      CNY     20.39
TUNGHSU GROUP CO LTD       6.55      03/13/22      CNY     45.00
TUNGHSU OPTOELECTRONIC     5.09      11/17/21      CNY     22.81
ULANQAB CITY INVESTMENT    8.39      04/25/22      CNY     25.51
ULANQAB JINING DISTRICT    6.16      03/24/23      CNY     40.35
ULANQAB JINING DISTRICT    6.16      03/24/23      CNY     40.39
URUMQI ECO&TECH DEVELOP    6.40      04/13/22      CNY     20.00
URUMQI ECO&TECH DEVELOP    6.40      04/13/22      CNY     20.28
WAFANGDIAN COASTAL PROJ    3.98      02/01/23      CNY     39.18
WANGCHENG ECONOMIC DEVE    6.57      01/22/22      CNY     20.43
WANGCHENG ECONOMIC DEVE    6.57      01/22/22      CNY     28.81
WANGCHENG ECONOMIC DEVE    3.75      07/13/23      CNY     59.96
WANGCHENG ECONOMIC DEVE    3.75      07/13/23      CNY     61.05
WEIHAI LANCHUANG CONSTR    4.80      12/17/22      CNY     39.09
WEIHAI LANCHUANG CONSTR    4.80      12/17/22      CNY     39.39
WEIHAI URBAN CONSTRUCTI    3.33      03/02/23      CNY     38.40
WEIHAI URBAN CONSTRUCTI    3.33      03/02/23      CNY     39.48
WEIHAI WENDENG DISTRICT    3.64      10/26/23      CNY     58.57
WEIHAI WENDENG DISTRICT    3.64      10/26/23      CNY     58.63
WEIHAI WENDENG URBAN PR    4.80      05/26/23      CNY     58.75
WEIHAI WENDENG URBAN PR    4.80      05/26/23      CNY     59.15
WEINAN CITY INVESTMENT     6.09      03/11/22      CNY     20.00
WEINAN CITY INVESTMENT     6.09      03/11/22      CNY     20.17
WENDENG GOLDEN BEACH IN    3.97      03/21/23      CNY     39.10
WENDENG GOLDEN BEACH IN    3.97      03/21/23      CNY     39.19
WENSHAN URBAN CONSTRUCT    4.50      09/13/23      CNY     56.84
WENSHAN URBAN CONSTRUCT    4.50      09/13/23      CNY     58.24
WENZHOU CITY CONSTRUCTI    4.05      01/25/23      CNY     40.15
WENZHOU CITY CONSTRUCTI    4.05      01/25/23      CNY     40.16
WENZHOU CITY CONSTRUCTI    5.00      04/26/23      CNY     40.80
WENZHOU CITY CONSTRUCTI    5.00      04/26/23      CNY     60.87
WENZHOU GANGCHENG DEVEL    5.19      03/29/23      CNY     40.26
WENZHOU GANGCHENG DEVEL    5.19      03/29/23      CNY     40.32
WENZHOU HIGH-TECH INDUS    7.30      05/30/21      CNY     20.00
WENZHOU HIGH-TECH INDUS    7.30      05/30/21      CNY     20.01
WENZHOU LUCHENG CITY DE    5.58      11/03/21      CNY     20.06
WENZHOU LUCHENG CITY DE    5.58      11/03/21      CNY     20.17
WENZHOU OUHAI NEW CITY     3.98      10/26/23      CNY     59.72
WENZHOU OUHAI NEW CITY     3.98      10/26/23      CNY     59.75
WINTIME ENERGY CO LTD      7.00      07/05/18      CNY     43.63
WINTIME ENERGY CO LTD      7.30      08/06/18      CNY     43.63
WINTIME ENERGY CO LTD      7.00      08/25/18      CNY     43.63
WINTIME ENERGY CO LTD      6.78      10/23/18      CNY     43.63
WINTIME ENERGY CO LTD      7.00      12/15/18      CNY     43.63
WINTIME ENERGY CO LTD      7.00      03/19/19      CNY     43.63
WINTIME ENERGY CO LTD      7.00      04/26/19      CNY     43.63
WINTIME ENERGY CO LTD      7.70      11/15/20      CNY     43.63
WINTIME ENERGY CO LTD      7.50      11/16/20      CNY     43.63
WINTIME ENERGY CO LTD      7.50      12/06/20      CNY     43.63
WINTIME ENERGY CO LTD      7.90      12/22/20      CNY     43.63
WINTIME ENERGY CO LTD      7.90      03/29/21      CNY     43.63
WINTIME ENERGY CO LTD      7.50      04/04/21      CNY     43.63
WINTIME ENERGY CO LTD      4.75      07/07/22      CNY     43.63
WUHAN CITY HUANPI DISTR    6.43      09/17/21      CNY     20.28
WUHAN CITY HUANPI DISTR    6.43      09/17/21      CNY     25.00
WUHAN CITY HUANPI DISTR    5.48      04/19/24      CNY     61.55
WUHAN CITY HUANPI DISTR    5.48      04/19/24      CNY     62.00
WUHAN JIANGXIA URBAN CO    4.80      06/03/23      CNY     60.02
WUHAN JIANGXIA URBAN CO    4.80      06/03/23      CNY     60.04
WUHAN METRO GROUP CO LT    5.25      04/14/22      CNY     20.19
WUHAN METRO GROUP CO LT    5.25      04/14/22      CNY     20.33
WUHAN QIAOKOU STATE OWN    3.48      08/29/23      CNY     58.93
WUHAN QIAOKOU STATE OWN    3.48      08/29/23      CNY     59.94
WUHU COMMUNICATIONS INV    3.58      09/23/23      CNY     59.08
WUHU COMMUNICATIONS INV    4.50      04/28/23      CNY     59.84
WUHU COMMUNICATIONS INV    3.58      09/23/23      CNY     60.02
WUHU COMMUNICATIONS INV    4.50      04/28/23      CNY     60.58
WUHU COUNTY CONSTRUCTIO    6.60      12/08/21      CNY     20.11
WUHU COUNTY CONSTRUCTIO    6.60      12/08/21      CNY     26.35
WUHU JINGHU CONSTRUCTIO    4.37      07/20/23      CNY     59.67
WUHU JINGHU CONSTRUCTIO    4.37      07/20/23      CNY     59.96
WUHU JIUJIANG CONSTRUCT    3.96      03/21/23      CNY     39.51
WUHU XINMA INVESTMENT C    4.87      11/04/22      CNY     40.00
WUHU YIJU INVESTMENT GR    6.45      08/11/21      CNY     20.18
WUHU YIJU INVESTMENT GR    6.45      08/11/21      CNY     20.30
WUXI HUIKAI ECONOMIC DE    4.16      04/08/23      CNY     39.83
WUXI HUIKAI ECONOMIC DE    4.16      04/08/23      CNY     40.09
WUXI HUNING METRO HUISH    4.38      06/08/21      CNY     39.99
WUXI HUNING METRO HUISH    4.38      06/08/21      CNY     40.45
WUXI TAIHU NEW CITY DEV    3.47      08/29/23      CNY     59.50
WUXI TAIHU NEW CITY DEV    3.47      08/29/23      CNY     59.90
WUXI TAIHU NEW CITY DEV    4.49      05/03/23      CNY     60.47
WUXI TAIHU NEW CITY DEV    4.49      05/03/23      CNY     60.50
WUXI XIDONG NEW TOWN CO    3.92      11/09/23      CNY     59.31
WUXI XIDONG NEW TOWN CO    3.92      11/09/23      CNY     59.35
WUYANG CONSTRUCTION GRO    7.80      09/11/20      CNY     32.48
XIAN FENGDONG DEVELOPME    4.67      01/08/23      CNY     39.33
XIAN FENGDONG DEVELOPME    4.67      01/08/23      CNY     39.40
XI'AN INTERNATIONAL HOR    6.20      10/21/21      CNY     20.00
XI'AN INTERNATIONAL HOR    6.20      10/21/21      CNY     21.46
XI'AN INTERNATIONAL INL    7.90      09/23/21      CNY     22.28
XIANGSHUI GUANJIANG HOL    4.98      12/24/22      CNY     36.60
XIANGSHUI GUANJIANG HOL    4.98      12/24/22      CNY     38.63
XIANGTAN CITY CONSTRUCT    7.60      04/02/22      CNY     62.20
XIANGTAN CITY CONSTRUCT    7.80      03/12/22      CNY     64.87
XIANGTAN CITY CONSTRUCT    7.80      01/30/22      CNY     67.80
XIANGTAN CITY INFRASTRC    3.95      08/04/23      CNY     55.47
XIANGTAN CITY INFRASTRC    3.60      08/04/23      CNY     55.67
XIANGTAN CITY INFRASTRC    3.95      08/04/23      CNY     57.97
XIANGTAN CITY INFRASTRC    3.60      08/04/23      CNY     59.47
XIANGTAN JIUHUA ECONOMI    6.59      01/21/22      CNY     19.11
XIANGTAN JIUHUA ECONOMI    6.59      01/21/22      CNY     19.15
XIANGTAN JIUHUA ECONOMI    5.00      07/25/26      CNY     70.17
XIANGTAN WANLOU XINCHEN    6.90      01/14/22      CNY     15.49
XIANGTAN WANLOU XINCHEN    6.90      01/14/22      CNY     19.60
XIANGXIANG ECONOMIC DIS    5.28      09/09/23      CNY     57.30
XIANGXIANG ECONOMIC DIS    5.28      09/09/23      CNY     57.49
XIANGXIANG URBAN CONSTR    5.84      05/18/23      CNY     59.82
XIANGXIANG URBAN CONSTR    5.84      05/18/23      CNY     60.14
XIANGYANG CITY XIANGZHO    5.18      04/28/23      CNY     60.23
XIANGYANG CITY XIANGZHO    5.18      04/28/23      CNY     60.35
XIANGYANG HIGH TECH STA    7.00      05/29/21      CNY     20.01
XIANGYANG HIGH TECH STA    7.00      05/29/21      CNY     23.38
XIANGYANG STATE-OWNED C    4.62      01/25/23      CNY     39.43
XIANGYANG STATE-OWNED C    4.62      01/25/23      CNY     39.68
XIANNING HIGH-TECH INVE    6.29      02/10/22      CNY     20.28
XIANNING HIGH-TECH INVE    6.29      02/10/22      CNY     20.56
XIANTAO CITY CONSTRUCTI    4.59      04/18/23      CNY     39.57
XIANTAO CITY CONSTRUCTI    4.59      04/18/23      CNY     40.36
XIAOCHANG SHUNHE DEVELO    4.15      10/17/23      CNY     57.42
XIAOGAN GAOCHUANG INVES    6.87      09/22/21      CNY     20.04
XIAOGAN GAOCHUANG INVES    7.43      06/23/21      CNY     20.10
XIAOGAN GAOCHUANG INVES    6.87      09/22/21      CNY     26.69
XIAOGAN GAOCHUANG INVES    7.43      06/23/21      CNY     32.72
XIAOGAN URBAN CONSTRUCT    6.89      05/29/21      CNY     19.90
XIAOGAN URBAN CONSTRUCT    6.89      05/29/21      CNY     20.05
XIAOGAN URBAN CONSTRUCT    3.94      07/05/21      CNY     62.98
XIAOXIAN COUNTY DEVELOP    4.85      06/22/23      CNY     60.31
XIAOXIAN COUNTY DEVELOP    4.85      06/22/23      CNY     60.31
XINDONGGANG HOLDING GRO    5.53      04/27/23      CNY     59.29
XINDONGGANG HOLDING GRO    5.53      04/27/23      CNY     59.48
XINGAN COUNTY URBAN CON    5.48      08/03/23      CNY     58.39
XINGAN COUNTY URBAN CON    5.48      08/03/23      CNY     58.74
XINGAN LEAGUE URBAN DEV    6.18      12/21/22      CNY     23.15
XINGAN LEAGUE URBAN DEV    6.18      12/21/22      CNY     27.32
XINGHUA CITY ECONOMIC D    5.28      06/13/22      CNY     49.50
XINGHUA CITY ECONOMIC D    5.28      06/13/22      CNY     49.68
XINGYI XINHENG URBAN CO    5.40      12/16/22      CNY     38.40
XINGYI XINHENG URBAN CO    5.40      12/16/22      CNY     39.00
XINMI CAIYUAN CITY CONS    4.35      02/28/23      CNY     39.77
XINMI CAIYUAN CITY CONS    4.35      02/28/23      CNY     39.77
XINMIN CITY LUXIN MUNIC    6.41      07/29/21      CNY     13.69
XINMIN CITY LUXIN MUNIC    6.41      07/29/21      CNY     13.79
XINTAI CITY COORDINATIN    6.35      03/23/22      CNY     20.19
XINTAI CITY COORDINATIN    6.35      03/23/22      CNY     20.75
XINYI CITY INVESTMENT &    4.30      01/19/23      CNY     38.65
XINYI CITY INVESTMENT &    4.30      01/19/23      CNY     40.00
XINYI URBAN TRANSPORTAT    6.14      02/06/22      CNY     20.29
XINYI URBAN TRANSPORTAT    6.14      02/06/22      CNY     21.53
XINYI URBAN TRANSPORTAT    5.35      04/24/24      CNY     60.67
XINYU CHENGDONG CONSTRU    8.48      05/27/21      CNY     20.02
XINYU CITY SHANTYTOWN Z    6.50      11/13/22      CNY     70.04
XINYU CITY YUSHUI DISTR    7.70      06/24/22      CNY     40.53
XINYU CITY YUSHUI DISTR    7.70      06/24/22      CNY     41.39
XIWANG GROUP CO LTD        7.80      12/03/22      CNY     49.94
XUANCHENG CITY ECONOMY     7.95      09/22/21      CNY     20.22
XUANCHENG CITY ECONOMY     7.95      09/22/21      CNY     26.00
XUANCHENG STATE-OWNED A    4.12      04/07/23      CNY     39.71
XUANCHENG STATE-OWNED A    4.12      04/07/23      CNY     40.28
XUZHOU BOCHANT DEVELOPM    5.69      07/28/21      CNY     33.27
XUZHOU CITY JIAWANG CON    4.00      03/23/23      CNY     32.78
XUZHOU CITY JIAWANG CON    4.00      03/23/23      CNY     39.89
XUZHOU CITY TONGSHAN DI    5.23      09/18/22      CNY     40.00
XUZHOU CITY TONGSHAN DI    5.23      09/18/22      CNY     40.39
XUZHOU HI-TECH INDUSTRI    3.78      11/11/23      CNY     57.77
XUZHOU HI-TECH INDUSTRI    3.78      11/11/23      CNY     59.43
XUZHOU TRANSPORTATION H    7.09      05/15/21      CNY     20.03
XUZHOU TRANSPORTATION H    7.09      05/15/21      CNY     20.20
XUZHOU XINSHENG INVESTM    5.13      08/12/22      CNY     40.64
XUZHOU XINSHENG INVESTM    5.13      08/12/22      CNY     44.46
YAN'AN NEW CITY CONSTRU    5.60      04/21/24      CNY     49.26
YAN'AN NEW CITY CONSTRU    5.60      04/21/24      CNY     59.73
YANCHENG HIGH-TECH ZONE    3.90      12/14/22      CNY     39.67
YANCHENG HIGH-TECH ZONE    3.90      12/14/22      CNY     39.90
YANCHENG ORIENTAL INVES    6.48      09/15/21      CNY     20.03
YANCHENG SOUTH DISTRICT    6.70      07/30/21      CNY     16.90
YANCHENG SOUTH DISTRICT    6.70      07/30/21      CNY     20.12
YANCHENG YANDU DISTRICT    3.67      03/17/23      CNY     39.18
YANCHENG YANDU DISTRICT    3.67      03/17/23      CNY     39.44
YANGJIANG HENGCAI CITY     6.24      04/14/22      CNY     20.14
YANGJIANG HENGCAI CITY     6.24      04/14/22      CNY     21.20
YANGZHONG TRANSPORTATIO    4.95      04/07/23      CNY     39.33
YANGZHONG TRANSPORTATIO    4.95      04/07/23      CNY     39.86
YANGZHONG TRANSPORTATIO    4.98      04/07/23      CNY     40.32
YANGZHONG TRANSPORTATIO    4.98      04/07/23      CNY     40.36
YANGZHOU GUANGLING NEW     3.62      09/07/23      CNY     57.93
YANGZHOU GUANGLING NEW     3.62      09/07/23      CNY     58.17
YANGZHOU HANJIANG CONST    5.88      06/15/22      CNY     40.56
YANGZHOU HANJIANG CONST    5.88      06/15/22      CNY     46.63
YI CHENG CONSTRUCTION I    5.44      04/27/23      CNY     39.55
YI ZHENG CITY DEVELOPME    4.63      01/08/23      CNY     40.00
YI ZHENG CITY DEVELOPME    4.63      01/08/23      CNY     40.00
YICHANG HIGH-TECH INVES    4.80      12/15/22      CNY     40.00
YICHANG HIGH-TECH INVES    4.80      12/15/22      CNY     40.11
YICHANG HIGH-TECH INVES    3.74      07/21/23      CNY     58.92
YICHANG HIGH-TECH INVES    3.74      07/21/23      CNY     59.41
YICHANG WUJIA NEW CITY     6.50      04/20/24      CNY     60.10
YICHANG WUJIA NEW CITY     6.50      04/20/24      CNY     61.36
YICHUN URBAN CONSTRUCTI    7.09      05/15/21      CNY     20.06
YICHUN URBAN CONSTRUCTI    7.09      05/15/21      CNY     23.47
YICHUN VENTURE CAPITAL     6.70      03/23/22      CNY     20.05
YICHUN VENTURE CAPITAL     6.70      03/23/22      CNY     20.61
YIHUA ENTERPRISE GROUP     7.00      04/29/22      CNY     54.00
YIHUA LIFESTYLE TECHNOL    6.88      07/23/20      CNY     35.00
YIHUA LIFESTYLE TECHNOL    6.88      07/16/20      CNY     35.90
YINCHUAN URBAN CONSTRUC    6.88      05/12/21      CNY     20.00
YINCHUAN URBAN CONSTRUC    6.88      05/12/21      CNY     20.02
YINGCHENG CITY PUYANG D    6.50      04/14/24      CNY     61.36
YINGCHENG CITY PUYANG D    6.50      04/14/24      CNY     61.37
YINGKOU COASTAL DEVELOP    6.45      01/26/22      CNY     20.29
YINGKOU ECO & TECH DEVE    5.20      08/05/23      CNY     58.97
YINGKOU ECO & TECH DEVE    5.20      08/05/23      CNY     59.14
YINGKOU ECO & TECH DEVE    6.98      04/19/24      CNY     60.72
YINGKOU ECO & TECH DEVE    6.98      04/19/24      CNY     79.00
YINGKOU LAOBIAN CITY CO    4.98      03/11/23      CNY     38.49
YINGKOU LAOBIAN CITY CO    5.63      12/16/22      CNY     39.61
YINGKOU LAOBIAN CITY CO    4.98      03/11/23      CNY     40.00
YINGTAN LONGGANG ASSET     6.75      07/31/22      CNY     40.35
YINGTAN LONGGANG ASSET     6.75      07/31/22      CNY     41.18
YINGTAN STATE-OWNED ASS    7.50      12/12/22      CNY     30.71
YINGTAN STATE-OWNED ASS    7.50      12/12/22      CNY     30.71
YINGTAN STATE-OWNED ASS    3.63      08/12/21      CNY     40.02
YINING CITY STATE OWNED    5.37      09/24/22      CNY     39.20
YINING CITY STATE OWNED    5.37      09/24/22      CNY     39.53
YIWU CITY CONSTRUCTION     4.31      12/07/22      CNY     39.94
YIWU CITY CONSTRUCTION     4.31      12/07/22      CNY     40.40
YIWU URBAN & RURAL NEW     4.25      11/24/21      CNY     24.99
YIXING CITY CONSTRUCTIO    6.16      03/30/22      CNY     20.00
YIXING CITY CONSTRUCTIO    6.16      03/30/22      CNY     20.43
YIXING TUOYE INDUSTRIAL    7.60      05/28/21      CNY     20.04
YIXING TUOYE INDUSTRIAL    7.60      05/28/21      CNY     23.50
YIYANG ADVANCED INDUSTR    7.00      03/30/22      CNY     19.94
YIYANG ADVANCED INDUSTR    7.00      03/30/22      CNY     28.00
YIYANG PROVINCE AREA IN    4.95      10/13/23      CNY     56.31
YIYANG PROVINCE AREA IN    5.16      11/23/23      CNY     56.39
YIYANG PROVINCE AREA IN    4.95      10/13/23      CNY     56.44
YIYANG PROVINCE AREA IN    5.16      11/23/23      CNY     57.61
YIZHANG XINGYI CONSTRUC    5.49      09/02/24      CNY     68.24
YIZHANG XINGYI CONSTRUC    5.49      09/02/24      CNY     68.43
YONGCHENG COAL & ELECTR    7.50      02/02/21      CNY     39.88
YONGJIA INVESTMENT GROU    6.50      11/12/21      CNY     20.00
YONGJIA INVESTMENT GROU    6.50      11/12/21      CNY     20.11
YONGXING YINDU INVESTME    5.60      03/24/23      CNY     39.29
YONGXING YINDU INVESTME    5.60      03/24/23      CNY     40.14
YONGZHOU ECONOMIC CONST    3.55      01/14/23      CNY     39.30
YONGZHOU ECONOMIC CONST    3.55      01/14/23      CNY     39.64
YUANAN COUNTY QIFENG CI    5.50      05/27/23      CNY     60.70
YUANAN COUNTY QIFENG CI    5.50      05/27/23      CNY     60.70
YUEYANG CITY DONGTING N    6.15      03/20/22      CNY     19.90
YUEYANG CITY DONGTING N    6.15      03/20/22      CNY     20.10
YUEYANG HUIHUA URBAN IN    5.78      04/18/24      CNY     60.75
YUEYANG HUIHUA URBAN IN    5.78      04/18/24      CNY     61.20
YUEYANG HUILIN INVESTME    5.50      11/03/21      CNY     16.24
YUEYANG HUILIN INVESTME    5.50      11/03/21      CNY     19.65
YUEYANG URBAN CONSTRUCT    4.80      01/27/26      CNY     73.31
YUEYANG URBAN CONSTRUCT    4.80      01/27/26      CNY     73.42
YUEYANG YUNXI CITY CONS    5.18      11/21/23      CNY     56.49
YUEYANG YUNXI CITY CONS    6.00      07/08/23      CNY     59.30
YUEYANG YUNXI CITY CONS    6.00      07/08/23      CNY     59.44
YUHUAN CITY COMMUNICATI    5.65      11/03/21      CNY     20.22
YUHUAN CITY COMMUNICATI    5.65      11/03/21      CNY     20.22
YUHUAN CITY COMMUNICATI    6.18      03/20/22      CNY     20.36
YUHUAN CITY COMMUNICATI    6.18      03/20/22      CNY     24.47
YUHUAN CITY CONSTRUCTIO    3.72      10/21/23      CNY     58.65
YUHUAN CITY CONSTRUCTIO    3.72      10/21/23      CNY     59.16
YUHUAN CITY CONSTRUCTIO    5.10      05/03/23      CNY     59.90
YUHUAN CITY CONSTRUCTIO    5.10      05/03/23      CNY     60.56
YUNCHENG SHUIHU CITY CO    4.54      11/21/23      CNY     57.66
YUNCHENG SHUIHU CITY CO    4.54      11/21/23      CNY     58.05
YUNNAN HEALTH & CULTURA    6.77      05/23/21      CNY     19.76
YUNNAN HEALTH & CULTURA    6.77      05/23/21      CNY     20.02
YUNNAN PROVINCIAL INVES    4.36      08/21/23      CNY     70.00
YUNNAN PROVINCIAL INVES    4.63      11/05/23      CNY     70.00
YUNNAN PROVINCIAL INVES    4.66      08/21/24      CNY     77.10
YUYAO CITY CONSTRUCTION    7.09      05/19/21      CNY     20.04
YUYAO CITY CONSTRUCTION    7.09      05/19/21      CNY     20.40
YUZHOU GENERAL INVESTME    4.68      01/19/23      CNY     39.92
YUZHOU GENERAL INVESTME    4.68      01/19/23      CNY     40.00
ZAOYANG CITY CONSTRUCTI    5.50      03/22/23      CNY     39.84
ZAOYANG CITY CONSTRUCTI    5.50      03/22/23      CNY     40.10
ZHANGJIAGANG JINCHENG I    6.88      04/28/21      CNY     16.61
ZHANGJIAGANG JINCHENG I    6.88      04/28/21      CNY     20.00
ZHANGQIU STATE OWNED AS    3.69      08/09/23      CNY     58.50
ZHANGQIU STATE OWNED AS    3.69      08/09/23      CNY     59.63
ZHANGSHU STATE-OWNED AS    4.80      06/22/23      CNY     59.70
ZHANGSHU STATE-OWNED AS    4.80      06/22/23      CNY     62.67
ZHANGYE CITY INVESTMENT    6.92      09/22/21      CNY     20.14
ZHANGYE CITY INVESTMENT    6.92      09/22/21      CNY     20.90
ZHANGZHOU ECONOMIC DEVE    6.17      04/27/22      CNY     20.30
ZHANGZHOU JIULONGJIANG     6.48      06/20/21      CNY     16.81
ZHANGZHOU JIULONGJIANG     6.48      06/20/21      CNY     20.07
ZHAODONG DONGSHENG CONS    6.50      01/20/24      CNY     61.26
ZHAODONG DONGSHENG CONS    6.50      01/20/24      CNY     61.27
ZHAOQING GAOYAO DISTRIC    6.68      04/14/22      CNY     20.00
ZHAOQING GAOYAO DISTRIC    6.68      04/14/22      CNY     40.47
ZHAOQING HI-TECH ZONE C    3.97      08/26/23      CNY     57.90
ZHAOQING HI-TECH ZONE C    3.97      08/26/23      CNY     59.21
ZHEJIANG BINHAI NEW CIT    4.65      12/23/22      CNY     40.33
ZHEJIANG BINHAI NEW CIT    4.65      12/23/22      CNY     40.35
ZHEJIANG GUOXING INVEST    6.94      08/01/21      CNY     20.10
ZHEJIANG GUOXING INVEST    6.94      08/01/21      CNY     28.50
ZHEJIANG HUISHENG INVES    4.49      03/15/24      CNY     54.50
ZHEJIANG HUISHENG INVES    4.49      03/15/24      CNY     55.00
ZHEJIANG OUHAI CONSTRUC    6.45      04/23/22      CNY     20.20
ZHEJIANG OUHAI CONSTRUC    4.83      01/21/23      CNY     39.90
ZHEJIANG OUHAI CONSTRUC    4.83      01/21/23      CNY     40.39
ZHEJIANG OUHAI CONSTRUC    6.45      04/23/22      CNY     40.57
ZHEJIANG XINCHANG INVES    5.88      10/30/21      CNY     20.18
ZHEJIANG XINCHANG INVES    6.95      12/31/21      CNY     20.38
ZHEJIANG XINCHANG INVES    5.88      10/30/21      CNY     21.06
ZHEJIANG XINCHANG INVES    6.95      12/31/21      CNY     21.20
ZHENGZHOU AIRPORT ECONO    4.27      07/20/26      CNY     67.63
ZHENGZHOU AIRPORT ECONO    4.27      07/20/26      CNY     68.32
ZHENGZHOU JINGKAI INVES    5.48      07/31/22      CNY     40.00
ZHENGZHOU JINGKAI INVES    5.48      07/31/22      CNY     40.46
ZHENGZHOU MOUZHONG DEVE    7.48      12/11/21      CNY     20.25
ZHENGZHOU MOUZHONG DEVE    7.48      12/11/21      CNY     26.20
ZHENGZHOU MOUZHONG DEVE    4.59      04/18/23      CNY     39.76
ZHENGZHOU MOUZHONG DEVE    4.59      04/18/23      CNY     39.85
ZHENJIANG DANTU DISTRIC    5.89      11/03/21      CNY     19.80
ZHENJIANG DANTU DISTRIC    5.89      11/03/21      CNY     20.00
ZHENJIANG NEW AREA URBA    5.31      07/14/23      CNY     58.67
ZHENJIANG NEW AREA URBA    5.31      07/14/23      CNY     60.39
ZHIJIANG STATE-OWNED AS    4.38      03/28/23      CNY     39.38
ZHIJIANG STATE-OWNED AS    4.78      01/11/23      CNY     39.65
ZHIJIANG STATE-OWNED AS    4.38      03/28/23      CNY     44.70
ZHONGGUANCUN DEVELOPMEN    4.20      08/12/22      CNY     40.32
ZHONGGUANCUN DEVELOPMEN    4.20      08/12/22      CNY     40.54
ZHONGMINTOU LEASING HOL    7.55      09/21/21      CNY     49.49
ZHONGSHAN TORCH DEVELOP    5.79      03/23/24      CNY     61.01
ZHONGSHAN TORCH DEVELOP    5.79      03/23/24      CNY     61.36
ZHONGSHAN TRANSPORTATIO    5.25      11/26/21      CNY     20.00
ZHONGSHAN TRANSPORTATIO    5.25      11/26/21      CNY     20.24
ZHONGYUAN ASSET MANAGEM    4.20      11/29/22      USD     67.24
ZHONGYUAN ASSET MANAGEM    4.40      10/25/22      CNY     74.70
ZHOUSHAN DINGHAI CITY C    6.67      07/20/22      CNY     40.09
ZHOUSHAN DINGHAI STATE-    7.13      08/04/21      CNY     20.07
ZHOUSHAN DINGHAI STATE-    7.13      08/04/21      CNY     20.18
ZHOUSHAN ISLANDS NEW DI    6.98      10/22/22      CNY     40.55
ZHOUSHAN ISLANDS NEW DI    6.98      10/22/22      CNY     40.80
ZHOUSHAN PUTUO DISTRICT    7.18      06/20/22      CNY     40.59
ZHOUSHAN PUTUO DISTRICT    7.18      06/20/22      CNY     41.90
ZHUHAI HUIHUA INFRASTRU    4.70      06/27/23      CNY     59.71
ZHUHAI HUIHUA INFRASTRU    4.70      06/27/23      CNY     60.06
ZHUJI CITY EAST NEW TOW    3.89      08/26/23      CNY     59.81
ZHUJI CITY YUEDU INVEST    6.38      04/07/22      CNY     20.30
ZHUJI CITY YUEDU INVEST    6.38      04/07/22      CNY     20.40
ZHUZHOU CITY CONSTRUCTI    8.36      11/10/21      CNY     23.75
ZHUZHOU GECKOR GROUP CO    6.38      04/17/22      CNY     20.00
ZHUZHOU GECKOR GROUP CO    6.38      04/17/22      CNY     20.07
ZHUZHOU GECKOR GROUP CO    6.95      08/11/21      CNY     20.12
ZHUZHOU GECKOR GROUP CO    6.95      08/11/21      CNY     20.86
ZHUZHOU GECKOR GROUP CO    3.78      09/28/23      CNY     58.20
ZHUZHOU GECKOR GROUP CO    3.78      09/28/23      CNY     58.59
ZHUZHOU HI-TECH AUTO EX    4.47      11/03/23      CNY     73.96
ZHUZHOU RECYCLING ECONO    4.38      03/24/23      CNY     37.37
ZHUZHOU RECYCLING ECONO    4.38      03/24/23      CNY     38.47
ZHUZHOU XIANGJIANG SCEN    5.39      11/25/22      CNY     37.36
ZHUZHOU XIANGJIANG SCEN    5.39      11/25/22      CNY     37.42
ZIBO BANYANG CITY URBAN    5.50      09/09/22      CNY     39.70
ZIBO BANYANG CITY URBAN    5.50      09/09/22      CNY     40.00
ZIBO BOSHAN STATE OWNED    5.63      03/29/24      CNY     58.95
ZIBO BOSHAN STATE OWNED    5.63      03/29/24      CNY     61.03
ZIXING CHENGCHENG INVES    6.20      03/16/24      CNY     61.68
ZIXING CHENGCHENG INVES    6.20      03/16/24      CNY     61.72
ZIYANG WATER INVESTMENT    3.97      03/17/23      CNY     37.49
ZIYANG WATER INVESTMENT    3.97      03/17/23      CNY     37.49
ZIZHONG COUNTY XINGZI I    5.97      01/18/23      CNY     38.68
ZIZHONG COUNTY XINGZI I    5.97      01/18/23      CNY     39.68
ZONGYANG INVESTMENT DEV    5.85      04/25/24      CNY     61.60
ZUNYI ECONOMIC DEVELOPM    4.87      01/22/23      CNY     38.22
ZUNYI ECONOMIC DEVELOPM    4.87      01/22/23      CNY     40.00
ZUNYI HONGHUAGANG DISTR    5.05      06/27/23      CNY     57.90
ZUNYI HONGHUAGANG DISTR    5.05      06/27/23      CNY     58.80
ZUNYI NEW DISTRICT DEVE    5.99      04/07/26      CNY     44.68
ZUNYI NEW DISTRICT DEVE    5.99      04/07/26      CNY     54.24
ZUNYI ROAD & BRIDGE CON    6.10      04/27/23      CNY     36.74
ZUNYI ROAD & BRIDGE CON    6.10      04/27/23      CNY     45.00
ZUNYI TRAFFIC TRAVEL IN    7.70      09/27/27      CNY     67.00
ZUNYI TRAFFIC TRAVEL IN    7.70      09/27/27      CNY     70.67


   HONG KONG
   ---------

CAIYUN INTERNATIONAL IN    5.50      04/08/22      USD     58.43
DR PENG HOLDING HONGKON    7.55      12/01/22      USD     62.70
HNA GROUP INTERNATIONAL    6.25      10/05/21      USD     54.50


   INDONESIA
   ---------

DAVOMAS INTERNATIONAL F   11.00      05/09/11      USD      0.00
DAVOMAS INTERNATIONAL F   11.00      05/09/11      USD      0.00
DAVOMAS INTERNATIONAL F   11.00      12/08/14      USD      0.00
DAVOMAS INTERNATIONAL F   11.00      12/08/14      USD      0.00
DELTA MERLIN DUNIA TEKS    1.50      06/26/28      USD     10.92
MNC INVESTAMA TBK PT       9.00      05/11/21      USD     68.37
SRI REJEKI ISMAN TBK PT    7.25      01/16/25      USD     26.92
SRI REJEKI ISMAN TBK PT    7.25      01/16/25      USD     27.17


   INDIA
   -----

3I INFOTECH LTD            2.50      03/31/25      USD      9.88
ACME MEDAK SOLAR ENERGY    0.01      08/29/46      INR     16.85
ACME RANGA REDDY SOLAR     0.01      08/31/46      INR     16.74
AMPSOLAR SOLUTION PVT L    0.01      11/03/37      INR     29.03
AMPSOLAR SOLUTION PVT L    0.01      10/27/37      INR     29.07
APG HABITAT PVT LTD        1.00      09/09/28      INR     62.97
APG INTELLI HOMES PVT L    1.25      02/04/35      INR     46.07
APG INTELLI HOMES PVT L    1.25      02/04/35      INR     46.71
ASSETS CARE & RECONSTRU    2.00      03/30/29      INR     68.22
AUTOMOTIVE EXCHANGE PVT    4.00      10/11/30      INR     63.41
AUTOMOTIVE EXCHANGE PVT    4.00      06/01/30      INR     63.62
BREEZE CONSTRUCTIONS PV    0.01      06/29/30      INR     47.97
BRITANNIA INDUSTRIES LT    8.00      08/28/22      INR     31.10
CHANDRAJYOTI ESTATE DEV    0.01      07/06/30      INR     49.18
CREIXENT SPECIAL STEELS    0.01      08/28/25      INR     72.02
CUMULUS TRADING CO PVT     0.01      05/21/32      INR     41.77
CUMULUS TRADING CO PVT     0.01      01/23/30      INR     65.68
DEWAN HOUSING FINANCE C    8.50      04/18/23      INR     26.79
DLF ASPINWAL HOTELS PVT    0.01      10/15/30      INR     45.47
DLF EMPORIO RESTAURANTS    0.01      08/12/30      INR     48.78
DLF EMPORIO RESTAURANTS    0.01      06/29/30      INR     49.23
DLF HOME DEVELOPERS LTD    0.01      06/29/30      INR     51.37
DLF HOMES SERVICES PVT     0.01      06/29/30      INR     47.97
DLF REAL ESTATE BUILDER    0.01      06/23/30      INR     49.22
DLF RECREATIONAL FOUNDA    0.01      10/15/30      INR     45.92
DLF RESIDENTIAL BUILDER    0.01      06/23/30      INR     48.00
DLF RESIDENTIAL DEVELOP    0.01      06/28/30      INR     49.12
DLF SOUTHERN TOWNS PVT     0.01      07/09/30      INR     49.30
DOMUS REAL ESTATE PVT L    0.01      07/11/30      INR     49.31
ECAP EQUITIES LTD          0.01      03/26/31      INR     48.65
EDEL LAND LTD              0.01      03/22/26      INR     68.93
EDELWEISS ASSET RECONST    2.00      07/22/29      INR     66.47
EDELWEISS ASSET RECONST    2.00      03/28/29      INR     67.53
EDELWEISS ASSET RECONST    2.00      01/15/29      INR     68.23
EDELWEISS ASSET RECONST    2.00      10/07/28      INR     69.22
EDELWEISS ASSET RECONST    2.00      11/20/27      INR     72.56
ESSAR POWER TRANSMISSIO    3.00      03/31/43      INR     51.57
ESSAR POWER TRANSMISSIO    3.00      03/31/43      INR     51.57
GREEN URJA PVT LTD         0.01      02/14/30      INR     51.19
GTL INFRASTRUCTURE LTD     6.73      10/26/22      USD     10.38
HITODI INFRASTRUCTURE L    0.01      06/30/27      INR     62.18
JAIPRAKASH ASSOCIATES L    5.75      09/08/17      USD     55.13
JAIPRAKASH POWER VENTUR    7.00      05/15/17      USD      4.58
JCT LTD                    2.50      04/08/11      USD     25.75
JSM CORP PVT LTD           0.01      08/31/36      INR     30.99
JTPM ATSALI LTD            0.01      08/29/48      INR     14.19
KANAKADURGA FINANCE LTD    0.01      04/15/36      INR     29.74
KRIBHCO INFRASTRUCTURE     1.00      04/15/26      INR     73.92
MARIS POWER SUPPLY CO P    2.00      04/18/28      INR     70.52
MELOSA BUILDERS & DEVEL    0.01      06/29/30      INR     48.01
MENS BUILDCON PVT LTD      0.01      06/29/30      INR     48.01
MYTRAH AADHYA POWER PVT    0.01      07/05/35      INR     34.42
MYTRAH ADVAITH POWER PV    0.01      07/13/36      INR     31.93
MYTRAH AKSHAYA ENERGY P    0.01      07/13/36      INR     31.93
NEEMUCH SOLAR POWER PVT    0.01      08/29/46      INR     16.85
ORIGAMI CELLULO PVT LTD    0.01      11/14/36      INR     30.61
PRAKASH INDUSTRIES LTD     5.25      04/30/15      USD     22.63
PUNJAB INFRASTRUCTURE D    0.40      10/15/33      INR     45.50
PUNJAB INFRASTRUCTURE D    0.40      10/15/32      INR     48.40
PUNJAB INFRASTRUCTURE D    0.40      10/15/31      INR     51.65
PUNJAB INFRASTRUCTURE D    0.40      10/15/30      INR     55.23
PUNJAB INFRASTRUCTURE D    0.40      10/15/29      INR     59.14
PUNJAB INFRASTRUCTURE D    0.40      10/15/28      INR     63.39
PUNJAB INFRASTRUCTURE D    0.40      10/15/27      INR     68.01
PUNJAB INFRASTRUCTURE D    0.40      10/15/26      INR     72.97
PURVANCHAL SOLAR POWER     0.01      08/29/46      INR     16.85
PYRAMID SAIMIRA THEATRE    1.75      07/04/12      USD      0.26
R L FINE CHEM PVT LTD      0.10      08/19/36      INR     31.53
RAMANI ICECREAM CO LTD     0.01      12/29/35      INR     33.82
REDKITE CAPITAL PVT LTD    2.50      03/30/29      INR     70.37
REDKITE CAPITAL PVT LTD    2.50      01/15/28      INR     74.47
REI AGRO LTD               5.50      11/13/14      USD      0.96
REI AGRO LTD               5.50      11/13/14      USD      0.96
RELIANCE COMMUNICATIONS    6.50      11/06/20      USD      8.96
REWANCHAL SOLAR POWER P    0.01      08/29/46      INR     16.85
SAKET HOLIDAYS RESORTS     0.01      06/29/30      INR     49.03
SHIVAJI MARG MAINTENANC    0.01      06/28/30      INR     48.06
SINTEX INDUSTRIES LTD      3.50      05/25/22      USD     23.63
SUNWORLD SOLAR POWER PV    0.01      08/31/46      INR     16.74
SURBHI INVESTMENTS & TR    2.50      10/21/28      INR     71.17
SUTARA ROADS & INFRA LT    0.01      08/31/30      INR     56.63
SUZLON ENERGY LTD          5.75      07/16/19      USD     23.50
SUZLON ENERGY LTD          5.75      07/16/19      USD     23.50
SVOGL OIL GAS & ENERGY     5.00      08/17/15      USD      0.61
TATA SMARTFOODZ LTD        0.01      04/18/26      INR     67.56
TATA SMARTFOODZ LTD        0.01      11/23/25      INR     70.08
TATA SMARTFOODZ LTD        0.01      07/15/25      INR     72.36
TN URJA PVT LTD            0.10      02/22/36      INR     33.82
WATSUN INFRABUILD PVT L    4.00      10/16/37      INR     62.60
WS T&D LTD                 0.10      03/24/29      INR     54.97


   JAPAN
   -----

AVANSTRATE INC             0.15      10/29/32      JPY      9.75
HIS CO LTD                 0.58      02/19/27      JPY     65.37
MITSUI E&S HOLDINGS CO     0.70      09/15/23      JPY     73.91
TKJP CORP                  1.02      12/15/17      JPY      0.50
TKJP CORP                  0.85      03/06/19      JPY      2.02
TKJP CORP                  0.58      03/26/21      JPY      2.02
UNIZO HOLDINGS CO LTD      1.50      11/26/27      JPY     25.09
UNIZO HOLDINGS CO LTD      1.20      05/28/27      JPY     25.90
UNIZO HOLDINGS CO LTD      0.99      11/27/26      JPY     26.19
UNIZO HOLDINGS CO LTD      1.10      11/28/24      JPY     31.06
UNIZO HOLDINGS CO LTD      0.89      05/29/24      JPY     32.05
UNIZO HOLDINGS CO LTD      0.80      11/29/23      JPY     35.00
UNIZO HOLDINGS CO LTD      0.85      05/26/23      JPY     35.98
UNIZO HOLDINGS CO LTD      0.75      11/28/22      JPY     42.01
UNIZO HOLDINGS CO LTD      0.52      05/27/22      JPY     49.14
UNIZO HOLDINGS CO LTD      0.43      11/29/21      JPY     58.39


   MALAYSIA
   --------

ASIAN PAC HOLDINGS BHD     3.00      05/25/22      MYR      0.90
BERJAYA CORP BHD           2.00      05/29/26      MYR      0.26
BERJAYA CORP BHD           5.00      04/22/22      MYR      0.35
ELK-DESA RESOURCES BHD     3.25      04/14/22      MYR      1.08
HIAP TECK VENTURE BHD      5.00      06/23/21      MYR      0.50
HUME CEMENT INDUSTRIES     5.00      05/29/24      MYR      1.79
MALAYAN FLOUR MILLS BHD    5.00      01/24/24      MYR      1.86
MEX II SDN BHD             6.40      04/28/34      MYR     66.01
MEX II SDN BHD             6.30      04/29/33      MYR     66.84
MEX II SDN BHD             6.20      04/29/32      MYR     67.90
MEX II SDN BHD             6.10      04/29/31      MYR     69.25
MEX II SDN BHD             6.00      04/29/30      MYR     69.69
MEX II SDN BHD             5.90      04/27/29      MYR     70.73
MEX II SDN BHD             5.80      04/28/28      MYR     72.06
MEX II SDN BHD             5.70      04/29/27      MYR     73.20
PENGURUSAN AIR SPV BHD     1.00      02/05/36      MYR     61.99
PENGURUSAN AIR SPV BHD     1.00      11/05/35      MYR     62.49
PENGURUSAN AIR SPV BHD     1.00      09/28/35      MYR     62.90
PMB TECHNOLOGY BHD         3.00      07/12/23      MYR      5.60
SENAI-DESARU EXPRESSWAY    1.35      06/30/31      MYR     69.81
SENAI-DESARU EXPRESSWAY    1.35      12/31/30      MYR     71.31
SENAI-DESARU EXPRESSWAY    1.35      06/28/30      MYR     72.78
SENAI-DESARU EXPRESSWAY    1.35      12/31/29      MYR     74.21
VIZIONE HOLDINGS BHD       3.00      08/08/21      MYR      0.02


   NEW ZEALAND
   -----------

PRECINCT PROPERTIES NEW    4.80      09/27/21      NZD      1.14


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICATION   15.00      07/15/06      USD     22.75


   SINGAPORE
   ---------

ASL MARINE HOLDINGS LTD    3.00      03/28/25      SGD     41.75
ASL MARINE HOLDINGS LTD    3.00      10/01/26      SGD     41.75
BAKRIE TELECOM PTE LTD    11.50      05/07/15      USD      0.07
BAKRIE TELECOM PTE LTD    11.50      05/07/15      USD      0.07
BLD INVESTMENTS PTE LTD    8.63      03/23/15      USD      4.88
BLUE OCEAN RESOURCES PT    8.00      12/31/21      USD     22.00
BLUE OCEAN RESOURCES PT    8.00      12/31/21      USD     22.00
BLUE OCEAN RESOURCES PT    8.00      12/31/21      USD     22.00
ENERCOAL RESOURCES PTE     9.25      08/05/14      USD     45.75
ETERNA CAPITAL PTE LTD     8.00      12/11/22      USD     46.90
ETERNA CAPITAL PTE LTD     7.50      12/11/22      USD     68.82
EZRA HOLDINGS LTD          4.88      04/24/18      SGD      5.00
GOLDEN LEGACY PTE LTD      6.88      03/27/24      USD     27.39
GOLDEN LEGACY PTE LTD      6.88      03/27/24      USD     27.46
INDO INFRASTRUCTURE GRO    2.00      07/30/10      USD      1.00
INNOVATE CAPITAL PTE LT    6.00      12/11/24      USD     25.41
ITNL OFFSHORE PTE LTD      7.50      01/18/21      CNY     17.25
JGC VENTURES PTE LTD      10.75      08/30/21      USD     39.00
MICLYN EXPRESS OFFSHORE    8.75      11/25/18      USD     16.23
MODERNLAND OVERSEAS PTE    6.95      04/13/24      USD     40.12
NT RIG HOLDCO PTE LTD      7.50      12/20/21      USD     58.13
ORO NEGRO DRILLING PTE     7.50      01/24/19      USD     14.28
PACIFIC RADIANCE LTD       4.30      03/31/20      SGD     10.00
RICKMERS MARITIME          8.45      05/15/17      SGD      5.00
SSMS PLANTATION HOLDING    7.75      01/23/23      USD     69.81
SWIBER CAPITAL PTE LTD     6.25      10/30/17      SGD      4.20
SWIBER CAPITAL PTE LTD     6.50      08/02/18      SGD      4.20
SWIBER HOLDINGS LTD        7.13      04/18/17      SGD      6.13
SWIBER HOLDINGS LTD        7.75      09/18/17      CNY      6.13
SWIBER HOLDINGS LTD        5.55      10/10/16      SGD     12.25


   SOUTH KOREA
   -----------

HEUNGKUK FIRE & MARINE     5.70      12/29/46      KRW     42.14
KIBO ABS SPECIALTY CO L    5.00      02/24/23      KRW     71.81
KIBO ABS SPECIALTY CO L    5.00      02/28/22      KRW     73.01
KIBO ABS SPECIALTY CO L    5.00      02/24/22      KRW     73.87
KIBO ABS SPECIALTY CO L    5.00      08/28/21      KRW     74.59
LOTTE CARD CO LTD          0.18      06/28/49      KRW     37.34
POSCO ENERGY CO LTD        5.21      08/29/43      KRW     64.57
SAMPYO CEMENT CO LTD       8.30      04/20/14      KRW     70.00
SAMPYO CEMENT CO LTD       7.50      07/20/14      KRW     70.00
SAMPYO CEMENT CO LTD       8.30      09/10/14      KRW     70.00
SAMPYO CEMENT CO LTD       8.10      04/12/15      KRW     70.00
SAMPYO CEMENT CO LTD       8.10      06/26/15      KRW     70.00
SINBO SECURITIZATION SP    5.00      01/26/22      KRW     62.49
SINBO SECURITIZATION SP    5.00      01/25/22      KRW     62.50
SINBO SECURITIZATION SP    5.00      02/23/22      KRW     62.76
SINBO SECURITIZATION SP    5.00      06/27/22      KRW     64.48
SINBO SECURITIZATION SP    3.00      11/21/23      KRW     64.58
SINBO SECURITIZATION SP    5.00      07/24/22      KRW     64.75
SINBO SECURITIZATION SP    5.00      07/26/22      KRW     64.76
SINBO SECURITIZATION SP    5.00      08/31/21      KRW     65.29
SINBO SECURITIZATION SP    5.00      09/26/22      KRW     65.77
SINBO SECURITIZATION SP    5.00      08/29/22      KRW     65.86
SINBO SECURITIZATION SP    5.00      01/25/23      KRW     65.86
SINBO SECURITIZATION SP    5.00      08/31/22      KRW     65.88
SINBO SECURITIZATION SP    4.00      04/15/24      KRW     66.03
SINBO SECURITIZATION SP    4.00      12/25/23      KRW     66.26
SINBO SECURITIZATION SP    4.00      12/25/23      KRW     66.26
SINBO SECURITIZATION SP    4.00      06/30/24      KRW     66.65
SINBO SECURITIZATION SP    4.00      06/30/24      KRW     66.65
SINBO SECURITIZATION SP    3.00      01/29/24      KRW     66.92
SINBO SECURITIZATION SP    5.00      07/24/23      KRW     67.07
SINBO SECURITIZATION SP    5.00      06/30/23      KRW     67.13
SINBO SECURITIZATION SP    5.00      06/27/23      KRW     67.13
SINBO SECURITIZATION SP    5.00      10/24/23      KRW     67.67
SINBO SECURITIZATION SP    5.00      10/24/23      KRW     67.67
SINBO SECURITIZATION SP    5.00      07/26/21      KRW     67.88
SINBO SECURITIZATION SP    5.00      09/26/23      KRW     67.88
SINBO SECURITIZATION SP    5.00      09/26/23      KRW     67.88
SINBO SECURITIZATION SP    5.00      09/26/23      KRW     67.88
SINBO SECURITIZATION SP    5.00      08/29/23      KRW     68.07
SINBO SECURITIZATION SP    5.00      08/29/23      KRW     68.07
SINBO SECURITIZATION SP    5.00      11/21/23      KRW     68.61
SINBO SECURITIZATION SP    5.00      02/27/24      KRW     68.75
SINBO SECURITIZATION SP    4.00      01/29/24      KRW     68.90
SINBO SECURITIZATION SP    4.00      01/29/24      KRW     68.90
SINBO SECURITIZATION SP    5.00      06/30/24      KRW     68.97
SINBO SECURITIZATION SP    5.00      01/29/23      KRW     70.55
SINBO SECURITIZATION SP    5.00      12/25/22      KRW     70.81
SINBO SECURITIZATION SP    5.00      12/25/23      KRW     71.15
SINBO SECURITIZATION SP    5.00      02/28/22      KRW     73.01
SINBO SECURITIZATION SP    5.00      03/20/23      KRW     73.31
SINBO SECURITIZATION SP    5.00      02/28/23      KRW     73.48
SINBO SECURITIZATION SP    5.00      12/27/21      KRW     73.69
SINBO SECURITIZATION SP    5.00      06/29/21      KRW     74.88
STANDARD CHARTERED BANK    3.02      11/10/35      KRW     74.78
STANDARD CHARTERED BANK    3.00      10/16/35      KRW     74.92


   SRI LANKA
   ---------

SRI LANKA DEVELOPMENT B    4.77      01/22/25      USD     63.25
SRI LANKA DEVELOPMENT B    5.98      01/22/25      USD     65.25
SRI LANKA DEVELOPMENT B    6.02      01/22/25      USD     65.35
SRI LANKA DEVELOPMENT B    6.05      01/22/25      USD     65.43
SRI LANKA DEVELOPMENT B    6.50      01/22/25      USD     66.57
SRI LANKA DEVELOPMENT B    6.75      01/22/25      USD     67.20
SRI LANKA DEVELOPMENT B    6.80      01/22/25      USD     67.33
SRI LANKA DEVELOPMENT B    6.82      01/22/25      USD     67.38
SRI LANKA DEVELOPMENT B    6.87      01/22/25      USD     67.51
SRI LANKA DEVELOPMENT B    4.09      05/01/23      USD     72.94
SRI LANKA DEVELOPMENT B    4.13      05/01/23      USD     73.00
SRI LANKA DEVELOPMENT B    4.22      03/16/23      USD     74.28
SRI LANKA GOVERNMENT IN    6.75      04/18/28      USD     62.87
SRI LANKA GOVERNMENT IN    6.20      05/11/27      USD     62.99
SRI LANKA GOVERNMENT IN    7.85      03/14/29      USD     62.99
SRI LANKA GOVERNMENT IN    6.20      05/11/27      USD     63.05
SRI LANKA GOVERNMENT IN    7.55      03/28/30      USD     63.09
SRI LANKA GOVERNMENT IN    7.85      03/14/29      USD     63.10
SRI LANKA GOVERNMENT IN    6.75      04/18/28      USD     63.14
SRI LANKA GOVERNMENT IN    7.55      03/28/30      USD     63.15
SRI LANKA GOVERNMENT IN    6.83      07/18/26      USD     64.16
SRI LANKA GOVERNMENT IN    6.83      07/18/26      USD     64.20
SRI LANKA GOVERNMENT IN    6.85      11/03/25      USD     65.04
SRI LANKA GOVERNMENT IN    6.13      06/03/25      USD     65.09
SRI LANKA GOVERNMENT IN    6.85      11/03/25      USD     65.12
SRI LANKA GOVERNMENT IN    6.13      06/03/25      USD     65.19
SRI LANKA GOVERNMENT IN    6.35      06/28/24      USD     68.09
SRI LANKA GOVERNMENT IN    6.35      06/28/24      USD     68.13
SRI LANKA GOVERNMENT IN    6.85      03/14/24      USD     68.21
SRI LANKA GOVERNMENT IN    6.85      03/14/24      USD     68.27
SRI LANKA GOVERNMENT IN    5.75      04/18/23      USD     71.06
SRI LANKA GOVERNMENT IN    5.75      04/18/23      USD     71.09
SRILANKAN AIRLINES LTD     7.00      06/25/24      USD     61.17


   THAILAND
   --------

G STEEL PCL                3.00      10/04/15      USD      0.55
MDX PCL                    4.75      09/17/03      USD     22.88


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2021.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***