Zhong Lun acted as U.S., English and Hong Kong legal counsel to China Water Affairs Group Limited ("China Water Affairs"), on the successful offering of US$150,000,000 in aggregate principal amount of additional 5.875% senior notes due 2030 with high-yield covenants, which will be consolidated and form a single series with the Company’s US$150,000,000 5.875% Senior Notes due 2030 issued on October 22, 2025. This transaction underscores China Water Affairs’ continued ability to access international financing channels at a time when market conditions remain highly selective

Zhong Lun also advised China Water Affairs on its concurrent tender offer to purchase for cash its outstanding 4.85% Senior Notes due 2026. The coordinated execution of this tap issuance and concurrent tender structure reflects a benchmark liabilitymanagement structure, enabling China Water Affairs to proactively manage its offshore debt maturities, optimize its capital structure and enhance overall liquidity..

The Company is one of the largest publicly-listed water supply companies in China based on the volume of water sold for the six months ended September 30, 2025. Unlike its peers, the Company uniquely focuses on the water supply business.

The Zhong Lun team was led by International Partner Renee Xiong and Regional Partner Leonard Lou, with support from Partner Alan Wong, Senior Associates Jim Yan and Kristine Zhang and Legal Assistant Donna Chen. The successful execution of this tap issuance and concurrent tender structure underscores Zhong Lun’s strong capabilities in crossborder bond offerings and liability management transactions, reaffirming the firm’s leading position in international debt capital markets legal services.