Group 1 - The issuer of the bonds is China National Railway Group Co., Ltd. [4] - The bonds being issued are the "2025 Third Phase China Railway Construction Bonds (30-year) (Second Reissue)" with a total issuance scale of 5 billion yuan [7][41] - The lead underwriter for this bond issuance is CITIC Securities Co., Ltd. [9] Group 2 - The bidding for the bonds will take place on September 17, 2025, with the issuance price determined through a single price (Dutch-style) bidding method [22][23] - The bidding amount for this bond issuance is set at 5 billion yuan [17] - The results of the bidding will be announced on September 18, 2025 [25] Group 3 - The payment deadline for the raised funds from the bond issuance is set for September 18, 2025, at 12:00 PM Beijing time [26] - The bonds will be issued using a real-name bookkeeping method and will be listed on the interbank bond market and the Shanghai Stock Exchange [29] Group 4 - The bonds will be merged with existing bonds for trading three trading days after the bidding date [30] - The final interest rate and issuance price will be determined based on market bidding results and reported to relevant authorities [42][43]

Group 1 - The issuer of the bonds is China National Railway Group Co., Ltd., which is a government-supported entity [1][31] - The bond issuance scale is set at 5 billion yuan for the 2025 Eleventh Phase China Railway Construction Bonds [8][32] - The bonds will be issued through a single-rate (Dutch-style) bidding process, with the final interest rate determined based on market results [11][33] Group 2 - The bidding process will take place on September 17, 2025, with the results announced on September 18, 2025 [13][16] - The bonds have a term of 5 years, and the interest rate will be based on the Shibor benchmark rate plus a basic spread [32][33] - The final interest rate will be fixed and will not change during the bond's duration [33] Group 3 - The lead underwriter for this bond issuance is CITIC Securities [5][21] - The bonds will be registered and settled through the Central National Debt Registration and Settlement Co., Ltd. [20][33] - Institutional and individual investors will be able to participate in trading after the bonds are listed [33][34]

Core Points - The issuance of the "2025 Fourth Phase China Railway Construction Bonds" has been approved, with a total issuance scale of 100 billion yuan, consisting of 50 billion yuan for 10-year bonds and 50 billion yuan for 30-year bonds [1][4] - The bonds will have a fixed interest rate based on the Shibor benchmark rate plus a basic spread, with the 10-year bonds having a spread range of (-0.6% to 0.4%) and the 30-year bonds having a spread range of (-0.5% to 0.5%) [1][2] - The bonds are subject to preferential tax policies, with corporate investors facing a 50% reduction in corporate income tax on interest income, and individual investors having 50% of interest income included in taxable income [2][3] Issuance Details - The bonds will be issued through a bidding process, with the final interest rate determined based on market results and reported to relevant authorities [2][13] - The bidding will take place on April 16, 2025, with results announced on April 17, 2025 [15][16] - The bonds will be managed and settled by the Central Government Securities Depository and Clearing Co., Ltd. [20] Investor Participation - Institutional investors can participate in the bidding through underwriting members, while direct investors can bid through the designated system [13][14] - The bonds will be available for trading after listing, allowing both institutional and individual investors to participate [2][20] Contact Information - The lead underwriter for the bond issuance is CITIC Securities Co., Ltd., with contact details provided for investor inquiries [21]