S&P Global Ratings assesses Feicheng City Assets Management Group Co. Ltd. Green Finance Framework as aligned with the Green Bond Principles, ICMA, 2021 (with June 2022 Appendix 1) and Green Loan Principles, LMA/LSTA/APLMA, 2023. We assess Feicheng City Assets Management Green Finance Framework as Light green, which indicates activities representing transitions steps in the near term that avoid emissions lock-in but do not represent long-term low-carbon climate resilient solutions. Feicheng City Assets Management is wholly owned by Feicheng City State-owned Assets Operation Centre. It mainly engages in the development, construction, and operation of urban infrastructure, and water supply and sewage treatment in Feicheng City, in the Shandong province of China.