On July 2, 2025, China Modern Dairy Holdings Ltd. (Stock Code: 1117.HK, hereinafter referred to as "Modern Dairy" or the "Company", successfully completed the issuance of a US$350 million 5-year senior unsecured sustainability bond. It marks Modern Dairy's successful return to the offshore bond capital market after a four-year hiatus, as well as its inaugural sustainability bond issuance.

The issuance received strong recognition from a diverse pool of global investors, with orders being placed by over 120 institutional investors, and peak order subscriptions exceeding US$2.3 billion – representing an oversubscription ratio of nearly 6.6 times. Capitalizing on favorable market conditions and a period of RMB appreciation against the USD, the Company adopted a one-day book-building and pricing strategy to mitigate market volatility risk. The transaction achieved zero new issue premium, fully demonstrating investors’ confidence in the Company’s robust credit profile.

This is the first sustainability USD bond issued by an Asia-Pacific food & beverage company, as well as the first within the global dairy industry, thereby establishing a precedent for the industry. Roadshows comprehensively engaged core investors across Europe and Asia, attracting strong participation from Environmental, Social, and Governance (ESG)-focused funds. The final order book demonstrated high-quality diversification: asset managers, funds, and insurers accounted for 42% of allocations, while European, Middle Eastern, and African investors comprised 8%. This successful issuance stands as another landmark achievement for Modern Dairy in offshore capital markets, reflecting international recognition of the Company’s credit strength and development strategy. It further broadens Modern Dairy’s sustainable financing channels and lays a solid foundation for the Company's high-quality growth in the future.