Validity period of approval of non-public issuance of corporate bonds

1 year. According to official website's inquiry, the validity period of the reply of the Central People's Government of People's Republic of China (PRC) for public offering of corporate bonds and corporate bonds is 2 years, and that for non-public offering of corporate bonds is 1 year. Corporate bonds refer to securities issued by the company in accordance with legal procedures and agreed to repay the principal and interest within a certain period of time.