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ZhongYin Assists with Successful Issuance of “SWHY - CCFB Phase I Account Receivables Asset-backed Security Special Program”

2018.12.24  

Author: Zhong Yin Law Firm   

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Recently, with the team led by Dong Wan (a management committee member and a senior partner of ZhongYin) as legal counsels, the “SWHY - CCFB Phase I Account Receivables Asset-backed Security Special Program” has been successfully offered on the Shanghai Stock Exchange.

This special program is a shelf offering totaling RMB 3 billion scheduled to be offered in no more than 3 phases. The “SWHY - CCFB Phase I Account Receivables Asset-backed Security Special Program”, to be issued in phase I, is to raise RMB 0.964 million, with the original owner being CHINA CONSTRUCTION FIRST BUILDING (GROUP) CORPORATION LIMITED (short name CCFB), and is backed by the accounts receivable and its subsidiary interests which CCFB is entitled to under construction contracts and accounts receivable assignment contract, with manager being Shenwan Hongyuan Securities Co., Ltd. (short name SWHY). In connection with this special program, an information technology service provider is creatively introduced to realize online presentation and systematic management of its underlying assets, and a judicial assistance institution is introduced to increase the efficiency of judicial disposal of the underlying assets in case of overdue and default, so as to decrease the risk of cash flow loss of the underlying assets.

Dong Wan and her team members advised the program, conducted due diligence on the authenticity and legality of the underlying assets, assisted in designing the transaction structure of each entity under the special program, and accurately interpreted the new rules of the Shanghai Stock Exchange on the securitization of enterprise’ accounts receivable, and issued opinions regarding legality and compliance, and contributed to the successful obtaining of an approval over the special program, and win the unanimous approval of the client.

Relevant lawyers

  • Dong Wan

    dongwan@zhongyinlawyer.com

    -Member of Management Committee

    -Senior partner