On December 27, 2018, with the team led by Li Zheng (the management committee chairman and a senior partner of ZhongYin) as legal counsels, the “CCSED - HFB - SWHY Phase I Account Receivables Asset-backed Security Special Program” (short name the Special Program) was successfully issued on the Shanghai Stock Exchange. Li Zheng and Li Lei provided professional legal services for the issuance of the Special Program.

The Special Program is a shelf offering totaling RMB 4 billion. With CHINA CONSTRUCTION SEVENTH ENGINEERING DIVISION CORP. LTD (short name CCSED) as original owner, this Phase I special program is issued for raising RMB 1.151 billion and is backed by the entitlement to stable construction costs under the construction contracts legally held by CCSED. With its years of experience in advising on design of financial products, based on an analysis on transaction structures of existing products of various financial institutions, the ZhongYin team assisted the issuer of the Special Program in building an underlying asset portfolio, improved the compliance of the underlying assets, provided project solutions, and assisted with the communication with trading entities of the underlying asset, issuance participants, and regulators, thus promoted the successful issuance of the Special Program.