ZhongYin Assists SPIC with Successful Issuance of the First Central Enterprise’s ABCP under TDFI
Author： Zhong Yin Law Firm
Recently, the team led by Liu Qiang and Huang Yunyan of ZhongYin Law Firm assisted State Power Investment Corporation Limited (“SPIC”), one of the five largest power generation groups in China, with successful issuance of the first ABCP (asset-backed commercial paper) in the market. The team led by Liu Qiang and Huang Yunyan provided full-process legal services for the project, including but not limited to legal due diligence, transaction structuring, transaction document drafting, special legal counseling, and issuance of legal opinions.
SPIC, established in May 2015 through the merger of former China Power Investment Corporation and State Nuclear Power Technology Corporation, is a super large key state-owned enterprise directly administered by the central government, engages in businesses such as power, heat, coal, aluminum, logistics, finance, environmental protection, photovoltaics, and power station services, covering all types of power generation such as nuclear power, thermal power, hydropower, wind power, and photovoltaic power generation, with a registered capital of RMB45 billion.
SPIC is a Fortune 500 company, the largest photovoltaic power generator in the world, and an internally-leading supplier of clean and low-carbon energy. As of the end of 2019, it had an installed capacity of power generation of 151 million kilowatts, including 50.5% from clean energy, maintaining a leading position among domestic companies of the same type. SPIC, one of China's three major nuclear power developer-constructor-operators, has also taken the lead in organizing the implementation of a national major special science and technology project involving large advanced pressurized water reactor nuclear power plant, and has independently designed and developed China's first nuclear power plant -- Qinshan Nuclear Power Plant. SPIC owns the world's most advanced passive G3 nuclear power technology, and has taken the lead in organizing the implementation of two national major special science and technology projects with independent IP, involving large advanced pressurized water reactor nuclear power plant and heavy-duty gas turbine respectively. It is an exemplary smart energy construction enterprise identified by the State-owned Assets Supervision and Administration Commission of the State Council and has taken the lead in promoting the China Smart Energy Industry Alliance.
As of the end of 2019, SPIC had assets of RMB1.18 trillion; it had an installed capacity of power generation of 151 million kilowatts, including 50.5% from clean energy; it had an installed capacity of photovoltaic power generation of 19.29 million kilowatts, ranking first in the world for three consecutive years; it had a coal production capacity of 81.94 million tons and an electrolytic aluminum production capacity of 2.48 million tons; it had overseas assets of RMB71.2 billion and had presence in 64 foreign countries; it obtained “A” credit rating from three major international rating agencies as usual; it had 130,000 employees and 60 immediate subordinate units.
The team led by Liu Qiang and Huang Yunyan focuses on the practice areas of finance and capital market, and corporate comprehensive legal affairs. It has effectively represented many central enterprises, state-owned enterprises, and large and medium-sized companies on such issues as bond issuance, trust and asset management plan issuance, M&A and reorganization, as special or regular legal counsel, and in arbitration or litigation on dispute over finance & securities or corporate affairs, and has accumulated extensive practical experience. The team led by Liu Qiang and Huang Yunyan has been widely praised by clients with its professionalism and dedication.