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ZhongYin Assists in Successfully Obtaining SSE Approval over Innovative Supply Chain ABS with "N+N+N" Model

2020.08.25  

Author: Zhong Yin Law Firm   

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Recently, with the assistance and support from team led by Zou Jian and Zhao Xu (Partners of ZhongYin Law Firm) as legal counsels, MiDigitalTechnology under MiFinance has successfully obtained approval by the Shanghai Stock Exchange on its “Minmetals - SW - MiDT Collective Factoring Supply Chain Asset-backed Security Special Plan Tranche 1-50” (“Special Plan”), with a shelf offering totaling RMB10 billion. The Special Plan adopts the N+N+N innovative model of “unspecified factoring company, unspecified core enterprise, unspecified supplier; underlying assets including accounts receivable, accounts payable, and multi-level circulated electronic debt certificates”, which is an effective combination of Internet technology, supply chain finance and asset securitization and a helpful attempt to serve micro, small and medium enterprises.

The team under the leadership of lawyer Zou Jian and lawyer Zhao Xu gave professional advices and suggestions on the design and improvement of the transaction structure of the Special Plan from legal perspective, drafted a transaction contract, legal opinions and other documents related to the Special Plan and responded to comments and questions from regulators and investors, which promoting the smooth issuance of the Special Plan. With its professional and efficient services, the team won unanimous affirmation from the client and other intermediaries participating in this project.


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