Asset-backed Securities

Fangda has extensive experience in advising issuers and underwriters of asset-backed securities (ABSs), collateralized loan obligations and asset-backed medium-term notes. We offer clients a comprehensive high-quality service, advising on all aspects of ABS transactions, and have advised on many first and innovative deals in the market.

We have advised on more than 400 ABS financings, involving a total issuance value of RMB850 billion. Structures on which we have advised include securities backed on account receivables, supply chain receivables, consumer finance, microcredit, commercial mortgage-backed securities (CMBSs), real estate investment trusts (REITs) and income rights.

Firsts

We advised on many first ABS transactions, including: the first domestic overseas-invested asset-backed medium-term notes, the first PPP (Public-Private Partnership) ABS, the first microcredit CLO, the first ABS with a circular structure (where underwriters use recovered money to buy assets rather than distribute to investors), the first CMBS, the first account receivables ABS, the first engineering account receivables ABS, and the first low-income housing sales revenue ABS, as well as many other innovative structures.

Recognition

  • Best Law Firm for ABS/MBS
    China ABS Awards ASIAMONEY, 2019
  • Capital Markets: Securitisation & Derivatives (PRC Firms) - Band 2
    Chambers Greater China, 2022
  • Capital Markets: Structured Finance and Securitization - Tier 2
    IFLR 1000, Asia-Pacific, China, 2022 (31st edition)
  • Capital Markets: PRC firms - Tier 1
    The Legal 500 Asia Pacific, 2022

Notable Matters

Recent transactions for leading companies and financial institutions include advising on:

Asset-Backed Securities

Asset-backed Securities
  • Ant Group and its cooperative agency on its issuance of various consumer finance receivables ABSs
  • The 1st phase of 2022 Guotai Junan-AIA policy loan ABS
  • CSCEC Wuhan Yangsigang Road and Bridge PPP ABS (no-action letter has been obtained)
  • As underwriter’s counsel on the CICC-Guangzhou Development Zone financial leasing eco-friendly ABS
  • CGNIFL win-win together No.2 ABS
  • As underwriter’s counsel on the 1st phase of 2021 Wanlian Securities-GHIC-Guangzhou International Bio Island CMBS
  • As underwriter’s counsel on the CITICS-China Resources Land Chongqing MIXC CMBS
  • As underwriter’s counsel on the CICC-Hopson-Beijing Chaoyang Hopson One CMBS, which is the largest CMBS project of single shopping mall
  • South Capital Management-SCP No.3 CMBS
  • As underwriter’s counsel on the CICC-SUNAC-Hefei SUNAC Hotel ABS
  • CICC-CEEIC wind power REITs (specifically for carbon neutrality)
  • As underwriter’s counsel on the CICC-SPIC-Chongqing Jiangkou energy Infrastructure REITs
  • The 2nd phase of 2021 Shenwan Hongyuan-CPIC policy loan ABS
  • The 1st and 2nd phase of 2021 Haier-Chuangshi Commercial Factoring ABS
  • Topsperity National Pharmaceutical Puxin factoring supply chain finance No. 4 and No. 5 ABS
  • The 2nd phase of 2021 CICC-Haier factoring ABS
  • As underwriter’s counsel on the 1st phase of 2021 CICC-Jinyi No.2-Linklogis ABS
  • As underwriter’s counsel on the 2nd phase of 2021 CICC- Jinyi No.3-Linklogis ABS
  • As underwriter’s counsel on the 8th phase of 2021 CICC- Jinyi-Linklogis ABS
  • The 1st-4th phases of 2021 Dongfang Huizhi Asset Management-Huaneng Guicheng Trust Corporation Zhichen ABS
  • The 2nd-4th phases of 2021 Huaneng Guicheng Trust Corporation Yuze ABS
  • The 1st-3rd phases of 2021 Huatai Securities-Huaneng Guicheng Trust Corporation Zhitai ABS
  • The 1st-4th phases of 2021 China Merchants Zhairong-Tianjin Trust Zhishang ABS
  • The 1st-3rd phases of 2021 CICC-Minmetals International Trust Zhiheng ABS
  • The 1st – 3rd phases of 2021 China Securities-Minmetals International Trust Zhitong ABS
  • The 2nd-5th phases of 2021 CITICS-Huaneng Guicheng Trust Corporation Zhiyuan ABS
  • The 1st phase of 2021 CITICS-Keking Financial Leasing Hexu ABS
  • The 1st-3rd phases of 2021 CITICS-Shanghai International Xintuo Trade Company Zhibo ABS
  • ICBC Credit Suisse Investment-Grandjoy Holdings on its residential mortgage loan receivables ABS
  • CICC-China Electronic Leasing-Anxing on its account receivables ABS
  • As underwriter’s counsel on the CITICS-Power Hubei Engineering epidemic prevention and control account receivables ABS
  • The 25th phase of 2020 CICC-Lion Bridge ABS
  • Henan Guohong Leasing epidemic prevention and control ABS
  • Guotai Vehicle Leasing No.1-10 vehicle finance leasing ABS
  • CICC-BCDH-Liting & Baochen & Ruitai CMBS
  • The 2nd phase of 2020 Zhonglian-CICC-SCP Shenzhen SCPG Center CMBS
  • CICC-Hilton Wuhan Riverside epidemic control CMBS
  • Luneng Group-CICC-Shanghai Edition Hotel CMBS
  • The 1st and 2nd phases of CICC-Nanfeng International Holdings CMBS
  • SCGC CICC-Suning Spaceyun Warehouse ABS
  • CITICS-SCP No.2 CMBS
  • Finance Street Center CMBS, the first reissued CMBS at maturity in China
  • The 1st-10th phases of 2020 Sino-Ocean-CICC-Yuntai Date Communication IDC new infrastructure income rights ABS
  • As underwriter’s counsel on the Hegang Heating Company heat and electricity fee income rights ABS
  • Topsperity National Pharmaceutical Puxin factoring supply chain finance No. 2 ABS
  • The 1st phase of 2020 CSCEC 5th Engineering Division Group supply chain finance ABS
  • The 1st-15th phases of 2020 CICC-Kunjiaotou supply chain finance ABS
  • The 1st phase of 2020 Shenwan Hongyuan-CPIC policy loan ABS
  • Huatai-Lianjie supply chain ABS
  • CSCEC 3rd Engineering Division Group-Shiyan Pipe Gallery PPP ABS, the first PPP ABS after the promulgation of a new policy by the Ministry of Finance
  • Chengdu Jiaotou parking lot income ABS, which is the first transaction financing backed on the rights to future income generated by smart parking spaces in China
  • The 1st-10th phases of 2019 Orient China Universal-CECIS account receivables ABS
  • National Pharmaceutical Puxin factoring No.3 ABS
  • CICC-Huaye Group account receivables ABS
  • CHALCO commercial factoring No.1 ABS
  • 22MCC group account receivables ABS
  • Luneng Group-CICC-Jinan Lingxiu City Commercial Complex ABS
  • CICC-Jinmao Kaichen ABS (the first CMBS reissued at maturity in China)
  • The 1st and 2nd phases of 2019 Tianfeng Minsheng Oceanwide Finance Center ABS
  • China Growth-Anshun Automobile Trucking passenger transport charge and poverty alleviation ABS
  • CICC-CRCC factoring supply chain finance ABS
  • As underwriter’s counsel on the CICC-CCCG-Linklogis supply chain finance ABS
  • The 1st-6th phases of Guotai Junan CPIC policy loan ABS
  • The 4th phase of Ping’an leasing ABS
  • The 1st phase of CICC-Huaneng Tiancheng financial leasing ABS
  • The 1st – 5th phases of CITICS-Keking Leasing Hesheng vehicle finance leasing ABS
  • CGNIFL win-win together No.1 ABS
  • CICC-Financial investment financial leasing ABS
  • The 1st phase of CICC-GLP leasing ABS
  • The 4th phase of Ping’an leasing ABS
  • The 1st-4th phases of 2019 China Resources Medical Holdings Company group account receivables ABS
  • CICC-China Railway No.9 group account receivables ABS
  • Zhongtai-Xiangcai Pizhou affordable housing ABS
  • SCGC CICC-Suning ABS (the largest REIT project in 2018)
  • CICC SCP No.1 CMBS
  • CICC Youtang Plaza CMBS
  • Sinolink-Dianzicheng property rent ABS
  • CMS Fuli-Hainan Resort ABS
  • Xinyuan Asset-Haichang Ocean Park ticket sales ABS
  • Lenovo Koala factoring supply chain ABS
  • As underwriter’s counsel on the CITICS-HGXT-Sinotech factoring supply chain ABS
  • MCC BAOYE account receivables ABS
  • CICC-SCP Shenguotou Plaza CMBS
  • PASC Huitong Minsheng Oceanwide Finance Center ABS
  • The 1st phase of 2017 Finance Street ABS
  • CICC-Shimao CMBS
  • CFLD Guan Industrial Park New Type Urbanization PPP income rights ABS (one of the first group of PPP ABSs)
  • CFLD Guan Industrial Park New Type Urbanization PPP ABS (one of the first group of ABS transactions with equity rights)
  • CMS FID-China Unicom account receivables ABS
  • CEC 2015\2016\2017 account receivables ABS (the first transaction that attained full sale accounting treatment by a Chinese central government-led enterprise)
  • The 1st phase of 2016 YHJH-Bluestone-Jizhong Energy Logistics account receivables ABS
  • Sinopharm Machinery account receivables ABS
  • As the underwriter’s counsel on the ABC-CICC-Yangguang property charge ABS
  • As the underwriter’s counsel on Jinhui Jingjiang property charge ABS
  • Changxing ABS (the first ABS backed by a beneficial right to trust property)
  • Minmetals account receivables ABS (the first account receivables ABS)
  • CNC account receivables ABS (one of the largest ABS deals in China)
  • China Unicom CDMA net leasing income ABS
Asset-backed Notes
  • As underwriter’s counsel on the 1st phase of 2021 CLP Tongshang Finance Leasing Yuanheng targeted issuance ABN
  • As underwriter’s counsel on the 2021-2023 Zhejiang Zheshang Commercial Factoring Chenxing targeted issuance ABN
  • As underwriter’s counsel on the 1st phase of 2021 CLP Tongshang Finance Leasing Chenwei targeted issuance ABN
  • The 1st-2nd phases of 2021 Shanghai BAOYE Group ABN
  • The 1st phase of 2020 Lianzhi targeted issuance ABN
  • The 1st phase of 2020 Haier Financial factoring ABN
  • The 1st phase of 2020 Beijing Capital Development Holding(Group) Co. ABN
  • The 1st phase of 2020 Shenzhen Qianhai Lianjie Factoring East ABN
  • The 1st phase of 2019 Shenzhen Qianhai Lianjie Factoring East ABN
  • The 1st phase of 2019 Keking Finance Leasing Hechang targeted issuance ABN
  • The 1st phase of 2019 Sinopharm Holding (China) Finance Leasing Co. ABN
  • The 1st phase of 2019 Lion Bridge Financing Leasing (China) Co. targeted issuance ABN (China’s first ABN product wholly subscribed by foreign investors)
  • The 1st phase of 2018 CSCEC 3rd Engineering Division Group Co. account receivables ABN
  • CSCEC 2nd Engineering Division Group Co. account receivables ABN
  • The 1st phase of 2017 CR Pharma Trust ABN
  • The 1st phase of 2017 HBIS Finance Leasing ABN
Asset-backed Commercial Notes
  • The 1st phase of 2022 CLP Tongshang Finance Leasing Huiyi No.2 targeted issuance ABCP
  • The 1st phase of 2021 Haier Financial Factoring (Chongqing) No.2 ABCP
  • The 1st phase of Haier Financial Factoring (Chongqing) 2021 No.1 ABCP
  • The 1st phase of 2021 CLP Tongshang Finance Leasing Huiyi No.1 targeted issuance ABCP
  • The 1st phase of 2021 CLP Tongshang Finance Leasing Huiyi No.2 targeted issuance ABCP
  • The 1st phase of 2021 CLP Tongshang Finance Leasing Huiyi No.3 targeted issuance ABCP
  • The 1st phase of 2021 Zhejiang Zheshang Commercial Factoring Huiyun No.1 targeted issuance ABCP
  • The 1st phase of 2021 Zhejiang Zheshang Commercial Factoring Huiyun No.2 targeted issuance ABCP
  • The 1st phase of 2021 Zhejiang Zheshang Commercial Factoring Huiyun No.3 targeted issuance ABCP
  • The 1st phase of 2021 Zhejiang Zheshang Commercial Factoring Huiyuan No.1 targeted issuance ABCP
  • The 1st phase of 2021 Zhejiang Zheshang Commercial Factoring Huiwen No.1 targeted issuance ABCP
  • The 1st phase of 2021 Zhejiang Zheshang Commercial Factoring Huiwen No.2 targeted issuance ABCP
  • The 1st phase of 2021 Zhejiang Zheshang Commercial Factoring Huiyun targeted issuance ABCP
  • The 1st phase of 2021 Zhejiang Zheshang Commercial Factoring Huiyuan targeted issuance ABCP
Real Estate Investment Trusts
  • As underwriter’s and finance advisor’s counsel on the CICC Global Logistic Properties Warehousing and Logistics Closed Infrastructure Securities  Investment Fund
Credit Assets Securitization
  • The 1st-4th phases of 2021 Hongwei Micro – Enterprise loans property trust transaction
  • 2021 Shengwei Micro – Enterprise loans property trust transaction
  • 2020 Xiwei Micro – Enterprise loans property trust transaction
  • The 1st phase of 2019 China Development Bank Kaiyuan CLO
  • The 1st phase of 2019 Bank of Guangzhou-Yuecai Trust-Hongmianguangying property trust transaction
  • The 1st phase of 2018 Hongmianguangying credit card loans property trust transaction
  • The 1st-22th phases of 2018 Yuewei Micro – Enterprise loans property trust transaction
  • The 1st phase of 2017 Hongmianguangying credit card loans property trust transaction