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 500 ABS financings, involving a total issuance value of RMB900 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, 2023
Capital Markets: Structured Finance and Securitization - Tier 2
IFLR 1000, Asia-Pacific, China, 2023 (32nd edition)
Capital Markets: PRC firms - Tier 1
The Legal 500 Asia Pacific, 2023

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 1^st 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 1^st 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 2^nd phase of 2021 Shenwan Hongyuan-CPIC policy loan ABS
The 1^st and 2^nd phase of 2021 Haier-Chuangshi Commercial Factoring ABS
Topsperity National Pharmaceutical Puxin factoring supply chain finance No. 4 and No. 5 ABS
The 2^nd phase of 2021 CICC-Haier factoring ABS
As underwriter’s counsel on the 1^st phase of 2021 CICC-Jinyi No.2-Linklogis ABS
As underwriter’s counsel on the 2^nd phase of 2021 CICC- Jinyi No.3-Linklogis ABS
As underwriter’s counsel on the 8^th phase of 2021 CICC- Jinyi-Linklogis ABS
The 1^st-4^th phases of 2021 Dongfang Huizhi Asset Management-Huaneng Guicheng Trust Corporation Zhichen ABS
The 2^nd-4^th phases of 2021 Huaneng Guicheng Trust Corporation Yuze ABS
The 1^st-3^rd phases of 2021 Huatai Securities-Huaneng Guicheng Trust Corporation Zhitai ABS
The 1^st-4^th phases of 2021 China Merchants Zhairong-Tianjin Trust Zhishang ABS
The 1^st-3^rd phases of 2021 CICC-Minmetals International Trust Zhiheng ABS
The 1^st – 3^rd phases of 2021 China Securities-Minmetals International Trust Zhitong ABS
The 2^nd-5^th phases of 2021 CITICS-Huaneng Guicheng Trust Corporation Zhiyuan ABS
The 1^st phase of 2021 CITICS-Keking Financial Leasing Hexu ABS
The 1^st-3^rd 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 25^th 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 2^nd 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 1^st-10^th 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 1^st phase of 2020 CSCEC 5th Engineering Division Group supply chain finance ABS
The 1^st-15^th phases of 2020 CICC-Kunjiaotou supply chain finance ABS
The 1^st 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 1^st-10^th 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 1^st and 2^nd 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 1^st-6^th phases of Guotai Junan CPIC policy loan ABS
The 4^th phase of Ping’an leasing ABS
The 1^st phase of CICC-Huaneng Tiancheng financial leasing ABS
The 1^st– 5^th phases of CITICS-Keking Leasing Hesheng vehicle finance leasing ABS
CGNIFL win-win together No.1 ABS
CICC-Financial investment financial leasing ABS
The 1^st phase of CICC-GLP leasing ABS
The 4^th phase of Ping’an leasing ABS
The 1^st-4^th 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 1^st 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 1^st 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 1^st 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 1^st phase of 2021 CLP Tongshang Finance Leasing Chenwei targeted issuance ABN
The 1^st-2^nd phases of 2021 Shanghai BAOYE Group ABN
The 1^st phase of 2020 Lianzhi targeted issuance ABN
The 1^st phase of 2020 Haier Financial factoring ABN
The 1^st phase of 2020 Beijing Capital Development Holding(Group) Co. ABN
The 1^st phase of 2020 Shenzhen Qianhai Lianjie Factoring East ABN
The 1^st phase of 2019 Shenzhen Qianhai Lianjie Factoring East ABN
The 1^st phase of 2019 Keking Finance Leasing Hechang targeted issuance ABN
The 1^st phase of 2019 Sinopharm Holding (China) Finance Leasing Co. ABN
The 1^st phase of 2019 Lion Bridge Financing Leasing (China) Co. targeted issuance ABN (China’s first ABN product wholly subscribed by foreign investors)
The 1^st phase of 2018 CSCEC 3rd Engineering Division Group Co. account receivables ABN
CSCEC 2nd Engineering Division Group Co. account receivables ABN
The 1^st phase of 2017 CR Pharma Trust ABN
The 1^st phase of 2017 HBIS Finance Leasing ABN

Asset-backed Commercial Notes

The 1^st phase of 2022 CLP Tongshang Finance Leasing Huiyi No.2 targeted issuance ABCP
The 1^st phase of 2021 Haier Financial Factoring (Chongqing) No.2 ABCP
The 1^st phase of Haier Financial Factoring (Chongqing) 2021 No.1 ABCP
The 1^st phase of 2021 CLP Tongshang Finance Leasing Huiyi No.1 targeted issuance ABCP
The 1^st phase of 2021 CLP Tongshang Finance Leasing Huiyi No.2 targeted issuance ABCP
The 1^st phase of 2021 CLP Tongshang Finance Leasing Huiyi No.3 targeted issuance ABCP
The 1^st 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 1^st-4^th 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 1^st phase of 2019 China Development Bank Kaiyuan CLO
The 1^st phase of 2019 Bank of Guangzhou-Yuecai Trust-Hongmianguangying property trust transaction
The 1^st phase of 2018 Hongmianguangying credit card loans property trust transaction
The 1^st-22^th phases of 2018 Yuewei Micro – Enterprise loans property trust transaction
The 1^st phase of 2017 Hongmianguangying credit card loans property trust transaction