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East & Concord Partners Advises the Supply Chain Finance ABS Listed in Shanghai Stock Exchange

On February 1, 2018, the China Investment Securities—Deyuan Factoring—China Construction Eighth Engineering Division Corp. Ltd. Supply Chain Finance Asset-backed Special Plan obtained the No Objection Letter to the Listing Transfer of Asset-backed Securities of the China Investment Securities—Deyuan Factoring—China Construction Eighth Engineering Division Corp. Ltd. Supply Chain Finance Asset-backed Special Plan (No. 134 Shanghai Stock Exchange Letter [2018]) from the Shanghai Stock Exchange. This asset-backed special plan was launched and set up with Shenzhen Deyuan Commercial Factoring Co., Ltd. (hereinafter referred to as “Deyuan Factoring”) as its originator, and China Investment Securities as its plan administrator. East & Concord Partners provided full legal services for the plan.

The underlying asset of this asset-backed special plan was the accounts receivable and the affiliated interests enjoyed by the originator to China Construction Eighth Engineering Division Corp. Ltd. under the commercial factoring contract. Shelf registration was adopted in this asset-backed special plan, and the intended issuance scale of ABS is RMB 5 billion.

The team composed of Tao Wang, Xuan Zhang , Baoshu Chen and Zhe Wang from East & Concord provided full legal services for the project, including legal due diligence, transaction structure design, drafting and reviewing full set of transaction documents such as the asset-backed special plan prospectus, standard terms of asset-backed special plan, custody agreement, assets sale and purchase agreement, assets service agreement, subscription agreement and risk disclosure statements, and issuing legal opinion in accordance with the requirements for listing.


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