Recently, Dentons advised Haier Group on successfully gaining RMB 10 billion quota for the "CITIC Securities – Haironghui Supply Chain Financial Asset-backed Securities (Series 1 to 15)" (the "Product") from the Shanghai Stock Exchange. The product was the first supply chain asset-backed securitization product on the market with the accounts receivable of the white goods as the underlying assets. It has expanded the financing channels for the white goods industry and is beneficial to the development of the traditional manufacturing industry in China. CITIC Securities served as the manager, and Qingdao Haironghui Commercial Factoring Co., Ltd., a subsidiary of Haier Group specialized in factoring business, was the originator.

The Dentons team was led by senior partner Guo Qing (Beijing), assisted by Wang Yunsong, Liu Jia and Dai Yilin. They provided a full scope legal assistance on this transaction, including designing and demonstrating deal structure, legal due diligence, legal consultation, drafting and revising transaction documents, and issuing an attorney's opinion letter.