Recently, Dentons Shanghai assisted Tianfeng Securities Co., Ltd. (hereinafter referred to as “Tianfeng Securities”) in successfully issuing the beneficial-right-backed securities. This special plan was the first tranche under the 5-billion shelf offering quota, raising 300 million yuan. It was set up on February 1, 2019 and was approved by the Shanghai Stock Exchange.

This special plan was managed and promoted by Tianfeng Securities. Guangzhou Rural Commercial Bank Co., Ltd. acted as the custodian. Minmetals International Trust Co., Ltd. was the main body of the granting trust loan, and the underlying assets were the trust beneficiary rights. Mr. Zhou Tianlin, a senior partner of Dentons Shanghai, and the lawyers of his team Liu Ling and Jia Qianru as well as paralegal Chen Jiangang provided the full legal services to the transaction. The Dentons China lawyers advised on transaction structure design and argumentation, legal due diligence, legal consultation, drafting and revision of transaction documents, and issuing legal opinions for this special plan. This project was a useful reference and a good attempt in promoting the development of consumer finance through financial innovation and boost the real economy.