Recently, Shenzhen Qinchuan International Financial Leasing Co., Ltd. ("Qinchuan Leasing") successfully issued and listed its leasehold asset backed securities (2018 series 1) on the Shenzhen Stock Exchange.

Great Wall Glory Securities served as the manager, and the underlying assets were the originator Qinchuan Leasing's claim for the leasehold asset's rent, purchasing price of the leased asset at the end of the agreement, other rights and affiliated security interests. The credit enhancement measures include excess spread, senior/subordinate structure, commitment to paying differences by the financing guarantor and other measures. The product's issue size is RMB200 million, including RMB113 million for the senior A tranche (AAA rating) and RMB67 million for the senior B tranche (AA+ rating). The success of this issuance will help improve the assets and liabilities structure, promote the deep integration of industry and financing, and explore new paths for corporate asset management.

The company was advised by a team led by Dentons Shanghai senior partner Li Yingying, with assistance from associates Zhou Jie and Chen Jian. They assisted the client in designing and demonstrating the transaction plan for this issuance, conducting legal due diligence, offering legal advices on relevant issues, and drafting, revising and reviewing transaction documents, and issuing an attorney's opinion letter.