On April 30, 2019, China Reform Commercial Factoring Co., Ltd. (CRCF) successfully issued the "Huatai Securities Asset Management – CRCF Asset-backed Securities" on the Shanghai Stock Exchange. With a shelf registration quota of RMB 1.2 billion, CRCF issued RMB 400 million in the first series. The credit rating of the ABS is AAA and the issuance rate for the first series is 3.7%.

A Dentons Beijing team led by Senior Partner Yu Xugang and Partner Pan Pan acted as the legal advisor for the issuer. They helped design the transaction structure, carried out legal due diligence, and prepared the legal instruments. With rich experience, professional services and diligent work, the team was highly appreciated and trusted by the client.

Corporate ABS is one of the main offerings of our firm, and it can revitalize companies' existing assets, optimize the structure of assets and liabilities, enhance the connection of upstream and downstream enterprises in the supply chain, and promote the healthy development of the industrial chain.