On June 12, 2015, the first rent-backed securities project “Xingzheng Assets Management-Donghai Lease Phase I ABS” of Shandong Donghai Oil & Gas Technology Equipment Lease Co., Ltd. (“Donghai Lease”) was publicly offered, raising RMB347mln. The ABS project is the first asset-backed securitization initiative in Dongying, Shandong. It is also the first one launched by a foreign-invested financial lease company.
A Dacheng team consisting of Beijing-based senior partners Liu Haiping and Liu Fei, partner Dong Wan, associates Han Tao, Guo Wenmin, Xiang Fayou, and paralegal Chen Xiaorong from the finance practice advised on the ABS project.
Donghai Lease, founded in December 2011, is the first financial lease company in Dongying launched collectively by Hong Kong Dahai Industrial Corporation Limited and Dongying State-owned Assets Management Co., Ltd., with approval from the Department of Commerce of Shandong Province. The successful issuance of the ABSs helps expand financing channels for the lease company, i.e., via direct financing from the capital markets, and acts as a stimulus for the company to optimize its asset structure to realize sustainable growth.
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