Translator：Wang Yichun

Huatai-Zhenhua ABS' first tranche was successfully listed on the Shanghai Stock Exchange on November 16th, with the help of Shanghai Landing Law Offices, after obtaining a no-objection letter regarding tranches 1-5. This marks Zhenhua Port Machinery Company (ZPMC)'s debut in ABS issuance and represents the first ABS in the port machinery industry of P.R.China. The ABS's face interest rate also reached a record low for three-year ABS among listed central SOE in 2022, reflecting the capital market's strong confidence in ZPMC's robust capabilities in high-end equipment, exceptional management skills, and promising business development prospects.

This ABS, part of a 2 billion RMB shelf ABS, was issued at a scale of 1 billion RMB and received a bond rating of AAA. The underlying assets were constructed from ZPMC's receivable claims and quality assurance funds related to port machinery, steel structures, marine industry business, and engineering construction projects, showcasing innovative attributes for ABS projects.

Shanghai Landing Law Offices served as the special legal counsel for this ABS. The firm provided comprehensive legal services, including validating the project transaction structure, performing legal due diligence, verifying underlying assets, drafting and revising ABS transaction documents, and issuing legal opinions. The ABS project was spearheaded by Liu Zhaofu and Li Jinchang, with support from Sun Xian, Kong Lingsen, and Liu Xiaoxiao, who collectively provided legal services throughout the process. Shanghai Landing, maintaining its commitment to "Specialized Services", will continue to uphold its dedication to professional and efficient legal services.