Dentons Advises Triumph Science & Technology Group on ABS Issuance

On April 26, 2016, Great Wall Capital - Zhongtai Securities -Triumph Science & Technology Lease Assets-backed Securities (“ABS”) were successfully issued on the Shanghai Stock Exchange.

The ABSs, categorized into three senior tranches without external credit enhancement and rated AA+, raised a total of RMB920million. King Sun Financial Leasing (Shanghai) Co., Ltd. is the originator of the securitization transaction. The company’s creditor’s rights over leaseback assets serve as the underlying assets of the securities. Triumph Science & Technology Group Co., Ltd. is the main leasee.

Partner Pan Pan and associate Feng Nannan from Dentons Beijing office advised on the securitization transaction. Their services included the design and demonstration of a legal framework, due diligence, the drafting of transactional documents and issuing of attorneys’ opinion letter.

Great Wall Capital Co., Ltd. acted as manager of the securitization transaction, while Zhongtai Securities Co., Ltd. acted as financial advisor and underwriter. Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. served as the credit rating agency.

Previously, Pan’s team has advised South Cement Company Limited, Zhongguancun Science-Tech Leasing Company Limited, Guangdong Financial Leasing Co., Ltd., Hualu International Financial Leasing Co., Ltd. and Derun Leasing Co., Ltd. on the issuance of asset-backed securities.