Dentons advises on Issuing "CITIC Securities – Ziroom No.2 Phase 1-8 Rent Installments Beneficial Rights backed Security"

Recently, the asset securitization program "CITIC Securities – Ziroom No.2 Phase 1-8 Rent Installments Beneficial Rights backed Securities" has been approved by the Shanghai Stock Exchange with a shelf registration quota of RMB 2 billion. Among the program, the "CITIC Securities – Ziroom No.2 Phase 1 Rent Installments Beneficial Rights backed Security" (the "Security") has been successfully established and will soon be listed on the Shanghai Stock Exchange. The security's issue size is RMB 260 million, including RMB 202.8 million and RMB 18.2 million for the Senior A (AAA rating) and Senior B (AA+ rating) tranche respectively. The security's credit enhancement measures include senior/subordinate structure, excess spread, and liquidity monitoring account, and setting of difference payment mechanism for Beijing Ziroom Asset Management. With its quality, small and scattered underlying assets and stringent risk mitigation measures, the product is actively subscribed by investors.

The program is the first asset securitization project secured by rent installments ever approved for shelf offering in the renting market. The approval of this program further confirms Ziroom's high asset quality and professional management capabilities.

By virtue of their extensive experiences in the field of asset securitization, Dentons Beijing senior partner Liu Haiping, senior counsel Liu Fei, and associates Han Tao, Chen Xiaorong, Gao Yimin, Xu Rui, Liu Li and Jin Siyuan advised on this transaction.