Dentons advises TF Securities on Issuing Asset-backed Security

Recently, the first SOE green asset securitization product "TF Ping'an – Tus-Sound Green Asset (Waste Electrical and Electronic Product Processing Fund Subsidy Accounts Receivable) Beneficial Rights backed Security" on the Shenzhen Stock Exchange has been successfully established and listed on the Shenzhen Stock Exchange. The product's issue size is RMB 467.52 million, including RMB 445.26 million for the senior tranches. Its Senior A1 and Senior A2 tranches were both rated AAA. The product's credit enhancement measures include senior/subordinate structure, commitment to paying differences, excess spread and credit triggering mechanism. With its quality underlying assets, pledged property and comprehensive risk mitigation measures, the product is actively subscribed by investors.

TF Securities acted as the manager and sales agent for the product. It is TF Securities' first asset-backed security secured by waste electrical and electronic product processing fund subsidy accounts receivable. Its successful establishment fully reflected TF Securities' professional management capabilities in the operation of asset securitization project.

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 and Gao Yimin advised TF Securities on this transaction.