Hylands Assists Xinxiang Investment Group Co, Ltd. to Issue Supply Chain ABS Products for PPP Project
On November 4, 2022, the Minmetals Securities-Xinyuan Supply Chain Phase 4 Financial Asset-Backed Special Plan was successfully issued on the Shenzhen Stock Exchange. The project was issued in the form of ‘N+N+N’ with a product term of 2 years.
The initial debtor of the project is Xinxiang Rongsheng Expressway Construction Co. Ltd., with the basic assets of the accounts, receivable creditor’s rights and its affiliated security interests formed in the daily business activities of the company and its suppliers, and the underlying PPP project assets of Xinxiang-Shanxi Expressway Project. The special plan with, Shenghe Factoring as the underlying sponsor, Minmetals Securities as the plan manager cum sales organization, China Merchants Securities and China Reform Securities as the sales organizations, was provided with credit enhancement support by Xinxiang Investment Group Co. Ltd. and Hylands as the project legal adviser.
During the establishment and issuance of the special plan, Hylands Law Firm, as the legal adviser of the special plan, provided the whole process of legal services for the special plan, including the design of the transaction structure, transaction negotiation, drafting, reviewing and modifying various transaction documents, conducting legal due diligence and verification on the underlying basic assets involved in the special plan, issuing legal opinions, etc.