On April 24, 2025, Wanshu (Shanghai) Investment Co., Ltd. held a listing ceremony and bell-ringing event at the Shanghai Stock Exchange for the “First Tranche of CITIC Securities - GDS Data Center Asset-Backed Securities in 2025 (Sustainability-Linked)”. Min Li, Executive Committee Director and Senior Partner of Zhonglun W&D Law Firm, was invited to attend the ceremony.

 The “First Tranche of CITIC Securities - GDS Data Center Asset-Backed Securities in 2025 (Sustainability-Linked)” was successfully listed on the Shanghai Stock Exchange on April 24, 2025, with a total fundraising size of RMB 1.6092 billion and an initial offering size of RMB 1.04598 billion. As China’s first data center asset-backed securities, the successful implementation of this project marks an innovative breakthrough in the capital market for China’s digital infrastructure industry, providing a new financing paradigm for the industry’s high-quality development. 

Adhering to the principle of “moving away from entity credit enhancement, relying on asset credit, and emphasizing equity attributes”, the project designed a flexible income distribution mechanism, supporting external investors’ returns based on the cash flow generated by the underlying assets while introducing a performance-based valuation adjustment mechanism tied solely to management fees. Through the innovative structure of “asset-backed securities + sustainability-linked”, it achieved a combination of long-term capital allocation needs and stable, high-quality cash flow supply.

 Min Li, Executive Committee Director and Senior Partner of Zhonglun W&D Law Firm, led the team in providing legal services for this issuance, with team members including lawyers Bingmei Zhang and Mingli Zhao. The services covered, but were not limited to, legal due diligence, issuance of legal opinions, and revision of transaction documents. The team delivered professional and efficient legal services throughout the process, contributing to the successful listing of this data center asset-backed securities. 

In addition to providing legal services for this data center asset-backed securities, Zhonglun W&D Law Firm has also served other asset securitization projects, including the “Second Tranche of Guojun-Shoucheng Holdings Smart Parking Asset-Backed Securities”, as well as projects involving underlying assets such as parking lots, wind power projects, rental housing, industrial parks, shopping malls, office buildings, and warehousing and logistics parks.