On July 22, 2025, Shaoxing Science and Technology Industry Investment Co., Ltd. successfully issued the Shaoxing City Development Commercial Mortgage-Backed Securities (CMBS) on the Shanghai Stock Exchange, with a total issuance scale of RMB 581 million, a bond term of 18 years, an interest rate of 2.07%, and a subscription multiple of 3.18 times. 

In this project, Shaoxing Science and Technology Industry Investment Co., Ltd. acted as the originator, Shaoxing City Development Group Co., Ltd. as the deficiency payment guarantor/repurchase and redemption guarantor, Shanghai Guotai Junan Securities Asset Management Co., Ltd. as the plan manager, and Zhongtai Securities Co., Ltd. as the sales agency, while Zhonglun W&D Law Firm provided comprehensive legal services for the project. 

The legal team was led by Yuqin Xia, Director and Senior Partner of Zhonglun W&D Law Firm, with support from non-equity partners Qian Zhang and Guan Cao, as well as lawyers Changqing Zhang and Yuzhi Hu. The legal services covered the structuring of underlying assets, legal due diligence, drafting and revising transaction documents, issuing legal opinions, and providing verification opinions. The firm’s professional, efficient, and diligent legal services earned high praise and recognition from the client, laying a solid foundation for the successful issuance of the CMBS.