Achievements | Zhonglun W&D Facilitates Approval of China’s First Port Toll Receivables ABS Project Supporting Beijing-Tianjin-Hebei Coordinated Development

On May 5, 2023, the “Donghai Securities·Tianjin Lingang Port Group Port Service Fee Receivables Asset-Backed Securities (Coordinated Development of the Beijing-Tianjin-Hebei Region)”, for which Zhonglun W&D Law Firm serves as the project legal counsel, successfully received the no-objection letter from the Shanghai Stock Exchange. This represents not only China’s first ABS project supporting Beijing-Tianjin-Hebei coordinated development, but also the nation’s first AAA-rated port toll receivables ABS project.

 With a total scale of RMB 1.368 billion and a bond term of up to five years, the project’s originator is Tianjin Lingang Port Group Co., Ltd., with Tianjin Lingang Investment Holding Co., Ltd. serving as the credit enhancement institution. Donghai Securities Co., Ltd. acts as the plan manager and sales institution. By effectively revitalizing high-quality existing assets in the transportation sector characterized by mature operations and stable cash flows, the project demonstrates innovative approaches in financial product development. It achieves rare incremental financing in Tianjin’s bond market in recent years, setting a positive example for local state-owned enterprises in diversifying financing channels.

Zhonglun W&D Law Firm provided end-to-end legal services through collaboration between its Beijing headquarters and Tianjin branch, including drafting and reviewing project documents, participating in negotiations, and issuing legal opinions. Since being engaged by Tianjin Lingang Port Group in June 2022, the firm has delivered professional and efficient legal services, fully leveraging the advantages of cross-office collaboration. The legal team included Min Li, Zhenhuan Pang from the Beijing office, and Zhigang Liu, Yue Yin, Jingxin Yao, Chuanhang Zou from the Tianjin Office.