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BEWG Successfully Issued the First Asset-backed Securities During the Construction Period of PPP Project in the Entire Market 2020-02-28

On February 26, Beijing Enterprises Water Group (China) Investment Limited (hereinafter referred to as BEWG) and Shenwan Hongyuan Securities Co., Ltd. successfully issued the “Shenwan Hongyuan-BEWG Chuxiong Prefecture ADB Supported PPP Project Asset Support Special Plan” on the Shanghai Stock Exchange, with the project scale of 1.05 billion yuan, the priority level of 1 billion yuan, the debt rating of AAA, and the term of 10 years (excluding rights).  It is worth mentioning that this project is not only the first PPP project asset securitization (hereinafter referred to as PPP-ABS) business of BEWG, but also the first PPP-ABS business in the entire market during the construction period.

The project was jointly initiated by BEWG and BEWG Financial Services (Beijing) Investment Holdings Co., Ltd. (hereinafter referred to as BEWG Financial Services), an asset management platform under BEWG. As a leading unit of the Owner, BEWG Financial Services worked with all parties to make preparations for nearly 8 months. Finally, the project was unanimously approved by the Shanghai Stock Exchange and passed the review with zero feedback. Meanwhile, the  project also effectively attracted over-subscription from institutional investors including banks, insurance companies, and self-operated brokers when it was issued.
 
The successful issuance of this project not only helps BEWG to effectively revitalize its existing assets, reduce financing costs, and broaden financing channels, laying a solid foundation for BEWG’s further development in the field of PPP-ABS, but also plays a significant role in promoting ADB supported projects, and also provides a good reference for the subsequent issuance of similar products.
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