On May 28, 2018, the CICC-UCAR Accounts Receivable Asset-backed Special Plan (Tranches 1-25) (hereinafter as the “UCAR Special Plan”) was approved by SZSE. It is the nation’s first securitized product of O2O automobile e-commerce platform assets, another milestone of SZSE’s continuous efforts to serve the new economy sector.
The UCAR Special Plan will be managed by China International Capital Corporation Limited (hereinafter as “CICC”), and issued in a total amount of CNY10 billion by 25 tranches at most via shelf-offering. It is backed by accounts receivable of original creditor UCAR Inc. (hereinafter as “UCAR”) which arise from consumers’ new car purchases on O2O automobile e-commerce platform Shenzhou Maimaiche and such purchases by installment. The first tranche shall be offered in the amount of CNY454 million, with a duration of 4 years. With quality underlying assets, a structured layering and UCAR’s undertaking to compensate for the balance, the priority A class of the securities receives AAA rating.
What we now face is the contradiction between unbalanced and inadequate development and the people's ever-growing needs for a better life. Therefore, improving and innovating on people’s basic necessities in life is an important move to meet their needs for a better life. Via a series of new automobile consumption modes including the one that allows consumers to enjoy the cars before purchasing them, UCAR has innovated on the means of supply, improved consumer experiences and met the consumer demand for cars, hence improving their sense of gains and happiness. Meanwhile, with the offering of the plan, UCAR has also revitalized assets in stock, expanded financing channels, lowered financing costs and eased the financing difficulties at the automobile terminal channel.
Next, SZSE shall, in strict accordance with the spirit of the 19th CPC National Congress and the Central Economic Work Conference, and under the guidance of China Securities Regulatory Commission and national policies, innovate on financial products, further explore financing instruments such as corporate bonds and asset-backed securities so as to provide financing support to enterprises with new technologies and business modes, and in new industries and new industrial formats, facilitate consumption upgrading, push forward the supply-side reform and promote quality development of the real economy.
