On May 4, 2015, Tebon Securities Co., Ltd. gained approval from the Shanghai Stock Exchange on the launch of a securitization plan backed by water charges collection right and water assets-based right to earnings.
A Shanghai-based team led by senior partner Liu Guoqiang and associate Hou Lingling provided legal counsel for the ABS program. They were assisted by associate Ma Ying and paralegal Wu Xuesong. Tebon Securities acted as manager, China Zheshang Bank’s Hangzhou branch acted as trustee, Fuyang Water Co., Ltd. acted as originator and China Zheshang Bank as liquidity support provider of the ABS plan.
Water industry is fundamental in that it has everything to do with people’s livelihood. By securitizing water assets-based rights, we can raise fund for water-related infrastructure construction, rather than solely reply on government budget allocation and bank loans.
