Dacheng Assisting Kaisheng Technology to Successfully Issue the First Kechuang Note in China

On August 30, 2022, "Junxin Financial Leasing (Shanghai) Co., Ltd. Phase 1 Directional Asset-Backed Commercial Paper (Kechuang Note) No. 2 of Kaisheng Group 2022", which is fully serviced by Dacheng Law Offices, was successfully issued in the inter-bank market.

The size of this Offering is RMB500 million with the priority credit rating of AAA. This Offering is the first Kechuang Note issued in the National Inter-bank market.

The co-lead underwriters of the Offering are Shanghai Pudong Development Bank Co., Ltd. and Bank of Jiangsu. The promoter and asset service entity is Junxin Financial Leasing (Shanghai) Co., Ltd.; the administrator of the issuance vehicle is Chongqing International Trust Co., Ltd.; and the credit rating agency is Lianhe Credit Rating Co., Ltd. The actual financier of this Offering is Kaisheng Technology Group Co., Ltd., a subsidiary of China National Building Material Group.

Mr. Pan Pan and Mr. FENG Nannan, partners of Dacheng Law Offices, provided legal services for the entire process of the Offering Project, which included the design and argumentation of the legal structure, legal due diligence, drafting of the transaction documents and provision of final legal opinion. The high-quality services of the Dacheng Team are well recognized by the clients and participants.