On 18 December 2017, Ping An Securities - Huadian Fuxin’s Green Asset Support Special Plan (the “Special Plan”) on its rights to online electricity revenue obtained a no objection letter from the Shanghai Stock Exchange. Jia Yuan acted as the legal advisor to the Special Plan. The Special Plan’s administrator was Ping An Securities Limited with Dagong Global Credit Rating Co., Ltd. as the rating agency.

The underlying assets of the Special Plan is the rights to the online electricity revenue that is generated from photovoltaic power generation projects and wind power generation projects of the 7 subsidiaries under Huadian Fuxin Energy Limited Company. The raising scale of this plan is expected to be no less than RMB 800,000,000, with all the raised funds to be used for constructing and operating Green Industry projects. The Special Plan is expected to be valid for 12 years and every 3 year the prioritized ABS will be redeemed and placed back with adjustments to the expected rate of return mechanism.

Compared with previous issuance cases in the market, the Special Plan has the following innovative and breakthrough features which is pioneering in the market: 1) the underlying assets contains 2 types of projects (photovoltaic power generation project and wind power generation project); 2) the 7 subsidiaries have different financing maturity periods according to each of their financing scale; 3) the underlying assets consists of benchmark price, subsidized electricity revenue rights as well as purely-subsidized electricity revenue rights; 4) flexible cash flow that meets the cash flow conditions of 7 subsidiaries; 5) the underlying assets consists of electricity access that are inside and outside the subsidy list.

As the legal advisor, Jia Yuan provided professional legal services to the Special Plan including designing transaction structure, verifying the underlying assets, formulating legal documents, and other services. The team members include Mr. YANG Yingchuan (partner), Ms. WANG Haixia (partner) and Ms. WANG Yanrong (associate).