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DeHeng Advised on China Securities

–CHALIECO 2019 Asset-Based Financing Scheme for Accounts Receivable

2019-12-30


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On December 27, 2019, China Securities Co., Ltd. (hereinafter referred to as "China Securities") successfully issued the China Securities–CHALIECO 2019 Asset-Based Financing Scheme for Accounts Receivable at Shanghai Stock Exchange. The issuance was expected to raise 1.26 billion yuan with a maturity period of 36 months. The original equity owner and deficiency payer was China Aluminum International Engineering Corporation Limited (hereinafter referred to as “CHALIECO”) and the method of the issuance would be a one-time issuance. 


CHALIECO is the engineering technology segment of Aluminum Corporation of China. It is formerly known as China Aluminum International Engineering Limited, which was incorporated in China on December 12, 2003, and completed the joint stock reform on June 30, 2011. It went public on the main board of Hong Kong Stock Exchange on July 6, 2012 and then on Shanghai Stock Exchange on August 31, 2018. In recent years, it has been actively participating in the investment, construction and development of local infrastructure construction, shanty town reconstruction, ecological conservation, environmental engineering, roads, bridges and urban utilities across China, and contributing greatly to building a resource-efficient and eco-friendly society. 


The scheme obtained the non-objection letter for raising no more than 1.26 billion yuan on December 16. As the special legal counsel, the DeHeng team was led by partner Tan Kunlun and lawyer Qi Xin, with primary support from lawyer Yang Xi and paralegal Ma Sitao. They provided whole-process legal services for the scheme, including the design and demonstration of the deal structure, due diligence on basic assets, drafting and revising deal documents and providing the final legal opinions. They also worked closely with the issuer and intermediary agencies and designed a sound deal structure and terms, which has been fully recognized by the issuer and cooperative agencies. They will continue to provide legal services for the follow-up issuance of the scheme.

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