Special legal services for Ping An–CCCC First Highway Engineering Group Accounts Receivable Asset-Backed Special Plan Project

Ping An Securities Co. Ltd., as the plan manager, and CCCC First Highway Engineering Group Co. Ltd. as the underlying sponsor established the Ping An–CCCC First Highway Engineering Group Accounts Receivable Asset-Backed Special Plan and issued asset-backed securities with an initial issue amount of CNY 1,251 million. Hylands Law Firm provided legal services throughout the project.

The main legal services provided this time included: providing legal advisory services for the issuance plan of the project; performing due diligence on the assets to be pooled to determine whether they meet the criteria for pooling under the project; providing legal opinions on the entity qualification of project participants, special plan documents, authenticity and integrity of basic assets, the legality of transfer procedures, bankruptcy isolation, credit enhancement measures, and other matters, and issuing legal opinions; drafting and revising relevant transaction contracts and agreements, and adjusting text documents according to feedback from all parties. Since there was a circular buying arrangement in this project, the legal team paid special attention to the purchase conditions, purchase scale, liquidity risk, and risk control measures of the circular buying, and issued legal opinions thereon.