It is reported that the lessee of the underlying assets of the project and the funds raised will be invested in small and medium-sized enterprises and individual industrial and commercial households in the downstream of Sany Heavy Industry chain, mainly engaged in construction, engineering operation and maintenance, resource mining, freight logistics and other related fields, which effectively alleviates the problem of The operating pressure and financing difficulties of upstream small, medium and micro enterprises in the industry.
A person from the Shanghai Stock Exchange said that in recent years, the asset securitization market of the Shanghai Stock Exchange has been continuously conducting beneficial explorations. The second phase of the asset-backed special plan for Sany Leasing Intelligent Equipment is another specific practice to help the development of small, medium and micro enterprises. Even how leading manufacturing enterprises support the development of small, medium and micro enterprises has reference significance.
How to promote and solve the problem of "financing difficult and expensive" for small and medium-sized enterprises has always been an important proposition to be solved by the capital market. Traditional bank loans, corporate bonds and other corporate financing models mainly rely on subject credit and mortgage and pledge guarantees, while asset securitization products rely on the cash flow of underlying assets and have independent asset credit, which can rely on the asset credit generated during the production and operation of the enterprise. Financing is an important way for small, medium and micro enterprises to expand financing channels and improve financing efficiency.
In the whole year of 2021, the cumulative amount of asset securitization issuance on the Shanghai Stock Exchange was 1.14 trillion yuan, of which, major asset categories such as accounts receivable (supply chain), financial leasing, and small loans were directly targeted to private enterprises, small and medium-sized enterprises in the upstream and downstream of the industrial chain. Enterprises and individual industrial and commercial households, etc., issued a total of 898.7 billion yuan throughout the year, supporting the financing of more than 3,000 private and small, medium and micro enterprises, which better matched the needs of the real economy.
Among them, the more representative products are Haitong Hengxin's series of special products for small and micro enterprises. The underlying assets are all financial leasing creditor's rights of Haitong Hengxin Leasing, which provides equipment leasing for small and medium-sized enterprises. It has issued 17 issues on the Shanghai Stock Exchange, with a cumulative issuance scale of RMB 17.4 billion. Yuan, and achieved a good market demonstration effect.
At the same time, during the epidemic period, the Shanghai Stock Exchange made every effort to ensure that the financing support of the real economy would not be interrupted due to the epidemic. The latest phase of the "Haitong Hengxin Small and Micro Assets Support Special Plan No. 17" was successfully recorded on May 12 with the full efforts of all parties. The file was established, the issuance scale was 1.2 billion yuan, the subscription ratio was 3.63 times, and the priority coupon rate was 2.69%, which provided effective assistance for small, medium and micro enterprises to reduce financing costs and boosted market confidence.
In recent years, relying on the trade receivables, production equipment, intellectual property rights, etc. of small and medium-sized enterprises, the asset securitization market of the Shanghai Stock Exchange has gradually enriched the types of basic assets, and the business model is constantly innovating.
For example: with the continuous advancement of digitization and electronization of accounts receivable (supply chain), platform-oriented products have emerged, and some digital platforms have already provided the functions of voucher circulation, splitting and financing. Transmission within the platform to improve financing efficiency.
Among the platform-led products, the Shanghai Stock Exchange has issued Ouyeel Blockchain Tongbao No. 1 Asset Support Special Plan, China Baowu Multi-Core Enterprise Blockchain Tongbao No. 1-20 Asset Support Special Plan and other optimized supply chain products. This type of product is different from the previous supply chain ABS, which is dominated by the core debtor enterprise. It is initiated and led by the original owner, and the confirmation of rights is pre-positioned. During the securitization process, the credit of the core enterprise can be further extended, benefiting its entire industry chain. All kinds of small, medium and micro enterprises with real financing needs have helped them solve the problems of difficult, expensive and slow financing to a certain extent.
In the field of intellectual property securitization, the Shanghai Stock Exchange has covered a variety of product models such as financial leasing, supply chain, small loan, license transfer, pledge, etc., and the cumulative issuance of products has reached 7.4 billion yuan.
Taking the newly issued asset-backed securities of Huatai-Xinbao Group Taihuwan Science and Technology Development Belt Binhu Intellectual Property No. 1-5 on May 31 as an example, the first issue has raised 100 million yuan for 13 technology-based enterprises in Binhu District, Wuxi City , the actual financing cost of the enterprise is 3% per year. The assets in the pool include a total of 79 patents and 19 integrated circuit layout designs, all of which are from chip-related industries such as integrated circuits, semiconductors, and electronic equipment.
"It can be seen that the practice of intellectual property securitization has accelerated the deep integration of intellectual property and financial resources. It not only fully implements the national strategy of scientific and technological innovation, but also further deepens the protection of intellectual property with the help of the capital market, and explores a way of intellectual property financing to help small and medium-sized enterprises. It is a new path for the development of micro-enterprises, and stimulates a new development pattern in which the capital market helps small, medium and micro-enterprises to finance innovation." said an industry insider. (Wu Xiaolu)
(Editor in charge: Guan Jing)
