30 March 2016, King & Wood Mallesons (KWM) advised Huatai Securities Asset Management Co., Ltd. (HTAM) on the successful issuance of HTAM-Bank of Jiangsu Rongyuan No. 1 Asset-backed Specific Plan (Rongyuan No. 1). Rongyuan No. 1 is another innovative and ground-breaking asset-backed securitization (ABS) project in the industry, making it the debut ABS backed by rights to payment in negotiable instruments in China. Moreover, the project opens an era of negotiable instrument securitization in China, enhancing the direct financing capacity of enterprises, broadening their channels of investing and financing, which is of great significance for the development of ABS by Chinese enterprises.

HTAM is a wholly-owned subsidiary of Huatai Securities Co., Ltd. Seen as a leading asset manager, HTAM specializes in businesses including Internet consumer finance, creditor's rights in securities margin trading, affordable housing, creditor’s rights in lease, negotiable instruments and insurance. It has issued a number of “China’s First” products.

KWM acted as the legal counsel for the project, advising on all aspects of Rongyuan No. 1 and providing solutions and opinions on relevant legal issues. The King & Wood Mallesons’ legal team was led by partner Eddie Hu.