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Asset securitization projects such as expressways are encouraged by the CSRC
□ Our reporter Li Jianfeng
According to relevant securities traders, recently the management has further clarified the assets of innovative securities traders negotiable securities In the future, securitization of five types of assets will be encouraged, and the minimum scale of asset securitization will be 800 million yuan or less
The term is generally within 5 years.
It is reported that asset securitization business is an innovative financing tool for enterprises. It has the characteristics of low financing cost, flexible cycle and optimizing the financial structure of enterprises. At present, the enterprise asset securitization led by the management is generally divided into two types: creditor's rights type and usufruct type. The creditor's rights type project should be supported by a contract, and the duration of the contract should at least cover the duration of the asset securitization project, which is relatively easy to operate. However, the future cash flow of income right projects cannot be operating income, and they have higher credit rating requirements for the original equity holders, which is relatively difficult to operate. In addition, the underlying assets used for asset securitization cannot be future assets, and the projects under construction cannot be securitized. The mortgaged assets must first be released from mortgage or pledge.
In the future, the management will encourage securities companies to securitize five types of underlying assets. First, water and electricity assets, including power plants and power grids, water plants, sewage treatment plants, gas companies, etc; Second, road and bridge tolls and public infrastructure, including expressway , railway airports, ports, large bus companies, etc; Third, municipal works, especially BT projects in payment collection period, mainly refer to Developers Advance funds to build municipal projects, which will be handed over to the government after completion, and the government will pay back to the developers in installments. The developers will use the receivables from the government as the basic assets; Fourth, commercial property leasing, except for hotels and high-end apartments with no or few contracts; Fifth, large equipment leasing, enterprises with large amount of accounts receivable, financial asset leasing, etc. It is understood that most of the above types of assets have been successfully securitized, such as Huaneng Lancang River Hydropower Project of China Merchants Securities, Guanshen Expressway Project of Guangfa Securities, Pudong Construction BT Project of Guotai Jun'an, Far East Leasing Project of Orient Securities, etc.
At the same time, in the future, the asset securitization plans submitted by securities companies must have the company's core opinions, and the approval process may be divided into two stages. First, the Market Supervision Department of China Securities Regulatory Commission will demonstrate the feasibility. Generally, within 10 days after receiving the submitted materials, the Marketing Department will issue a notice on whether to accept the materials. If the materials are accepted, an expert demonstration meeting will be held on a specific date. The conclusions of the expert argumentation meeting can be divided into passed, conditionally passed and failed. After the market department passes the argumentation, the relevant department will notify the securities firm whether to formally accept it within 5 days. On this basis, the Institutional Supervision Department of the CSRC will conduct the final review of the asset securitization project, and the review will adopt the AB system (i.e. the two person system). There will be a five day silence period after the project is accepted, during which the auditors will not accept any form of communication.
Relevant people said that if the materials are ready and everything goes smoothly, the approval of an asset securitization project in the future is expected to be completed within 60 working days at the earliest. At present, many innovative securities companies are perfecting existing projects and looking for new securitized assets according to the latest spirit.
Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
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