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The first batch of PPP project securitization in the traditional infrastructure field is born formally



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In December of 2016, CSRC and the NDRC jointly issued the Notification on Promoting Public-Private-Partnership (PPP) Asset Securitization in Traditional Infrastructure Field (hereinafter referred to as the Notification and formally started the asset securitization of PPP.

Since the Notification is issued, the CSRC cooperated with the NDRC and other departments closely, carried out business training and market promotion, implemented green channel arrangement for project review and registration and established and perfected relevant work mediums. Recently, the NDRC provided the first batch (9 recommendation letters) of PPP assets securitization to us, including the projects in traditional infrastructure field such as transportation means, industrial park, water affairs and solid waste treatment. According to the requirement of the Notification, Shanghai and Shenzhen Stock Exchange Markets conducted strict review on the reported PPP assets securitization and issued the No Objection Letter to the assets securitization projects that conform to the listing conditions such as Gu'an Industrial Park heat supply and Hangzhou Qingchunlu Tunnel.

PPP assets securitization is beneficial for vitalizing the stock assets of PPP, broadening the financing channels of infrastructure construction, reducing the financing cost, better drawing social capital to participate in PPP construction and serving for the national supply side structural reform. In addition, PPP assets securitization is also helpful for improving the PPP standard operation level through the strict supervision on the capital market and open and transparent information disclosure.

The formal landing of the first batch of PPP assets securitization has great significance for summing up the experience and promoting the business development. We will cooperate with relevant departments closely, perfect the working mechanisms and promote the standard and orderly development of PPP assets securitization business continuously and stably.