Han Kun Law Offices, as legal counsel for the issuance, has successfully advised Mashang Consumer Finance Co., Ltd. ("MSCF") on issuing the An Yi Hua 2025 Phase Ⅲ Personal Consumer Loan Asset-Backed Securities on the market of National Association of Financial Market Institutional Investors("NAFMII").
This project marks the first e-CNY credit asset-backed securities issuance by a consumer finance company in China, as well as the first credit asset-backed securities that utilize blockchain technology. Han Kun provided highly efficient and specialized legal services for this project, encompassing the structuring of the transaction mechanism, the drafting of documentation, and execution of the issuance.
The issuance amount reached RMB 1 billion, the securities were divided into Senior A securities (RMB 775 million, coupon rate 1.77%) and Senior B securities (RMB 75 million, coupon rate 1.95%). This issuance serves as a valuable case study for applying e-CNY and blockchain technology in asset securitization.
Mashang Consumer Finance is a leading technology-driven consumer financial institution in China, committed to the mission of "Technology makes life easier", focusing on inclusive finance and leveraging technology to innovate with the goal of becoming the world's most trusted financial service provider, offering small-scale, diversified consumer financial services to all segments of society in need.
Han Kun has long provided comprehensive legal services to consumer finance companies. With leading expertise in structured finance and fintech, Han Kun continuously safeguards clients' business innovation and financial product upgrades. Han Kun supports clients in achieving sustainable innovation and business growth through professional, reliable, and innovative legal solutions.
