Recently, “Minsheng Tong Hui-Far Eastern Leasing Asset-Backed Program No.1 Phrase 1” (hereinafter referred to as the “Program”) was officially approved. The program was applied and cooperated by Minsheng Tong Hui Asset Management Co., Ltd. (“Minsheng Tong Hui”), International Far Eastern Leasing Co., Limited (“Far Eastern Leasing”) and Far East Horizon (Tianjin) Financial Leasing Co., Ltd. (“Far East Horizon (Tianjin)”. With the issuing scale amounting to RMB2.349 billion, the Program was the first asset-backed program successfully issued and officially approved by China Insurance Regulatory Commission(“CIRC”) after its release of the “Interim Measures for Management of Asset-Backed Program” in August, 2015.

The program used the mode of double original owner, with Far Eastern Leasing and Far East Horizon (Tianjin) holding the underlying asset and serving as the asset service institution. The aforesaid two companies are operational leasing platforms affiliated to Far East Horizon Ltd., one of the largest and oldest financial and leasing enterprises with the asset scale over RMB100 billion.

Grandall Shanghai Office has been retained as the issuer’s counsel, with Ms. XUAN Weihua and Ms. ZHOU Lei as key lawyers offering comprehensive and professional service for the case.