Hylands Assists CCCC First Highway Engineering Group Co., Ltd. in Applying for and Being Approved for a Special Supply Chain Asset-Backed Plan of RMB 10 Billion

On August 27, 2021, the asset securitization team from Hylands Law Firm has assisted CCCC First Highway Engineering Company Group Co., Ltd. ("CCCC First Highway") to obtain the "Letter of No Objection to the Listing and Transfer of Asset-Backed Securities of CCCC First Highway Group Supply Chain Phase 1-50 Asset-Backed Special Program", the asset-backed securities of CCCC First Highway Group Supply Chain Phase 1-50 Asset-Backed Special Program are issued in installments with a total issue amount not exceeding RMB 10 billion, which is a shelf-type asset-backed securitization program with the participation of four original equity holders and four program administrators. On September 30, 2021, the Phase 1 of the Special Program was successfully established.

In the process of the establishment and issuance of this Special Program, Hylands, as the special legal counsel of CCCC First Highway, has provided full legal services for this Special Program, including transaction structure design, transaction negotiation, drafting, reviewing and revising transaction documents, performing legal due diligence and verification of the underlying billion assets involved in each special program, issuing legal opinions, etc.

CCCC First Highway Engineering Company Group is the flagship enterprise of China Communications Construction Group, a Fortune 500 company, and an industry leading comprehensive service provider of large-scale infrastructure services integrating consultation and planning, investment and financing, design and construction, and management and operation. Currently, CCCC Group has more than 90 subsidiaries and branches with distinctive professional features, with more than 24,000 employees and more than 260 qualifications, including 11 highway special grade, 1 housing construction special grade and 1 engineering survey comprehensive grade A qualification. It has been awarded the honors such as "National Civilized Unit" and "National Excellent Construction Enterprise", and is the first subsidiary of CCCC System with total assets, annual new contract amount and business revenue all exceeding RMB 100 billion. Furthermore, it features the superiority of integrated service of investment, construction and transportation in the overall industrial chain, and has been listed as the contact point for Party building of state-owned enterprises and "Double Hundred Action" enterprise.