TBEA receives green light for CNY 5bn asset securitization

TBEA (SSE:600089) announced that its subsidiary, Tianjin Sanyang Silk Road Commercial Factoring, has received a "No Objection Letter" from the Shanghai Stock Exchange (SSE) regarding the listing and transfer of its asset-backed securities (ABS). The ABS, related to the "TBEA Receivables 1-10 Term Asset Support Special Program," will be issued in tranches, with the non-renewal asset-backed securities not exceeding CNY 4.5 billion and the outstanding balance of each tranche of renewable asset-backed securities not exceeding CNY 500 million. The first tranche must be completed within 12 months of the letter's issuance, and the letter is valid for 24 months, subject to timely reporting of any material changes. Guoxin Securities Asset Management will handle the listing procedures after each tranche's completion.