沪市债券新语 | 资产证券化引资本“活水” 服务科技创新和产业创新深度融合

Core Viewpoint - The successful issuance of the "Hua'an-Xingtai Leasing-Data Asset Supporting Industrial Park Sci-tech Enterprises Intellectual Property Phase II Asset-backed Special Plan" at a coupon rate of 1.86% marks the first nationwide issuance of "data asset supporting industrial park sci-tech enterprises intellectual property ABS" [1] Group 1: ABS Issuance and Market Impact - Xingtai Holdings has issued a total of 5 ABS products with a cumulative scale of 1.783 billion yuan, serving various types of enterprises including park enterprises, small and micro enterprises, and technology-based companies [1] - The ABS products cover major asset categories such as intellectual property, technological innovation, and future industries, showcasing a diversified asset securitization product matrix [1][2] - The Shanghai Stock Exchange's support for the issuance of these ABS products aligns with the implementation of financial innovation strategies aimed at promoting "sci-tech finance and inclusive finance" [2][8] Group 2: Risk Control and Data Empowerment - Xingtai Holdings utilizes data models to construct risk assessment systems, providing a comprehensive financial support framework for park, sci-tech, and small and micro enterprises [3] - The "Yanzhi Score" credit evaluation model developed by Xingtai enables a multi-dimensional assessment of enterprises, transforming their technological advantages and growth potential into quantifiable reports [4] - This data-driven approach enhances the credibility of investors regarding the repayment capabilities of underlying debtors in ABS products [4] Group 3: Innovation in Intellectual Property Financing - Intellectual property ABS products are a hallmark of the "Xingtai Model," facilitating the conversion of patents into development funds, thus bridging the gap between technology and capital [5] - Xingtai has successfully issued approximately 691 million yuan in intellectual property ABS products, enabling nearly 100 technology-based enterprises to convert over 270 high-value patents into financial resources [5] Group 4: Financial Innovation and Support Mechanisms - The AAA credit enhancement provided by Xingtai ensures a stable operation of the ABS products, offering a safety net for investors while enabling low-cost financing for enterprises [6] - The issuance of ABS products has significantly reduced financing costs for enterprises, allowing them to allocate saved funds towards research and development [6][7] Group 5: Future Outlook - The Shanghai Stock Exchange plans to continue supporting small and micro enterprises and sci-tech companies through various measures, including enhancing the understanding and utilization of asset securitization products [8] - The ongoing iteration and replication of the ABS "Xingtai Model" are expected to empower more enterprises to activate their existing assets and attract low-cost capital from the market [8]