Group 1 - The core viewpoint of the article highlights the successful issuance of the first phase of directional asset-backed notes (ABN) by China Communications First Public Bureau Group Co., Ltd. for the year 2025, amounting to a total of 1.166 billion yuan [2] - The issuance consists of 1.106 billion yuan in senior notes rated AAA with a term of 3 years, and 0.059 billion yuan in subordinated notes with the same term [2] - This project is notable as the first ABN project for a state-owned construction enterprise with overseas assets, innovatively incorporating overseas engineering receivables as part of the underlying assets, facilitating effective integration of overseas assets with the domestic capital market [2] Group 2 - The project serves as a valuable reference for state-owned construction enterprises to revitalize overseas assets, optimize their asset-liability structure, and enhance capital efficiency [2] - Dacheng Law Offices acted as the special legal advisor for the project, participating in transaction structure design, due diligence on underlying assets, drafting and revising transaction documents, compliance verification, and issuance application [2] - The service team included senior partner Guo Qing, partner Jiao Xiaojie, Huang Liang, and legal assistant Gao Jing [2]