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" marks the first asset-backed security (ABS) product in China aimed at supporting intellectual property for sci-tech enterprises in industrial parks, with a coupon rate of 1.86% [1] Group 1: ABS Product Development - Xingtai Holdings has issued a total of 5 ABS products on the Shanghai Stock Exchange, amounting to 1.783 billion yuan, targeting various enterprises including small and medium-sized enterprises and sci-tech firms [1] - The ABS products are designed to activate diverse existing assets in financing leasing, commercial factoring, micro-loans, and financing guarantees, forming a matrix of ABS products with regional characteristics known as the "Xingtai Model" [2] - The "Xingtai Model" utilizes data empowerment to create risk profiles for enterprises, helping investors assess risks through a debt risk control model based on the "Research Value Score" [2][3] Group 2: Intellectual Property as an Asset - The knowledge property ABS product is a key feature of the "Xingtai Model," transforming patents into development funds and enabling enterprises to leverage their technological advantages for growth [4] - Xingtai Leasing has issued approximately 691 million yuan in intellectual property ABS products, allowing nearly 100 tech enterprises to convert over 270 high-value patents into usable capital [4] - The risk control mechanism, supported by AAA-rated guarantees from Xingtai, is crucial for the stability and operation of these ABS products, providing a safety net for investors while facilitating low-cost financing for enterprises [4] Group 3: Support for SMEs and Sci-tech Enterprises - The Shanghai Stock Exchange has implemented an action plan to enhance financial support for technology finance, green finance, inclusive finance, and digital finance, with the "Xingtai Model" being a prime example of this initiative [7] - The ongoing iteration and promotion of the "Xingtai Model" are expected to enable more enterprises to utilize ABS tools to activate existing assets and attract low-cost capital from the market [7] - The Shanghai Stock Exchange aims to continue enhancing its capital market functions to meet the financing needs of small and medium-sized enterprises and sci-tech firms through improved rules and mechanisms [7]