Core Insights - The "Great Wall Changzheng No.1 Asset-Backed Special Plan (Renewable ABS)" has been successfully established on the Shenzhen Stock Exchange, marking a significant milestone for China Great Wall Asset Management in the field of non-performing asset securitization [1] - This product is the first of its kind issued by a financial asset management company in the exchange market, with an issuance scale of 1.77 billion yuan, including a priority scale of 1.75 billion yuan and an expected yield of 2.15% [1] - The product attracted diverse investors, including bank wealth management, public funds, and securities firms, achieving subscription multiples and priority issuance rates that exceeded expectations [1] Summary by Sections Product Details - The issuance scale of the product is 17.7 billion yuan, with a priority scale of 17.5 billion yuan and a maturity of 1 year, offering an expected yield of 2.15% [1] - The project is managed by招商证券 (招商证券), with joint sales by 长城国瑞证券, 中金公司, and 国泰海通证券 [1] Market Impact - This issuance represents a breakthrough in utilizing innovative financial tools to revitalize non-performing assets, contributing to the development of a multi-tiered capital market [1] - The successful design of transaction terms, strict asset selection standards, and precise valuation and cash flow modeling were key factors in attracting a wide range of investors [1] Future Plans - China Great Wall Asset Management plans to continue advancing the "Changzheng" series of asset securitization products and deepen cooperation with exchanges and investors [1]