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1、Default Footer text on all slides is“S&P Global Ratings”to change/remove use Insert Tab Header&Footer Enter/change text Click Apply All.Always copy slides into a new presentation using Paste Options/Paste Special Use Destination ThemeThis report does not constitute a rating actionChina Equipment Lea

2、se ABS Market OverviewStructured Finance Ratings TeamMarch 7,2023Default Footer text on all slides is“S&P Global Ratings”to change/remove use Insert Tab Header&Footer Enter/change text Click Apply All.Always copy slides into a new presentation using Paste Options/Paste Special Use Destination ThemeT

3、odays Agenda2Default Footer text on all slides is“S&P Global Ratings”to change/remove use Insert Tab Header&Footer Enter/change text Click Apply All.Always copy slides into a new presentation using Paste Options/Paste Special Use Destination Theme3Finance Lease Market Dynamics In ChinaDefault Footer

4、 text on all slides is“S&P Global Ratings”to change/remove use Insert Tab Header&Footer Enter/change text Click Apply All.Always copy slides into a new presentation using Paste Options/Paste Special Use Destination ThemeIncreasing Penetration Rate Over The Past Decade 4 Growth in leasing balance slo

5、wed since 2018 Leasing penetration rate increased to around 10%in 2020Default Footer text on all slides is“S&P Global Ratings”to change/remove use Insert Tab Header&Footer Enter/change text Click Apply All.Always copy slides into a new presentation using Paste Options/Paste Special Use Destination T

6、heme5Default Footer text on all slides is“S&P Global Ratings”to change/remove use Insert Tab Header&Footer Enter/change text Click Apply All.Always copy slides into a new presentation using Paste Options/Paste Special Use Destination Theme7Type of Lease OriginatorsNumber of Leasing Companies in Chin

7、a(2012-1H2022)Default Footer text on all slides is“S&P Global Ratings”to change/remove use Insert Tab Header&Footer Enter/change text Click Apply All.Always copy slides into a new presentation using Paste Options/Paste Special Use Destination ThemeRegulatory Dynamics8CBRC merged with the China Insur

8、ance Regulatory Commission(CIRC)in 2018 into the China Banking and Insurance Regulatory Commission(CBIRC)Source:compiled by S&P Global RatingsDateRegulationMajor content/ImpactJuly 2020Financial leasing company regulatory assessment measures(Trials)Provide clarity on regulatory measures and assessme

9、nt procedures for financial leasing companiesMay 2020CBIRC interim measures for the supervision and administration of finance leasing companies(Shangzu)Impose more stringent leverage ratio and specific limit of customer concentration to leasing companies that were previously regulated by MOFCOMMarch

10、 2020CBIRC guidelines on non-bank financial institutionsDefine non-bank financial institution,and specify regulatory requirements for setting up financial leasing companies May 2018Notice for strengthening the regulation and supervision of leasing firms,factoring companies,and pawn shopsCBIRC took o

11、ver regulatory oversight for three types of quasi-financial institutions that were previously managed by MOFCOMMarch 2014CBRC*regulatory measures on financial leasing companiesDefine finance lease,and financial leasing companies set-up and compliance requirements(including capital adequacy ratio,cus

12、tomer concentration limit,asset classification and loss provision requirements)September 2013MOFCOM regulatory measures on leasing firmsDefine leasing firm,its operation coverage,and relevant regulatory measures and compliance requirementsDefault Footer text on all slides is“S&P Global Ratings”to ch

13、ange/remove use Insert Tab Header&Footer Enter/change text Click Apply All.Always copy slides into a new presentation using Paste Options/Paste Special Use Destination ThemeTypes of Lease Products9Default Footer text on all slides is“S&P Global Ratings”to change/remove use Insert Tab Header&Footer E

14、nter/change text Click Apply All.Always copy slides into a new presentation using Paste Options/Paste Special Use Destination ThemeTypes of Lease Products10Default Footer text on all slides is“S&P Global Ratings”to change/remove use Insert Tab Header&Footer Enter/change text Click Apply All.Always c

15、opy slides into a new presentation using Paste Options/Paste Special Use Destination Theme11Default Footer text on all slides is“S&P Global Ratings”to change/remove use Insert Tab Header&Footer Enter/change text Click Apply All.Always copy slides into a new presentation using Paste Options/Paste Spe

16、cial Use Destination ThemeSurging Issuance Volume of Lease-Backed Securitization12 Issuance of lease-backed securitization recorded RMB312 billion in 2022,with compound annual growth rate of 25%from 2015 to 2022.Lease-backed securitization accounted for around 15%of Chinas total securitization volum

17、e in 2022.Default Footer text on all slides is“S&P Global Ratings”to change/remove use Insert Tab Header&Footer Enter/change text Click Apply All.Always copy slides into a new presentation using Paste Options/Paste Special Use Destination Theme13Diversified Customer Profiles Across Transactions Defa

18、ult Footer text on all slides is“S&P Global Ratings”to change/remove use Insert Tab Header&Footer Enter/change text Click Apply All.Always copy slides into a new presentation using Paste Options/Paste Special Use Destination ThemeTypical Asset Characteristics of Securitized Pools14Variety of leased

19、assets Default Footer text on all slides is“S&P Global Ratings”to change/remove use Insert Tab Header&Footer Enter/change text Click Apply All.Always copy slides into a new presentation using Paste Options/Paste Special Use Destination ThemeOrigination,Underwriting and Servicing PracticesDefault Foo

20、ter text on all slides is“S&P Global Ratings”to change/remove use Insert Tab Header&Footer Enter/change text Click Apply All.Always copy slides into a new presentation using Paste Options/Paste Special Use Destination ThemeTypical Deal StructureSimple capital structure with 2 to 3 classes of notes i

21、ssuedBoth single and separate principal-and-interest waterfalls are commonCredit enhancement:subordination,payment shortfall providerExcess spread as soft credit supportRevolving structure is gaining popularity 16Default Footer text on all slides is“S&P Global Ratings”to change/remove use Insert Tab

22、 Header&Footer Enter/change text Click Apply All.Always copy slides into a new presentation using Paste Options/Paste Special Use Destination ThemeRecent Publications17Default Footer text on all slides is“S&P Global Ratings”to change/remove use Insert Tab Header&Footer Enter/change text Click Apply

23、All.Always copy slides into a new presentation using Paste Options/Paste Special Use Destination Theme18Jerry Fang|方琮方琮暉+852 2533 Andrea Lin|林玟君林玟君+852 2532 Yilin Lou|樓一霖+852 2533 Analytical ContactsDefault Footer text on all slides is“S&P Global Ratings”to change/remove use Insert Tab Header&Footer Enter/change text Click Apply All.Always copy slides into a new presentation using Paste Options/Paste Special Use Destination Theme19