Best for account receivables securitization 2020
Ping An Securities
The Chinese account receivables securitization market has expanded dramatically over the years. In 2017, there were 141 deals with a total value of Rmb158.6 billion ($24.3 billion). By 2019, there were 569 new deals worth Rmb428.5 billion. In the first 11 months of 2020, 739 deals with a total value of Rmb653.1 billion were sold, Wind data shows.
Account receivables securitization in China can be based on either the companies’ own accounts receivables or on those owned by factoring agents, which buy receivables from a variety of different companies. Deals from factoring agents are typically defined as ‘supply chain ABS’ in China, but Asiamoney has recognized them when deciding this award.
Ping An Securities is a pioneer in supply chain deals. The firm was the structurer and underwriter of China’s first-ever supply chain ABS in July 2016 – Ping An-Vanke Supply Chain Finance Asset-Backed Plan. The underlying assets of the deal were the account receivables owed to suppliers by Vanke’s project subsidiaries. Vanke is one of the largest real estate developers in China.
Ping An remains the largest player in the field thanks to its close ties with large real estate clients, who dominated the account receivables securitization industry.