Port communicationChina's financial leasing ABS market prospects! With the accelerated implementation of the national medium- and long-term development strategy “One Belt, One Road”，China's leasing industry faces new development opportunities and challenges，Financing difficulties further exposed，Financing of lease asset securitization (ABS)
Advantages
further highlight。
first，“One Belt, One Road” has expanded a large market，However, large amounts of funds are required to carry out projects，This pair is having difficulty financing、Leasing industry plagued by expensive financing is a challenge；but，These projects mostly involve infrastructure equipment and have stable and predictable cash flow.，Can provide excellent assets for leasing ABS。Most of the countries along the “Belt and Road” are developing countries，Its strong demand for infrastructure construction and resource development，Provides huge market space for financial leasing。
It is estimated，The infrastructure investment needs of countries along the Belt and Road will reach US$8 trillion in the next 10 years.。Recently，Many ministries and commissions have clearly defined timetables and work plans，A number of key projects will be launched one after another。Secondly，"Go out"、Participate in international competition，Will promote the international transformation of China's leasing industry，And internationalization can force the leasing industry to undergo professional and differentiated transformation.；This will lay the foundation for the full development of the leasing ABS financing function。
Penetration rate is an important indicator reflecting the development level of a country’s leasing industry，According to data from 2025GlobalLeasingReport，my country’s current leasing penetration rate is 4%，Well below the world average of 14%，Compared with the level of 15% to 40% in developed countries, the gap is even more obvious.。
In a relatively mature market in the leasing industry，Financial leasing companies mostly adopt the operating lease business model，Its income sources are also relatively diversified，including service revenue、Residual value income、Asset transaction income, etc.；The current mainstream model of my country's leasing industry is credit business such as sale and leaseback.，Interest rate spread is almost the only source of profit。
Financial leasing ABS operation model A standard financial leasing ABS has many participants，Involves lessee、Financial leasing company、Investors and other main institutions and special purpose vehicles、service person、trustee、credit rating agency、Credit enhancement agencies and other intermediaries，They work together，Make securitization work in an orderly manner。
The main links include：(1) The financial leasing company forms an asset pool. The financial leasing company is the initiator of the ABS business.，It selects leased assets for securitization，and according to different deadlines、Organizing at different scales，Construct a portfolio。Different from ordinary ABS products，The basic asset of a finance lease ABS is its claim on the lessee，That is, the right to claim rent rather than the ownership of the subject matter。
(2) Establishing a special purpose vehicle (SPV). SPV is a securitization institution entity with legal person status specially established for the issuance of ABS.，It is the center of the entire business。in our country，The SPV of financial leasing ABS is mostly handled by securities firms or fund subsidiaries.。(3) The financial leasing company sells assets to the SPV financial leasing company，i.e. initiator，Updated by Debt、transfer sale、Transfer of underlying assets to SPV through subordinate participation and other methods。
(4) SPV designs securities and improves transaction structure. SPV designs asset packages into different types of financial leasing ABS products that can be sold in the market.。generally，It will introduce specialized agencies to complete some related work，If the service provider is entrusted to recover the lessee’s lease；Entrust the trustee to pay principal and interest to investors, etc.。
(5) After initial credit evaluation and credit enhancement improve the transaction structure，The SPV will hire a credit rating agency to conduct a preliminary rating on the financial lease asset-backed securities.。There are two ways of credit enhancement: internal and external enhancement.。
External credit enhancement provides credit guarantee by a third party，The main means include insurance、Corporate guarantee、letter of credit；Internal credit enhancement is the sponsor’s self-guarantee，Implementation methods are hierarchical、direct recourse、overcollateralized、Build a reserve、Asset redemption settings、Credit trigger mechanism, etc.。(6) Credit re-rating and securities issuance re-rating，Because it has been upgraded，ABS products are usually given a credit rating of AA or above.。
The issuance and sale of securities begins thereafter，This is usually done in the form of a public or private offering。(7) The SPV pays the asset transfer consideration after the securities successfully enter the capital market and receive income.，The SPV pays the promoter the transfer consideration of the underlying assets at a pre-agreed price.。(8) Collect and manage the cash flow of basic assets. The service provider collects and records the cash flow generated by basic assets.，and deposit it into a special account for collection。
Before the principal and interest payment date，Manage the funds collected to ensure that the principal and interest of securities are repaid to investors as scheduled。(9) Repayment of principal and interest、
cost
and distribute the remaining cash flow on the principal and interest repayment date of the security，The SPV transfers principal and interest on time through the trustee、Return the full amount to investors。at the same time，You also have to pay service fees from many intermediaries.。
When these principal and interest sum
cost
After all repayments are completed，If there is still cash flow income remaining，will be returned to the initiator，or allocated between the sponsor and the SPV。After the above series of processes，The sponsor can achieve the purpose of raising funds。
use this tool，Financial leasing companies skip bank loans、Subject qualification thresholds set by corporate bonds and other financing methods，Go directly to the capital market to raise funds，Have greater autonomy over the allocation of funds；at the same time，in this process，Isolation through true sale and bankruptcy，Assets and their related interests and risks are separated from the originating institution，Rating agencies simply rate securities based on the quality of the underlying assets themselves，Markets can really work too，Higher quality assets sell at lower interest rates。
China's financial leasing ABS market prospects under the new development situation，There is basically no room for survival of the credit-like business model and net interest margin profit model of financial leasing.，Return to the essence of equipment leasing，toward specialization、There is a way out through differentiation and convergence。Based on this transformation background，Opportunities for financial leasing ABS include the following aspects:：First，Strong policy support。
2025The Financial Leasing Document No. 1 "Guiding Opinions of the General Office of the State Council on Accelerating the Development of the Financial Leasing Industry" issued in September 2019 stated that，Support qualified financial leasing companies to raise funds through stock issuance and asset securitization.。2025The National Financial Work Conference that ended in July 2019 made it clear that，“We must put the development of direct financing in an important position”。
From ABS approval system to filing system，From limited basic asset classes to 17 today，From the refund policy if financial leasing exceeds 3 years to the industry-wide business tax to value-added tax reform，It can be seen that the state supports the asset securitization business and financial leasing industry。second，Huge market space。Lease assets have uniform and stable cash flow，Risks are highly diversified，Naturally capable of developing ABS business
Advantages
。
But Wind data shows，At present, the cumulative issuance scale of financial leasing ABS in my country is around 220 billion.，The industry asset balance is approximately 4.9 trillion，Its securitization rate is only about 4.5%。visible，There is still huge room for securitization of financial leasing assets in the future.。third，Increased social acceptance。
The business characteristic of financial leasing is renting instead of purchasing，But this concept is inconsistent with Chinese cultural traditions，The market has not been very receptive to leasing business for a long time，Few individual investors subscribe to rental ABS products，This is why my country’s leasing penetration rate is far lower than the world average.、An important reason for the lack of liquidity in the financial leasing ABS secondary market。
But in recent years，The formation of the “global village” promoted by the Internet，The Chinese market gradually became aware of leasing、The value of new economies such as sharing，This will become an opportunity for the great development of the financial leasing industry and its ABS business.。fourth，Financial technology strongly boosts。Blockchain、AI、Emerging technologies such as big data have set off a wave of subversion in the traditional financial industry.。
From the perspective of financial leasing, the fifth largest financial industry，Blockchain can permanently record transaction data、Reduce credit costs，AI can integrate structured and unstructured financial data、Improve risk control capabilities，They are small and medium-sized financial leasing companies that do not have the resources under the old technology conditions.，Provides opportunities to find and dispose of quality assets。therefore，In the future, more leasing companies will be qualified to carry out ABS business with the help of high-rated assets.。fifth，The financing function is expected to be fully released。
at present，Credit-like business accounts for more than 90% of my country’s financial leasing industry，Interest rate spreads are the only source of income for most companies。In this mode，The leasing company has one business to do one business，Most of them do not have the ability to continuously carry out ABS。
But after professional transformation，Financial leasing companies will seek more diversified income、More profitable business upgrades，Asset disposal and risk control capabilities will also be greatly improved.，so，The demand and practice of using ABS rolling financing will inevitably expand further。certainly，Opportunities must be accompanied by challenges。at present，There are some unsatisfactory aspects in the operation of my country's financial leasing ABS business.。
For example, can a rental asset trading market be established to solve the ABS asset shortage?，Can the ABS operation model be innovated according to market demand?，Brokerage firm、The legal status of fund subsidiary SPV remains to be clarified，It is difficult for international rating agencies with richer operating experience to introduce into the Chinese market，The professional capabilities of service providers need to be strengthened, etc.。But these problems mostly come from the external environment，It may take more patience to improve。
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