YICAI｜First Data-Asset-Enabled ABS Issued on the Shanghai Stock Exchange, Injecting "Data-Driven" Financing into MSMEs

Translated from Yicai

On July 17, 2025, the first data asset-enabled asset-backed security (ABS) product - "TF-I&G Accounts Receivable Phase 2 Financing Support Asset-Backed Special Plan for MSMEs (Data Asset Empowerment)" - was successfully issued on the Shanghai Stock Exchange (SSE). This marks a significant breakthrough in capital markets, activating the value of data assets and precisely empowering the real economy, particularly addressing the financing challenges faced by micro, small, and medium-sized enterprises (MSMEs).

The issuance scale of this ABS product is RMB 510 million, with the underlying assets consisting of high-quality accounts receivable from central and state-owned enterprises. The key innovation lies in the introduction of core data assets from the subsidiary of National Investment and Financing Guarantee Corporation ("I&G"), I&G Xinyu - "I&G Xinyu Supply Chain Finance Platform Business Data". The Shanghai Data Exchange (SDE) serves as the data asset service provider, offering authoritative certification and professional services for these data assets.

A representative from I&G Xinyu highlighted several key features of this data asset-enabled ABS to the reporter: First, data assets assisting asset pricing: By leveraging this data asset, I&G Xinyu gains a comprehensive understanding of the debtor's construction progress, historical payment records, and other key data, enabling a more clear, accurate and dynamic penetrative assessment of accounts receivable risk, judgement of payment period, and precise pricing for accounts receivable financing. Second, optimizing financing efficiency with data assets: By utilizing data asset analysis in reviewing supplier financing applications, I&G Xinyu can streamline the screening and approval processes, improving financing efficiency. This effectively addresses the challenges of "difficult and expensive financing" for MSMEs. With the use of I&G Xinyu’s data assets, the average review period for supplier's financing applications is shortened by 3 to 5 working days, enabling intra-day review and disbursement. Third, supporting full lifecycle risk monitoring by data assets: By establishing a full lifecycle data monitoring loop, asset credibility is enhanced. Data assets are involved from the asset creation phase and continue to track and analyze accounts receivable payments after disbursement. This addresses the risk management requirements throughout the asset lifecycle. This collaborative model, from data rights confirmation and asset enhancement to continuous monitoring, assures investors.

The issuance of this product marks a new practice and important breakthrough in multi-faceted market linkage development. The SDE, focusing on system innovation, value discovery, and asset matching, constructed three key support pillars. This enabled Xinyu Asset Management to successfully complete the value transition loop of data from “resource” to “product” and then to “asset”, and to issue the Data Asset Description Letter as a key document for issuance filing, ensuring the standardized application of data assets in financial scenarios. An SDE representative stated that, starting from this product issuance, the SDE would fully leverage the role of the data market as a core hub in the development of the digital economy, deepen the innovative application of data assets in the financial sector and refine operational mechanisms, and continuously promote the value realization of data elements, thereby injecting new momentum into the high-quality development of the digital economy.

Market experts have noted to the reporter that this data asset-enabled ABS product not only represents an innovative practice in the asset securitization field but also a vivid embodiment of implementing the Central Financial Work Conference’s spirit, which demonstrates a focus on the “five key financial areas”, especially inclusive finance and digital finance. According to reports, the SSE has leveraged its market organization and innovation functions in advancing this project, collaborating with the SDE, the asset-backed special plan manager, and I&G to jointly push the product innovation into reality. “The successful issuance of the data asset-enabled ABS is another powerful initiative in the SSE’s asset securitization market, serving the national innovation-driven development strategy, precisely supporting the real economy, and particularly assisting the growth of MSMEs. Moving forward, the SSE will continue to optimize the market service system, deepen innovative cooperation with entities like data exchanges, and actively explore new models and scenarios for the integration of data elements with capital markets. This will fully activate the potential of data elements and contribute stronger capital forces to building a modern industrial system and driving high-quality economic development,” an SSE representative stated.