Haiwen is one of the most representative legal firms in the areas of REITs, CMBS and other asset securitization in China, with capabilities of innovation and structure designing for complex asset securitization transactions. Haiwen was awarded "China Business Law Awards" in the field of structured finance & securitization in 2018-2019 by China Business Law Journal for our outstanding legal services. We have participated in many landmark asset securitization projects in China, especially in the fields of real estate, infrastructure and public REITs. We have also assisted a number of thelargest real estate groups, leading logistics enterprise groups and large infrastructure construction groups dominating the market in completing the issuance of relevant asset securitization products.

Until now, the scale of public REITs, quasi-REITs product and CMBS product offerings in which Haiwen participated has exceeded RMB 60 billion, covering a full range of property types including warehousing and logistics, industrial parks, commercial complexes, hotels and office buildings. Particularly, the first batch of domestic public REITs pilot projectsinvolving infrastructure industries such as warehousing and logistics, industrial parks, data centers, municipal transportation, new energy, etc., in which Haiwen participated as a project counsel, have been successfully issued and are currently under implementation.

In the meanwhile, with the frequent occurrence of product risks in the asset securitization industry in therecentyears, relying on our business advantages in asset management, real estate disposal/acquisition and non-performing asset restructuring over the years, Haiwen has also participated in many influential risk disposal projects of asset-backed securities marketization and accumulated rich project implementation experiences.