On March 25 of 2014, phase 1 and 2 of the 2014 credit asset-backed securities by CMS was issued successfully and set up with CMS acting as the lead underwriter. The total amount reaches RMB 15.39 billion, and it is the largest credit asset-backed securities (ABS) for a single time since the pilot project for the securitization of credit assets was launched in 1995, of which the phase 1 product would be the first credit card securitization of credit assets in China.

As one of the few securities company with successful experience of the securitization of credit assets in China, CMS follows closely over a long period of time and actively participates in the development of domestic asset securitization business.

The successful issue of the securitization of credit card assets of China Merchants Bank represents another innovation of asset securitization in China, and also a historic breakthrough that CMS has achieved in the credit asset securitization business.