In order that state-owned commercial banks leverage financial capital to better support the real economy, enhance the capital strength of the enterprise groups, integrate industry and finance, and promote the sustainable, healthy development of bank-enterprise cooperation, the BOC Financial Assets Investment Co., Ltd. ("BOC Investment"), a wholly-owned subsidiary of the Bank of Communications, implemented the market-oriented debt-to-equity swap project for TBEA Sunoasis Co., Ltd. ("TBEA Sunoasis") in March 2019. This project is the first market-oriented debt-to-equity swap project for a private enterprise by the BOC. The BOC Investment made a capital increase of RMB 1 billion to TBEA, mainly for the latter to repay its existing debts, reduce the asset-liability ratio, and optimize the capital structure.

BOC Investment is one of the first institutions approved in China to implement market-oriented debt-to-equity swap projects. With a registered capital of RMB 10 billion, the company provides debt-to-equity swaps and supporting business. It implements debt-to-equity swaps and other businesses approved by the China Banking Regulatory Commission through such methods as raising fund and issuing financial bonds to qualified social investors.

As the issuer's counsel, DeHeng formed a project team led by lawyer Mou Hongbao, a partner of DeHeng Beijing office, supported by lawyers Wang Miao and Wang Ziheng and assistant Cheng Bin. The team provided professional, comprehensive and high-quality legal services for the project.