东证资管-阿里巴巴7号专项资产管理计划说明书.pdf

东证资管-阿里巴巴7号专项资产管理计划 说明书 产品特性及主要风险提示 “东证资管-阿里巴巴7号专项资产管理计划”是以本专项计划的基础资产产生的现金流作为第一还款来源，以优先级/次优 级/次级分层机制和担保公司的补充支付机制提供综合增级保障的固定收益产品。 “东证资管-阿里巴巴7号专项资产管理计划”运作过程中可能面临一定风险。计划管理人特别提请投资者注意，在作出投 资决策之前，务必仔细阅读本《说明书》“风险揭示与防范措施”章节的全部内容，并特别关注以下主要风险： （一）信用风险 本专项计划募集资金购买原始权益人（即:重庆市阿里巴巴小额贷款有限公司 ）的小额贷款资产作为基础资产，因此被购买 的小额贷款资产的信用风险将全部从原始权益人处转移到专项计划本身并最终由专项计划的资产支持证券持有人承担。如 果借款人的履约意愿下降或履约能力出现恶化，小额贷款可能出现逾期，经向借款人催讨等程序后仍无法收回的信用损失 将会给专项计划资产支持证券持有人带来投资损失。此外，专项计划的担保及补充支付承诺人履约意愿下降或履约能力恶 化，也可能会给专项计划资产支持证券持有人带来投资损失。 （二）基础资产利率下降风险 作为基础资产的小额贷款的利率水平受到市场利率波动的影响，从而对整个专项计划的收益率带来不确定因素。依照合同 约定，首批基础资产产生的回收款将继续滚动投资于同类符合合格标准的小额贷款资产，直至专项计划到期，因此当市场 利率发生变化而导致新的小额贷款利率发生变化时，回收款再投资的收益率将受到较大影响。 （三）现金流预测风险 本专项计划的产品方案根据对基础资产未来现金流的合理预测而设计，影响基础资产未来现金流的因素主要包括：借款合 同逾期率、违约率、违约后回收率、提前还款情况、借款合同利率和专项计划进行滚动投资时的资金使用效率由于上述影 响因素具有一定的不确定性，因此对基础资产未来现金流的预测也可能会出现一定程度的偏差，优先级/次优级资产支持证 券持有人可能面临现金流预测偏差导致的资产支持证券投资风险。 （四）其他风险 002 东证资管-阿里巴巴7号专项资产管理计划 东证资管-阿里巴巴7号专项计划 说明书 说明书目录 第一章 重要提示·························································································································································008 第二章 定义·································································································································································009 2.1 项目涉及的主体定义 ·························································································································009 2.2 主要专项计划文件·····························································································································009 2.3 与专项计划相关的定义 ·····················································································································010 2.4 专项计划推广所涉及的定义 ·········································································