On January 22, Beijing Federation of Supply and Marketing Cooperatives Investment Management Center successfully issued its first Commercial Mortgage-Backed Securities (CMBS) on the Shanghai Stock Exchange. Huatai United Securities acted as the financial advisor, while Huatai Asset Management served as the plan manager. The total issuance size of this CMBS reached 931 million yuan, with the priority asset-backed securities portion accounting for 930 million yuan and carrying a coupon rate of 2.1%. This successful CMBS issuance marks the first of its kind within the national supply and marketing cooperatives system. The Beijing Federation of Supply and Marketing Cooperatives intends to leverage the success of this CMBS issuance as an opportunity to actively explore more diversified capital operation models.