Hello, asset securitization refers to the business activity of issuing asset-backed securities as repayment support and credit enhancement through structure based on the cash flow generated by the underlying assets. Specifically, the original owner (promoter) sells the assets or portfolio of assets (basic assets) that lack liquidity but can generate stable and predictable cash flow to a specific institution or carrier (SPV), separates and reorganizes the risks and benefits of related assets in a structured way, and issues securities (asset-backed securities) to investors based on the cash flow generated by the basic assets. Asset securitization is a structured financing method. Compared with the traditional bond financing method, the credit source of asset securitization has changed, which is based on the credit of specific underlying assets rather than the issuer's main credit. Therefore, when investing in asset securitization, investors should focus on the information disclosure of the underlying assets, not the information disclosure of the issuer.