According to the China Metallurgical News, on December 27, 2019, China Baowu, with Huabao Securities as its manager, issued the first single blockchain ABS (asset securitization)-"Huabao Securities-Ouye Blockchain Tongbao No. 1." "Special Asset Support Plan" was established. This is the first time that China Baowu and its fintech platform company-Europe Metallurgical Services applied blockchain technology to digitize, standardize and securitize high-quality assets in the industrial chain through the Shanghai Stock Exchange, and export products and services to the open market for the first time. It is reported that the underlying asset of the special plan is Tongbao's claims. Tongbao is an electronic voucher based on its trade payables and opened online by its core suppliers to its receivables claims. Its birth and large-scale application reflect the process of credit creating value. Tongbao holders can transfer Tongbao, online financing or hold to maturity receipts. Utilizing the characteristics of Tongbao's easy circulation and easy financing, it can extend the high-quality credit of core enterprises to the end, and solve problems such as difficulty in loan financing, difficulty in bank risk control, and difficulty in department supervision.