The PPP project of Qingchun Road Crossing River Tunnel is the first urban infrastructure project in Hangzhou that adopts the “investment construction-operating-transfer” PPP （BOT） model. After the project entered the operation period，the asset securitization products were issued and listed on the Shanghai Stock Exchange. It was the first batch of PPP asset securitization projects. This paper sorts out the basic situation，the transaction structure，the operation mode of the project，and analyzes the characteristics of the project.