杭钢股份控股股东开展股票担保及信托登记，推进可交换债发行——重大进展或影响股价

要点速览

• 控股股东杭钢集团拟以公司股票为标的，非公开发行可交换公司债券。
• 本次可交换债券已获得上海证券交易所无异议函。
• 杭钢集团将划出1.6亿股杭钢股份（占公司总股本4.74%）作为担保及信托财产。
• 担保及信托登记后，杭钢集团持股结构发生变化，但不会导致实际控制权变更或构成要约收购。
• 相关股票将在信托专户中名义持有，信托期内表决权归控股股东行使，但需保护债券持有人利益。

详细内容

杭州钢铁股份有限公司（杭钢股份，600126）于2026年3月19日披露，公司控股股东杭州钢铁集团有限公司（杭钢集团）计划以其持有的部分公司股票为标的，非公开发行可交换公司债券，以满足融资和资本运作需要。目前，该事项已获得上海证券交易所出具的无异议函（上证函〔2025〕3648号），具备实施条件。

杭钢集团拟将其持有的1.6亿股杭钢股份股票（约占公司已发行股本总数的4.74%），划入担保及信托财产专户。该专户由杭钢集团与受托管理人浙商证券股份有限公司签署合同设立，用于为本次可交换债券的本息兑付以及债券持有人未来交换杭钢股份股票提供保障。在信托期间，这部分股份及其孳息作为信托财产，登记在“中国证券登记结算有限责任公司上海分公司”开立的“杭钢集团-浙商证券-26杭钢EB担保及信托财产专户”。

担保及信托财产将在公司证券持有人名册上以“杭钢集团-浙商证券-26杭钢EB担保及信托财产专户”名义登记。信托期间，浙商证券将根据杭钢集团意见行使表决权，但不得损害可交换公司债券持有人的利益，确保债券持有人的权益得到有效保护。

股份结构变化及对控股权的影响

截至公告日，杭钢集团直接持有公司股份15.28亿股，占比45.23%。本次担保及信托登记后，直接持股将变为13.68亿股（40.49%），通过信托专户持有1.6亿股（4.74%）。此次操作不会导致控股股东或实际控制人发生变化，不构成要约收购。

投资者需关注事项及潜在影响

• 如可交换债券发行成功，未来存在债券持有人换股进入市场的可能，可能对二级市场流通产生影响。
• 本次操作系控股股东资本运作的重要环节，显示其对公司价值的认可及对未来流动性的安排。
• 公司将持续关注控股股东相关事项及后续进展，并及时履行信息披露义务。
• 投资者需注意本次事项带来的潜在风险和机会。

总结

本次杭钢集团大规模办理股份担保及信托登记，配合可交换债发行，为公司及控股股东提供多元化的资金安排手段。尽管实际控制权不会发生变化，但未来可交换债换股行为或对公司股价带来阶段性影响，投资者需密切关注相关进展，合理评估投资风险。

免责声明：本文基于公开信息整理，仅供投资参考，不构成投资建议。股市有风险，投资需谨慎。

English Version

Hangzhou Iron & Steel Key Shareholder Undertakes Major Share Pledge & Trust Registration for Exchangeable Bond Issuance—Potentially Price-Sensitive Development

Key Highlights

• Controlling shareholder Hangzhou Iron & Steel Group plans to issue non-public exchangeable corporate bonds backed by part of its shares in the listed company.
• The exchangeable bond plan has been approved by the Shanghai Stock Exchange.
• Approximately 160 million shares (4.74% of total issued share capital) will be pledged and placed into a trust account as collateral.
• After this procedure, the shareholding structure of the controlling shareholder will change, but there will be no change in control or a mandatory tender offer.
• During the trust period, voting rights of the shares in trust remain with the controlling shareholder but must not harm the interests of bondholders.

Details

On March 19, 2026, Hangzhou Iron & Steel Co., Ltd. (ticker: 600126) announced that its controlling shareholder, Hangzhou Iron & Steel Group, will issue non-public exchangeable corporate bonds using part of its stake as underlying assets. The plan has received a “no objection” letter from the Shanghai Stock Exchange, clearing the way for implementation.

Hangzhou Iron & Steel Group will transfer 160 million shares (about 4.74% of total share capital) into a dedicated trust account. This special account, set up in conjunction with trustee Zheshang Securities, will secure the repayment of principal and interest for the bonds and safeguard the rights of bondholders to exchange their bonds for shares. During the trust period, the shares and any derived benefits will be held under the account named “Hangzhou Iron & Steel Group-Zheshang Securities-26 Hangzhou Iron & Steel EB Collateral & Trust Property Account” with the Shanghai branch of the China Securities Depository and Clearing Corporation.

These shares will be registered in the company’s shareholder registry under the trust account name. Voting rights will be exercised by Zheshang Securities as trustee, following the instructions of the controlling shareholder, but must not infringe on the interests of bondholders, ensuring their rights remain protected.

Changes in Shareholding Structure & Impact on Control

As of the announcement date, Hangzhou Iron & Steel Group holds 1.527 billion shares (45.23%). After the registration, direct holding will decrease to 1.368 billion shares (40.49%), with an additional 160 million shares (4.74%) held via the trust account. This operation will not trigger a change in control or a mandatory tender offer.

Investor Considerations & Potential Impact

• If the exchangeable bonds are issued and exercised, bondholders may convert into shares and sell in the secondary market, potentially impacting share liquidity and price.
• This move is a significant capital management step by the controlling shareholder and may signal confidence in company value, while also providing flexible liquidity solutions.
• The company will continue to monitor and disclose relevant progress in a timely manner.
• Investors should weigh potential risks and opportunities arising from this transaction.

Summary

Hangzhou Iron & Steel Group’s large-scale share pledge and trust registration for exchangeable bond issuance is a notable capital operation that provides the company and controlling shareholder with additional funding flexibility. Although control remains unchanged, future bond conversions could bring share price volatility. Investors are advised to stay alert to progress and evaluate risks carefully.

Disclaimer: This article is based on public information for reference only and does not constitute investment advice. Stock markets involve risks; investment decisions should be made prudently.

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