四川路桥控股股东完成可交换公司债券股份担保及信托登记，持股结构及风险影响详解

要点速览

• 控股股东蜀道集团因非公开发行可交换公司债券，将持有的4.93亿股无限售流通股办理了股份担保及信托登记。
• 股份已划入“蜀道集团－中信证券－26蜀道EB担保及信托财产专户”，并登记于公司证券持有人名册。
• 担保及信托登记完成后，蜀道集团及一致行动人合计持有公司股份6,734,557,581股，占总股本77.45%，其中通过质押、担保及信托持有1,375,061,019股，占总股本15.81%。
• 本次操作不会导致控股权变动，蜀道集团资信良好，风险可控。
• 公司将密切关注债券发行进展，并严格履行信息披露义务。

详细内容

四川路桥建设集团股份有限公司（600039.SH）于2026年4月1日公告称，控股股东蜀道投资集团有限责任公司（下称“蜀道集团”）已经完成其持有的4.93亿股无限售流通股的股份担保及信托登记手续。此次操作旨在为蜀道集团即将发行的非公开可交换公司债券提供担保和信托安排。

上述股份已成功划入“蜀道集团－中信证券－26蜀道EB担保及信托财产专户”，并以该专户名义登记为公司证券持有人。在表决权行使方面，中信证券将按照蜀道集团意见办理，但不得损害本期债券持有人的利益。

蜀道集团本次可交换公司债券的发行已获上海证券交易所无异议函（上证函〔2025〕1562号），并已启动第一期发行，实际发行规模以最终结果为准。蜀道集团与受托管理人中信证券签署了相关合同，将以所持标的股票及孳息作为信托财产，为本期债券持有人换股及债券偿付提供担保。

担保及信托登记完成后，蜀道集团及一致行动人合计持有四川路桥股份6,734,557,581股，占公司总股本77.45%。其中，通过质押专户、担保及信托专户合计持有1,375,061,019股，占其持有公司股份总数的20.42%，占公司总股本15.81%。

投资者需知：

• 本次股份担保及信托登记不会导致公司控股权或实际控制人发生变化，蜀道集团依然为控股股东。
• 公司表示蜀道集团资信状况良好，履约能力强，风险可控，对公司生产经营及治理无不利影响。
• 但因本次涉及大规模股份设立担保及信托安排，若未来出现质押违约或相关条款触发，存在股份变动的潜在可能，投资者需持续关注相关进展。
• 公司承诺将严格遵守信息披露义务，提醒广大投资者注意投资风险。

结论

本次公告反映出控股股东通过可交换债券融资进一步盘活所持股份，同时保障债券投资者权益。虽然短期内不影响公司控股权，但大规模股份设立信托担保安排本身具有一定市场关注度，或对股价造成波动。建议投资者密切跟踪后续进展及相关公告。

免责声明

本文内容仅供参考，不构成任何投资建议。股市有风险，投资需谨慎。请以公司正式公告和相关法律法规为准。

Sichuan Road & Bridge Controlling Shareholder Completes Share Pledge and Trust Registration for Exchangeable Corporate Bonds—Key Details and Potential Impact

Key Highlights

• Controlling shareholder Shudao Group has completed share pledge and trust registration for 492.96 million unrestricted shares for its upcoming non-public exchangeable bond issuance.
• The pledged shares are transferred to a special trust account and registered under the company’s shareholder registry.
• Post-registration, Shudao Group and its concerted parties hold 6,734,557,581 shares (77.45% of total share capital), of which 1,375,061,019 shares (15.81% of total capital) are via pledge, guarantee, or trust accounts.
• The arrangement does not affect control; Shudao Group’s credit is good and risks are controllable.
• The company will closely monitor the bond issuance and fulfill disclosure obligations.

Detailed Report

Sichuan Road & Bridge Construction Group Co., Ltd. (600039.SH) announced on April 1, 2026, that its controlling shareholder, Shudao Investment Group Co., Ltd., has completed the pledge and trust registration of 492.96 million unrestricted tradable shares. This serves as collateral for its upcoming non-public exchangeable corporate bond issuance.

The shares have been transferred into the “Shudao Group – CITIC Securities – 26 Shudao EB Pledge and Trust Asset Account” and are registered under this account in the company’s shareholder register. CITIC Securities will execute voting rights as per Shudao Group’s instructions, but not at the expense of bondholders’ interests.

The proposed exchangeable bond has received a “no objection” letter from the Shanghai Stock Exchange (SSE [2025] No.1562) and the first tranche has been launched, with the final size subject to actual results. A stock pledge and trust contract has been signed between Shudao Group and CITIC Securities, placing both the shares and their earnings as trust assets to secure bondholder conversion and repayment.

Upon completion, Shudao Group and concerted parties hold 6,734,557,581 shares (77.45% of total equity). Of these, 1,375,061,019 shares (20.42% of Shudao’s holdings; 15.81% of total shares) are in pledged or trust arrangements.

Investor Takeaways:

• This arrangement does not result in a change of control; Shudao Group remains the controlling shareholder.
• The company highlights Shudao Group’s strong credit and fulfillment capabilities, with no negative impact on operations or governance.
• However, given the scale of pledged/trusted shares, there is latent risk if any default or trigger events occur, potentially affecting shareholding structure. Investors should monitor developments closely.
• The company will strictly fulfill information disclosure obligations and reminds investors of the risks involved.

Conclusion

This move signals the controlling shareholder’s intention to utilize its shareholding for financing while securing bondholder interests. While there is no immediate change to control, the significant share pledge and trust arrangement could attract market attention and cause share price volatility. Investors are advised to closely follow future disclosures and developments.

Disclaimer

The content herein is for reference only and does not constitute investment advice. The stock market carries risks—invest with caution. Please refer to official company announcements and relevant regulations for final information.

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