Hing Yip Holdings Limited Announces Discloseable Transaction: Entering Into Finance Leases as Lessor

Key Transaction Details

• Date of Announcement: 20 May 2026
• Parties Involved:
  • Greengold Leasing (subsidiary of Hing Yip Holdings Limited) as lessor
  • Huludao Dongze Heating Co., Ltd. as lessee
  • Three Guarantors (including Shenyang Dongyuan Heating Co., Ltd. and two individuals)
• Transaction Type: Finance lease agreements and related incidental documentation
• Transaction Size: Aggregate consideration of RMB25,000,000 (approx. HK\$28,750,000)
• Assets Involved: Heat supply equipment and facilities located in Huludao City, Liaoning Province, PRC
• Lease Term: 66 months

Structure and Terms of the Finance Leases

• Asset Transfer:
  • Greengold Leasing will acquire unencumbered ownership of two asset groups (“Assets 1” and “Assets 2”) from the Lessee at RMB15M and RMB10M, respectively (total RMB25M), payable in cash within 12 months.
  • Original cost of Assets 1: RMB25.808M; Assets 2: RMB10.017M; consideration reflects arm’s length negotiation, asset condition, and depreciable life.
• Leaseback:
  • Assets will be leased back to the Lessee for 66 months for its exclusive use.
• Lease Payments:
  • Finance Lease 1: Total lease payments approx. RMB18.93M (HK\$21.77M), comprising principal (RMB15M) and interest/fees (RMB3.93M).
  • Finance Lease 2: Total lease payments approx. RMB12.62M (HK\$14.513M), comprising principal (RMB10M) and interest/fees (RMB2.62M).
  • Lease payments to be made quarterly over the lease period.
• Early Termination & Asset Reacquisition:
  • Lessee may terminate leases early by settling all outstanding amounts and paying a compensation fee of RMB50,000 for each lease.
  • At lease end or early termination (subject to full payment), Lessee can repurchase each asset group at a nominal price of RMB100.
• Guarantee Deposits:
  • Interest-free deposits of RMB150,000 (Assets 1) and RMB100,000 (Assets 2) to secure Lessee’s obligations.
• Guarantees and Pledges:
  • Guarantors have jointly and severally guaranteed all Lessee payment obligations.
  • Assets are pledged as security and remain in Lessee’s use during lease.
  • Lessee has pledged receivables, a heat supply permit, government documents, and franchise rights as additional security.
  • 51% of Lessee’s equity (owned by Guarantor 2) pledged in favour of Greengold Leasing.

Strategic Rationale and Potential Impact on Share Value

• This transaction aligns with Greengold Leasing’s ordinary business and supports Hing Yip Holdings’ strategic focus on finance leasing, particularly in environmental protection projects in the PRC.
• The transaction is anticipated to provide stable revenue and cash flow for the Group, enhancing financial stability and diversification.
• Directors believe the terms are fair, reasonable, and in the best interests of shareholders.
• Listing Rules Implications: The transaction is “discloseable” under HKEX Listing Rules as one of the applicable percentage ratios exceeds 5% but all are below 25%. This level of materiality means investors should closely monitor the impact on Hing Yip’s financials.

Potential Price-Sensitive Elements for Investors

• The transaction represents significant asset movement and new revenue streams, which may positively affect Hing Yip’s share price if executed successfully and cash flows materialize as projected.
• The use of both internal resources and potential external bank facilities to fund the transaction introduces leverage and liquidity considerations investors should watch.
• Substantial security package (asset, receivables, franchise, equity pledges) reduces credit risk, but investors should note counterparty exposures within the PRC heating sector.

Additional Information

• Hing Yip Holdings’ Core Businesses: Wellness elderly care (principal direction), finance leasing, technology, and civil explosives. Also invests in fast-growing sectors like electric utilities in the PRC.
• Greengold Leasing: Focused on finance leasing, especially for environmental protection projects.
• Lessee & Guarantors: Independent third parties, primarily engaged in heat supply business in Liaoning Province, PRC.

Summary

Hing Yip Holdings Limited, through Greengold Leasing, has entered into finance lease agreements worth RMB25 million with a PRC heat supply company. This transaction, significant enough to be discloseable under Listing Rules, is structured with robust guarantees and pledges, and is expected to generate stable income for the Group. The transaction’s size and structure, alongside its alignment with the Group’s strategic focus areas, could be price-sensitive and may impact Hing Yip’s share value as cash flows and returns materialize.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research and consult professional advisors before making investment decisions. The author and publisher assume no responsibility for any losses arising from the use of this information.

興業控股有限公司公佈可披露交易：作為出租人簽訂融資租賃協議

主要交易詳情

• 公佈日期：2026年5月20日
• 交易各方：
  • Greengold Leasing（興業控股附屬公司）為出租人
  • 葫蘆島東澤熱力有限公司為承租人
  • 三位擔保人（包括瀋陽東源供熱有限公司及兩名自然人）
• 交易類型： 融資租賃協議及相關附帶文件
• 交易金額： 總對價人民幣2,500萬元（約港幣2,875萬元）
• 資產內容： 位於中國遼寧省葫蘆島市的供熱設備及設施
• 租期： 66個月

融資租賃架構及條款

• 資產轉讓：
  • Greengold Leasing將以現金於12個月內收購承租人“資產1”及“資產2”兩組未設抵押的設備，對價分別為人民幣1,500萬元和1,000萬元。
  • 資產1原值為人民幣2,580.8萬元，資產2原值為人民幣1,001.7萬元，對價根據資產狀況和可折舊年限經公平協商。
• 回租條款：
  • 資產將回租予承租人專用，租期66個月。
• 租金支付：
  • 融資租賃1：總租金約人民幣1,893萬元（港幣2,177萬元），包括本金1,500萬元及息費393萬元。
  • 融資租賃2：總租金約人民幣1,262萬元（港幣1,451.3萬元），包括本金1,000萬元及息費262萬元。
  • 租金按季度支付。
• 提前終止及資產回購：
  • 承租人可提前終止協議，須清償所有欠款並支付每份租賃人民幣5萬元補償金。
  • 租期屆滿或提前終止並結清所有款項後，承租人可每組資產以人民幣100元名義價回購。
• 保證金：
  • 承租人須分別繳付資產1人民幣15萬元、資產2人民幣10萬元的免息保證金以保障付款義務。
• 擔保及質押：
  • 三名擔保人已聯合及分別為承租人所有付款義務提供擔保。
  • 資產雖轉至Greengold Leasing名下，但於租賃期內作為承租人付款義務的擔保，承租人繼續使用。
  • 承租人以兩份供熱協議的應收賬款、供熱許可證、政府文件及專營權等作額外抵押。
  • 第二擔保人將其持有承租人51%股權質押予Greengold Leasing作擔保。

戰略意義及對股價的潛在影響

• 本交易屬Greengold Leasing日常業務，支持興業控股聚焦財務租賃及環保項目戰略。
• 預計為集團帶來穩定收入及現金流，有助財務穩健及業務多元化。
• 董事認為條款公平合理，符合股東整體利益。
• 上市規則影響： 本交易屬可披露交易（單一百分比比率超過5%但低於25%），投資者應密切關注對公司財務之影響。

值得股東關注的潛在敏感事項

• 交易屬大額資產運作並新增收入來源，如順利執行及現金流兌現，或正面影響股價。
• 資金來源包括內部資源及外部銀行融資，投資者須留意槓桿及流動性風險。
• 強大擔保組合（資產、應收賬款、專營權、股權質押）降低信貸風險，但需留意承租方於中國供熱行業之風險敞口。

其他資料

• 興業控股業務： 以養老健康為主線，並涵蓋財務租賃、科技及民爆等業務，亦投資於中國電力公用事業等高速增長產業。
• Greengold Leasing： 主要提供財務租賃，重點服務環保項目。
• 承租人及擔保人： 均為獨立第三方，主要從事遼寧省供熱業務。

總結

興業控股透過Greengold Leasing與國內供熱企業簽訂總值2,500萬元人民幣的融資租賃協議。此交易因規模達可披露級別，結構具備多重擔保質押，預期為集團帶來穩定收入。交易規模與集團戰略高度契合，或屬股價敏感資訊，隨現金流及回報兌現而影響市場評價。

免責聲明： 本文僅供參考，並不構成任何投資建議。投資者應自行調查及諮詢專業顧問作出投資決定。作者及發佈者對因使用本文資訊而引致的任何損失概不負責。

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