三一重工重磅公告：三一融资租赁拟注册发行90亿元资产支持证券（ABS），关联交易引关注

一、公告核心要点

• 三一重工股份有限公司（证券代码：600031），其控股子公司三一融资租赁有限公司拟申请注册发行不超过90亿元的资产支持证券（ABS），可一次或多次分期发行。
• 本次发行的ABS分为优先级资产支持证券和次级资产支持证券。公司控股股东三一集团有限公司将认购全部次级资产支持证券（认购金额累计不超过人民币10亿元），此行为构成关联交易。
• 三一重工将作为流动性差额支付承诺人，保障专项计划账户资金不足时补足优先级资产支持证券相关收益和本金。
• 本次交易已通过独立董事和董事会审议，尚需提交股东大会审议。关联股东需回避表决。

二、详细发行方案与交易结构

• 基础资产为三一租赁在经营过程中形成的融资租赁债权及其附属担保权益。
• 专项计划储架规模不超过90亿元，预计两年内分期发行，次级比例不低于5%。
• ABS发行模式可采取接续发行或非接续发行，具体票面利率水平将根据发行时市场情况确定。
• 增信措施：三一重工出具《流动性差额支付承诺函》，确保专项计划账户资金不足时补足优先级资产支持证券应付税金、费用、预期收益和本金。
• 交易结构详解：投资者认购资产支持证券，募集资金用于向三一租赁购买基础资产。专项计划资金流由计划管理人分配，若资金不足，由三一重工兜底。
• 计划管理人包括：中信证券、华泰证券（上海）资产管理、中国国际金融股份有限公司、平安证券等国内顶级证券公司。

三、关联交易及相关方介绍

• 三一集团认购全部次级资产支持证券，认购金额累计不超过人民币10亿元。
• 三一租赁为原始权益人，三一重工为流动性差额支付承诺人，三一集团为次级资产支持证券认购方。
• 三一租赁基本情况：成立于2016年，注册资本100,683.7250万元，2024年审计总资产为582,661.20万元，净资产153,416.48万元，2024年净利润19,534.07万元。
• 三一集团基本情况：注册资本32,288万元，2024年审计总资产为24,100,939.90万元，净资产9,035,543.10万元，2024年净利润652,968.60万元。实际控制人为梁稳根。

四、影响与投资者需关注事项

• 本次ABS发行旨在盘活存量资产、拓宽融资渠道，提高资金使用效率，有利于公司整体利益和融资能力。
• 关联交易可能对公司财务状况产生影响，尤其是流动性差额支付承诺事项，若专项计划资金不足，三一重工需承担补足义务。
• 次级资产支持证券由控股股东三一集团认购，对公司资产结构和风险管理有直接影响。
• 股东大会审核及关联股东回避表决事项，投资者需关注后续进展及股东大会决议结果。
• 该事项涉及大额资金及资产证券化操作，可能影响公司股价及市场情绪，属于价格敏感信息。

五、审议及授权事项

• 董事会提请股东会授权董事会全权办理专项计划的设立、发行及存续期间的所有相关事宜，并授权董事长全权办理。
• 包括制定发行方案、决定发行场所、期数、额度、模式、利率等，以及签署必要文件、聘任中介机构等。

六、投资者建议

• 投资者应密切关注本次ABS发行及关联交易的进展，尤其是股东大会审议结果及后续实施情况。
• 需关注公司履行流动性差额支付承诺的能力及对公司流动资金的影响。
• 此公告为盘活资产、提高融资能力的重要举措，如顺利实施，可能提升公司估值及市场关注度。

免责声明：本文仅为信息披露解读，供投资者参考，不构成投资建议。投资者需结合自身风险偏好和市场情况作出投资决策。

English Version:

Major Announcement: SANY Heavy Industry Subsidiary to Issue Up to RMB 9 Billion in Asset-Backed Securities (ABS), Related Party Transactions Highlighted

1. Key Points of the Announcement

• SANY Heavy Industry (stock code: 600031) announced that its subsidiary SANY Financing Leasing Co., Ltd. plans to register and issue asset-backed securities (ABS) up to RMB 9 billion, to be issued in one or multiple tranches.
• The ABS will be divided into senior and subordinated tranches. SANY Group Co., Ltd., the company’s controlling shareholder, will subscribe to all subordinated ABS (total subscription not exceeding RMB 1 billion), making this a related party transaction.
• SANY Heavy Industry will serve as the liquidity support provider, promising to cover any shortfalls in the special plan’s account for senior ABS payments, including principal and expected returns.
• This transaction has been approved by independent directors and the board, pending shareholder meeting approval. Related shareholders must abstain from voting.

2. Issuance Plan and Transaction Structure

• Underlying assets consist of leasing receivables and associated collateral rights formed in SANY Leasing’s business operations.
• The special plan has a shelf size up to RMB 9 billion, to be issued in tranches over two years, with a subordinated ratio of no less than 5%.
• ABS may be issued through consecutive or non-consecutive modes. Interest rates will be determined based on market conditions at issuance.
• Credit enhancement: SANY Heavy Industry will issue a liquidity support letter, covering any shortfall in the special plan’s account for senior ABS payments.
• Transaction structure: Investors subscribe to ABS, funds are used to acquire underlying assets from SANY Leasing. Cash flows are managed and distributed by the plan manager; SANY Heavy Industry covers any shortfall.
• Plan managers include top-tier securities firms: CITIC Securities, Huatai Securities (Shanghai) Asset Management, China International Capital Corporation, Ping An Securities, among others.

3. Related Party Transaction and Parties Involved

• SANY Group will subscribe to all subordinated ABS, with total subscription not exceeding RMB 1 billion.
• SANY Leasing is the original asset owner, SANY Heavy Industry is the liquidity support provider, SANY Group is the subordinated ABS subscriber.
• SANY Leasing: Founded in 2016, registered capital RMB 1.0068 billion; audited total assets RMB 5.8266 billion (2024), net assets RMB 1.5342 billion, net profit RMB 195.34 million (2024).
• SANY Group: Registered capital RMB 322.88 million; audited total assets RMB 241.009 billion (2024), net assets RMB 90.355 billion, net profit RMB 6.5297 billion (2024). Actual controller: Liang Wengen.

4. Impact and Matters Investors Should Watch

• The ABS issuance aims to optimize asset use, broaden financing channels, and enhance capital efficiency, benefiting company interests and financing capability.
• The related party transaction could impact financials, especially SANY Heavy Industry’s obligation to provide liquidity support in case of shortfalls.
• Subordinated ABS subscribed by the controlling shareholder directly affects asset structure and risk management.
• Shareholder meeting approval and related shareholder abstention are key events investors should monitor.
• This involves a large-scale asset securitization, which may influence share price and market sentiment—this is price-sensitive information.

5. Approval and Authorization

• The board requests shareholder authorization to fully handle the setup, issuance, and ongoing matters of the special plan, including authorizing the chairman for execution.
• Authority includes drafting the issuance scheme, determining place, tranches, scale, mode, interest rate, and signing necessary documents, hiring intermediaries, etc.

6. Investor Advisory

• Investors should closely follow the ABS issuance progress, especially shareholder meeting outcomes and subsequent implementation.
• Watch SANY Heavy Industry’s ability to fulfill liquidity support and impacts on cash flow.
• This is a significant move to optimize assets and financing; successful execution may boost company valuation and market attention.

Disclaimer: This article is for information disclosure interpretation only and does not constitute investment advice. Investors should make decisions based on their own risk appetite and market conditions.

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