三一重工控股子公司三一融资租赁拟发行90亿元资产支持证券（ABS），控股股东认购次级证券，构成关联交易

核心要点

• 三一重工（600031）控股子公司三一融资租赁有限公司计划注册发行总规模不超过90亿元的资产支持证券（ABS），可一次或多次分期发行。
• ABS将分为优先级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，累计金额不超过10亿元，构成关联交易。
• 该项交易已获公司独立董事及董事会审议通过，尚需提交股东大会审议。关联股东将在股东大会上回避表决。
• 三一重工将作为流动性差额支付承诺人，为专项计划账户资金不足时承担补足义务，进一步保障优先级ABS投资者利益。
• 本次交易有助于盘活存量资产、拓宽融资渠道、提升资金使用效率，对公司整体利益具有积极作用。
• 三一租赁2024年净利润为1.95亿元，2025年前三季度净利润为1.52亿元，财务状况稳健。
• 三一集团2024年净利润为65.30亿元，2025年前三季度净利润为93.17亿元，展现强大资金实力。

详细解读

三一重工于2026年3月31日发布公告，称旗下控股子公司三一融资租赁有限公司拟以自身经营过程中形成的融资租赁债权及其附属担保权益为基础资产，设立专项计划发行不超过90亿元的ABS（资产支持证券），以盘活存量资产、拓宽融资渠道。此次ABS分为优先级和次级结构，优先级面向市场投资者，次级全部由公司控股股东三一集团有限公司认购，累计金额上限为10亿元。

该项ABS可采取接续或非接续发行模式，预计两年内分期发行，次级比例不低于5%。优先级利率将根据发行时市场情况确定。专项计划若出现账户资金不足以支付税金、费用、优先级证券本息时，三一重工将以流动性差额支付承诺人身份承担补足义务，显著增强产品信用。

本次专项计划的计划管理人包括中信证券、华泰证券（上海）资产管理、中国国际金融和平安证券等行业知名机构，进一步保障产品合规性和专业性。

三一租赁财务状况良好，截至2024年底总资产58.27亿元，净资产15.34亿元，2024年净利润1.95亿元。2025年前三季度总资产50.30亿元，净资产16.86亿元，净利润1.52亿元。三一集团总资产达2470.33亿元，2025年前三季度净利润高达93.17亿元，资金实力雄厚，为次级证券认购及后续风险承担提供坚实保障。

上述关联交易已获公司独立董事和第九届董事会第八次会议审议通过，尚需提交股东大会审议。公司董事会亦提请股东会授权董事会及董事长全权办理专项计划设立、发行及存续期间的全部相关事宜，包括确定发行方案、签署文件、聘请中介机构等。

对投资者的影响和可能引发的股价波动

• 盘活存量资产、拓宽融资渠道：三一重工通过子公司ABS发行，有助于释放存量资产流动性，提升资金使用效率，为公司进一步发展提供资金保障。
• 控股股东认购次级ABS，彰显信心：三一集团认购全部次级证券，展现对公司资产质量及ABS产品的高度认可，有助于提升市场信心。
• 流动性差额支付承诺降低风险：三一重工作为流动性差额支付承诺人，为优先级投资者提供兜底保障，降低产品风险，吸引更多投资者。
• 关联交易需关注公司治理和合规：本次交易构成关联交易，相关决策过程需严格执行关联董事和股东回避，保障中小股东利益。
• 若发行顺利，将显著提升公司财务灵活性和抗风险能力，或对公司估值和股价形成正面影响。

后续关注事项

• 本事项尚需提交股东大会审议，关联股东回避表决，建议股东关注会议进展及最终批准结果。
• 关注发行过程中市场认购情况、利率水平及后续专项计划运作效果。
• 密切关注公司后续信息披露及与本次ABS发行相关的风险提示。

免责声明

本文内容仅供参考，不构成任何投资建议。投资者据此操作，风险自负。建议投资者结合自身实际情况，综合考虑市场环境和公司基本面，谨慎决策。

English Version

Sany Heavy Industry’s Subsidiary Plans RMB 9 Billion ABS Issuance, Controlling Shareholder to Subscribe Subordinated Tranche—A Significant Related Party Transaction

Key Points

• Sany Heavy Industry (600031)‘s subsidiary, Sany Financial Leasing Co., Ltd., plans to register and issue up to RMB 9 billion in Asset-Backed Securities (ABS), in one or multiple tranches.
• The ABS will be divided into senior and subordinated tranches. The controlling shareholder, Sany Group Co., Ltd., will subscribe to all subordinated ABS up to RMB 1 billion, constituting a related party transaction.
• This transaction has been approved by the company’s independent directors and board, pending shareholder meeting approval. Related shareholders will abstain from voting at the shareholders’ meeting.
• Sany Heavy Industry will act as the liquidity shortfall payment undertaker, providing a credit enhancement for the ABS by covering any shortfalls in the special account for the plan.
• The transaction aims to activate existing assets, broaden financing channels, and enhance capital efficiency, which is positive for the company’s overall interests.
• Sany Leasing reported a net profit of RMB 195 million in 2024 and RMB 151 million in the first three quarters of 2025, with a sound financial position.
• Sany Group posted a net profit of RMB 6.53 billion in 2024 and RMB 9.32 billion in the first three quarters of 2025, demonstrating robust capital strength.

In-Depth Analysis

On March 31, 2026, Sany Heavy Industry announced that its subsidiary, Sany Financial Leasing, plans to launch a special ABS program using its leasing receivables and associated collateral rights as underlying assets. The total ABS size will not exceed RMB 9 billion, aiming to revitalize inventory assets and broaden financing sources. The ABS will have a senior/subordinated structure, with the senior tranche offered to market investors and all subordinated notes subscribed by Sany Group (up to RMB 1 billion).

The ABS issuance may be continuous or non-continuous, expected to be completed in tranches over two years, with at least 5% in the subordinated tranche. The coupon rate will be set according to market conditions at issuance. If the special plan’s account lacks sufficient funds to pay taxes, fees, or principal/interest on the senior tranche, Sany Heavy Industry will act as the liquidity shortfall payment undertaker, providing significant credit enhancement.

Leading institutions such as CITIC Securities, Huatai Securities (Shanghai) Asset Management, China International Capital Corporation, and Ping An Securities will serve as plan managers, ensuring compliance and professionalism.

Sany Leasing maintains a solid financial position: as of end-2024, total assets were RMB 5.83 billion with net assets of RMB 1.53 billion, and net profit of RMB 195 million for 2024. As of Q3 2025, total assets were RMB 5.03 billion, net assets RMB 1.69 billion, net profit RMB 151 million. Sany Group boasted total assets of RMB 247 billion, and net profit of RMB 9.32 billion in the first three quarters of 2025, reflecting strong financial capability to support the subscription and risk bearing of the subordinated tranche.

The related party transaction has passed the review of independent directors and the 8th meeting of the 9th Board, and will move to a shareholder vote, with related parties abstaining. The Board seeks shareholder authorization for all matters regarding the ABS plan’s establishment, issuance, and ongoing management, including program design, document signing, and engagement of intermediaries.

Potential Impact on Investors and Share Price

• Activating Inventory Assets & Broader Financing: The ABS issuance will release liquidity from existing assets, enhance capital efficiency, and provide growth capital.
• Controlling Shareholder’s Full Subordinated Subscription Shows Confidence: Sany Group’s full subscription of the subordinated tranche signals strong confidence in asset quality and the ABS product, likely boosting market confidence.
• Liquidity Shortfall Undertaking Reduces Risk: Sany Heavy Industry’s commitment as liquidity shortfall provider significantly lowers product risk and is likely to attract more investors.
• Related Party Transaction Requires Attention to Governance: As a related transaction, the resolution process will strictly follow rules on abstention to protect minority shareholders’ interests.
• If successful, the issuance will enhance Sany’s financial flexibility and risk resistance, likely having a positive impact on valuation and share price.

Follow-up Points for Investors

• The proposal still requires shareholder approval; investors should monitor meeting developments and final results.
• Watch market acceptance, coupon rates, and subsequent ABS performance.
• Stay alert for further disclosures and risk reminders relating to the ABS issuance.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should act at their own risk. Please consider your individual circumstances, market environment, and company fundamentals before making any investment decision.

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