Recently, the 3rd "China Securitization Forum Annual Awards" selection came to an end. The "Sany Heavy Industry - Zhongtai Everbright 2016 Phase 1 Accounts Receivable Asset-Backed Special Plan" issued by Sany Heavy Industry won the Market Rising Star Award.
The award is nominated through preliminary review by an expert panel, voted on by market institutions and the general public, and selected through comprehensive scoring by the expert panel. It is one of the highest-level and most influential annual awards in China's securitization industry. Sany's award this time reflects the industry's and market's high recognition of the project, as well as recognition of Sanxiang Bank.
       It is understood that the asset securitization project was issued on November 10, 2016, with a total offering scale of RMB 1,315 million. Sany's financial segment (Sanxiang Bank and others) participated throughout, led product design, and organized project sales. It is the first asset-backed security in China's construction machinery industry to be listed on the Shanghai Stock Exchange, achieving a breakthrough in Shanghai Stock Exchange securitization financing for the construction machinery industry and an innovation in the industry's financing model. The project won market favor as soon as it was issued, with all types of qualified investors subscribing enthusiastically. The subscription multiples for Senior A and Senior B securities were 3.96 times and 5.11 times respectively, and the coupon rates were 3.60% and 4.50% respectively. The issuance rate set a new low for similar products in the same period, while the subscription multiple set a new high for similar products.
       Through asset securitization, Sany revitalized its stock of accounts receivable assets, accelerated the turnover of operating funds, broadened financing channels, reduced financing costs, and optimized its asset structure, which is of milestone significance for the asset securitization of China's construction machinery industry and even the manufacturing industry.
       At present, relying on the group's excellent qualifications and strength, Sanxiang Bank provides investment banking product financing services such as asset securitization and industrial funds to partners including upstream and downstream suppliers and distributors in the industrial chain, in order to reduce the overall financing cost of the industrial chain, integrate industry and finance, and promote the sound upgrading and development of the industrial chain.