Sany Heavy Industry Enters 2026 Deposit Agreement with Sanxiang Bank
Sany Heavy Industry Co., Ltd. has announced a 2026 Deposit Services Framework Agreement with Sanxiang Bank, effective January 1, 2026, to December 31, 2026. The agreement involves connected transactions due to Sany Group’s voting rights in Sanxiang Bank, with an annual deposit cap of RMB6,000 million and expected interests of RMB138 million. Interest rates will align with major domestic banks in China. The agreement requires shareholder approval under Shanghai’s Listing Rules but not Hong Kong’s.
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Sany Heavy Industry Co., Ltd. Class H ( (HK:6031) ) just unveiled an announcement.
Sany Heavy Industry Co., Ltd. has approved a 2026 Deposit Services Framework Agreement with Sanxiang Bank, effective from January 1, 2026, to December 31, 2026. This agreement, which involves connected transactions due to Sany Group’s significant voting rights in Sanxiang Bank, sets an annual cap of RMB6,000 million for deposits and RMB138 million for expected interests. The agreement ensures that the interest rates offered by Sanxiang Bank will not be lower than those provided by major domestic banks in China, aligning with regulatory policies. This move is subject to reporting and annual review requirements but does not require independent shareholder approval under Hong Kong’s Listing Rules, though it needs shareholder approval under Shanghai’s Listing Rules.
More about Sany Heavy Industry Co., Ltd. Class H
Sany Heavy Industry Co., Ltd. is a leading company in the heavy machinery industry, primarily focusing on manufacturing construction machinery, including excavators, cranes, and concrete machinery. The company is based in China and has a significant market presence both domestically and internationally.
Average Trading Volume: 12,247,426
Current Market Cap: HK$193.9B
Learn more about 6031 stock on TipRanks’ Stock Analysis page.
