TBEA launches second phase accounts receivable asset-backed plan

TBEA announced the successful establishment of its "Accounts Receivable Phase II Asset-Backed Special Plan (Technological Innovation)," which secured a total subscription amount of RMB 1.7215 billion. This initiative, approved by the company's Eleventh Second Board Meeting and the 2024 Annual Shareholders' Meeting, enables TBEA's wholly-owned subsidiary, Tianjin Sanyang Silk Road Commercial Factoring Co., Ltd., to conduct accounts receivable asset securitization, with a total scale not exceeding RMB 5 billion, registered once and issued in tranches.

The plan's total subscribed amount reached the targeted fundraising scale, with both senior and junior tranches fully subscribed. The senior securities, issued at RMB 1.635 billion with a face value of RMB 100 and an expected yield of 2.00%, are rated AAA by a rating agency. The junior securities, issued at RMB 86.5 million with a face value of RMB 100, are also fully subscribed.

The plan's term runs from December 2, 2025 (inclusive) to June 21, 2027 (exclusive). China Minsheng Banking Corp., Ltd., Urumqi Branch, acts as the custodian bank, and China Securities Depository and Clearing Corporation Limited, Shanghai Branch, serves as the registration institution. Holders can transfer their asset-backed securities on the Shanghai Stock Exchange's fixed-income integrated electronic platform.