Sanjiang Financial Leasing's First ABS Issuance After Capital Increase: Why Does the Leasing Track Attract Leading Liquor Companies?

Ask AI · How does Wuliangye Group’s investment strengthen the credit foundation of Sanjiang Financial Leasing?

China Economic Journal Reporter Shi Jian Beijing Report

Recently, Sanjiang Financial Leasing issued a green leasing ABS with a scale of 500 million yuan. The ABS project data shows that after Sanjiang Financial Leasing’s capital increase, it has laid a foundation of capital and trust for the project.

In February this year, Sichuan Yibin Wuliangye Group Co., Ltd. (hereinafter referred to as “Wuliangye Group”) invested 611 million yuan to acquire shares in Sichuan Sanjiang Huihai Financial Leasing Co., Ltd. (hereinafter referred to as “Sanjiang Financial Leasing”).

The reporter noticed that the leasing track has already attracted leading liquor companies such as Moutai, Wuliangye, Yanghe, and Luzhou Laojiao. Several local state-owned asset officials told the “China Business Journal” that leading liquor companies have strong capital attributes and credit foundations, which help leasing companies better leverage their financial properties. Meanwhile, leasing companies, with their flexible financial attributes, can provide liquor companies and their upstream and downstream enterprises with flexible and convenient funds, highlighting a mutually empowering effect.

Mutual Empowerment

Recently, the Shenzhen Stock Exchange Bond Project Information Platform showed that Sanjiang Financial Leasing issued an ABS project called “Guojin Asset Management – Sanjiang Leasing Green Industry Asset-Backed Special Plan (Yangtze River Economic Belt).” The project scale is 500 million yuan, with a product term of 44 months and a weighted average interest rate as low as 1.96%.

Project data indicates that this green leasing ABS project adopts a revolving purchase model in the first year, effectively revitalizing Sanjiang Financial Leasing’s existing green assets and optimizing the company’s debt structure and capital utilization.

Sanjiang Financial Leasing also specifically mentioned that after the capital increase, it formed a solid capital and credit foundation for the project issuance through the strong shareholder structure of Yibin Development Holding Group Co., Ltd. (hereinafter referred to as “Yibin Development Group”) and Wuliangye Group.

Tianyancha platform shows that Sanjiang Financial Leasing was established in February 2021, initially wholly owned by Yibin Development Group. In 2023, Sanjiang Financial Leasing increased its registered capital from 1 billion yuan to 1.27B yuan.

In February 2026, Wuliangye Group invested 611 million yuan, becoming a new shareholder with a 30% stake. At the same time, the major shareholder Yibin Development Group also increased its capital by 155 million yuan, and Sanjiang Leasing’s registered capital increased from 1.27B yuan to 2.04B yuan, a 62.4% increase.

In fact, Wuliangye Group’s investment in financial enterprises is not the first. Its external financial investments include Sichuan Bank Co., Ltd., Yibin City Commercial Bank Co., Ltd., and Yibin Wuliangye Fund Management Co., Ltd.

The reporter noted that Yibin Development Group is controlled by the Yibin State-owned Assets Supervision and Administration Commission and the Sichuan Provincial Finance Department, making it a local state-owned enterprise. Wuliangye Group is wholly owned by Yibin Development Group.

Industry insiders believe that Wuliangye Group’s investment can help Sanjiang Financial Leasing strengthen its capital and credit foundation. Meanwhile, the pattern of local state-owned platforms collaborating with leading industry groups is gradually becoming clearer. Especially, it better empowers the industry chain of liquor companies by flexibly solving funding issues through leasing. Additionally, it can find clients along the upstream, midstream, and downstream of the liquor industry chain to meet their capital needs. The trend of mutual empowerment between the two is becoming more evident.

In recent years, Yibin has continued to develop emerging industries such as power batteries and crystalline silicon photovoltaics, steadily cultivating advantageous industries. Regarding how the company will focus on its main business in the future, a person in charge of Sanjiang Financial Leasing said that the company will steadily expand into new tracks such as agricultural new-quality productivity, energy storage, artificial intelligence, and low-altitude economy, injecting funds precisely into key links of Yibin’s industrial chain. At the same time, it actively supports the city’s state-owned enterprises’ “three assets and three transformations,” revitalizing state-owned assets through leasing and improving the efficiency of state capital operation. During the “14th Five-Year Plan” period, the company will continue to deepen industry focus, concentrating on new industries like new energy, high-end manufacturing, and low-altitude economy, embedding into the entire industry chain, strengthening business synergy, and providing one-stop comprehensive financial services.

The trend of leasing services supporting the real economy is significant. As a leasing company under local state-owned assets, Sanjiang Financial Leasing also innovates its business model according to regional development characteristics.

“By early 2026, the company will focus on core areas such as building Yibin into an international tourism city and constructing a smart health and elderly care service system, with a total investment of 247 million yuan, a year-on-year increase of 140%. The projects empower local industry upgrades through ‘leasing招商’.” said a person in charge of Sanjiang Financial Leasing.

Entering the Leasing Industry

The reporter noted that the entry of liquor companies into leasing companies can be traced back to 2013. In May 2013, Anhui Gujing Group Co., Ltd., as the main initiator, established Anhui Zhongxin Financial Leasing Co., Ltd., with a registered capital of 500 million yuan.

In 2014, China Kweichow Moutai Distillery (Group) Co., Ltd. (hereinafter “Moutai Group”) followed suit, establishing Moutai (Shanghai) Financial Leasing Co., Ltd. (hereinafter “Moutai Leasing”). After multiple capital increases, Moutai Leasing’s registered capital reached 5 billion yuan, with Moutai Group holding up to 95%. By the end of September 2025, Moutai Leasing’s total assets reached 26.96B yuan, with a net profit of 186 million yuan and revenue of 940 million yuan. In 2016, Moutai Group also participated in the establishment of Guiyang Guiyin Financial Leasing Co., Ltd., holding 20%.

Recently, Moutai Leasing also issued the “2026 First Phase Asset-Backed Special Plan” on the Shanghai Stock Exchange. This ABS is the third product issued since Moutai Leasing started securitization in 2024. The issuance scale is 994 million yuan.

In 2014, Jiangsu Yanghe Group Co., Ltd. (hereinafter “Yanghe Group”) established Jiangsu Huaihai Financial Leasing Co., Ltd. (hereinafter “Huaihai Leasing”) with a registered capital of 2 billion yuan. Currently, Yanghe Group holds a 95% stake in the company. According to annual reports, by the end of 2025, Huaihai Leasing’s total assets reached 5.03B yuan, with a net profit of 190 million yuan and revenue of 351 million yuan.

In 2016, Luzhou Laojiao Group Co., Ltd. (hereinafter “Luzhou Laojiao Group”) initiated the establishment of Sichuan Huixin Financial Leasing Co., Ltd., with a registered capital of 1.4 billion yuan. Similar to Moutai Group, on January 28, 2021, Chengdu Bank (601838.SH) announced the “Progress on Establishing Financial Leasing Companies,” stating that Chengdu Bank plans to establish a financial leasing company with Luzhou Laojiao (000568.SZ) and Chengdu Jiaozi Financial Holding Group Co., Ltd. under Luzhou Laojiao Group. Luzhou Laojiao will contribute 300 million yuan in cash, accounting for 15% of the total shares. However, the company has not yet been successfully established.

According to analysts from the Global Leasing Industry Competitiveness Forum, leading liquor companies have ample cash flow, high credibility, and high credit limits. Besides expanding into traditional financial sectors like banking, insurance, and securities, it is becoming a trend to develop leasing businesses as leasing heats up.

(Edited by: Li Hui Review: He Shasha Proofread: Zhai Jun)