Sany Heavy Industry Co., Ltd. (Sany Heavy) announced a broad revision of its 2026 annual caps across five existing continuing connected-transaction framework agreements involving founder and non-executive director Liang Wengen, non-executive director Liang Zaizhong, Sany International Group and Sany Renewable Energy (Sany RE).

The Board approved the following upward revisions, citing stronger-than-expected business growth at the counterparties and the Group’s own expanded production capability:

1. Liang Wengen Sales Framework Agreement • New 2026 cap: RMB1.85 billion (up from RMB1.47 billion). • Drivers: surging overseas demand from Liang Wengen Connected Persons, portfolio expansion and product electrification.

2. Liang Zaizhong Procurement Framework Agreement • New 2026 cap: RMB1.72 billion (up from RMB805 million). • Drivers: larger and more diverse material and service requirements as Sany Heavy accelerates its international expansion.

3. Liang Zaizhong Sales Framework Agreement • New 2026 cap: RMB268 million (up from RMB99 million). • Drivers: rapid capacity growth at Liang Zaizhong Connected Persons and wider product needs for overseas operations.

4. Sany International (SANYI) Supporting Services Framework Agreement • New 2026 cap: RMB212 million (up from RMB114 million). • Drivers: Sany International Group’s intensified global market push and higher demand for operational support. • Effectiveness of the revised cap remains subject to Sany International board approval and its own HKEX announcement.

5. Sany RE Sales Framework Agreement • New 2026 cap: RMB384 million (up from RMB354 million). • Drivers: continued business expansion at Sany RE Group and deeper procurement collaboration with Sany Heavy.

Regulatory treatment Each revised cap results in an applicable percentage ratio above 0.1% but below 5% under Chapter 14A of the Hong Kong Listing Rules. Consequently, the transactions require public disclosure, annual reporting and annual review but are exempt from independent shareholders’ approval.

Governance safeguards Interested directors—Liang Wengen, Liang Zaizhong, Xiang Wenbo and Yu Hongfu—abstained from the Board vote on the revisions. Sany Heavy continues to apply internal controls, including threshold-triggered reporting, annual reviews by independent non-executive directors and auditors, and abstention requirements for interested parties on future renewals or amendments.

Sany Heavy remains a global leader in construction machinery, with businesses spanning excavating, concrete, hoisting, piling and road equipment. The revised caps collectively raise the Group’s 2026 connected-transaction limit to approximately RMB4.45 billion, positioning the company to accommodate escalating demand from related parties while remaining within regulatory thresholds.