LINGYUN CORPORATION(SH:600480) Xin Lang Cai Jing·2026-02-11 19:49Core Viewpoint - The controlling shareholder of Lingyun Industrial Co., Ltd., Northeast Lingyun Industrial Group Co., Ltd., plans to issue privately placed exchangeable bonds backed by its shares in the company [1][2]. Group 1: Exchangeable Bonds - Lingyun Group intends to issue exchangeable bonds using 50,000,000 shares of Lingyun Industrial as collateral and trust property [1]. - The bonds are aimed at ensuring timely repayment of principal and interest to bondholders [1]. Group 2: Shareholding and Registration - As of February 10, 2026, the collateral and trust registration for the shares has been completed, with the shares transferred to a dedicated account managed by CITIC Securities [2]. - After the registration, Lingyun Group holds a total of 339,980,342 shares, representing 27.82% of the company, along with an additional 50,000,000 shares in the trust account, accounting for 4.09% [2]. - The completion of this registration will not change the controlling shareholder or actual controller, nor will it constitute a tender offer [2].