Xingtong Shipping(SH:603209) Zheng Quan Zhi Xing·2025-03-24 13:18Core Viewpoint - The announcement details the transfer of a shipbuilding contract and the change of the guarantor for the subsidiary of Xingtong Shipping Co., Ltd, which is part of the company's strategic development plan to enhance its international shipping capabilities and market competitiveness [1][4]. Summary by Sections 1. Overview of External Investment and Guarantees - The company plans to invest up to RMB 1.4 billion to build two stainless steel chemical tankers and provide guarantees of up to RMB 660 million for the shipbuilding contracts [1][4]. 2. Contractual Developments - The company signed two shipbuilding contracts with Wuhan Shipbuilding Industry Group and will issue irrevocable payment guarantees for the progress payments within seven working days after the contracts become effective [2]. 3. Establishment of Joint Venture - A joint venture with Xiamen Jianfa Supply Chain Logistics Technology Co., Ltd was established to engage in international transportation of liquid hazardous goods [2]. 4. Transfer of Shipbuilding Contract - The company intends to transfer the shipbuilding contract from its wholly-owned subsidiary Xingtong Kaicheng to facilitate cooperation with the joint venture [4]. 5. Impact of Contract Changes - The change in the shipbuilding contract is expected to promote cooperation with Jianfa Supply Chain and aligns with the company's strategic development plan without adversely affecting its financial status or operations [5][6]. 6. Necessity and Reasonableness of Guarantee Changes - The change in the guarantor is deemed necessary to support the subsidiary's operational needs and is expected to enhance the company's international shipping business [5]. 7. Cumulative External Guarantees - As of the announcement date, the company has provided a total of RMB 1.376 billion in external guarantees, all to its subsidiaries, which represents 54.04% of the audited net assets as of December 31, 2024 [6]. 8. Basic Information of the Guarantor - The new guarantor, Shanghai Xingtong Chainfa Shipping Co., Ltd, has a registered capital of RMB 256 million and is 51% owned by Xingtong Shipping [7].