Haitong Securities(SH:600837) Zheng Quan Zhi Xing·2025-06-25 16:59Summary of Key Points Core Viewpoint - Guotai Junan Holdings Limited, a wholly-owned subsidiary of Guotai Junan Financial Holdings, has issued a medium-term note (MTN) of $120 million under a plan with a total principal amount of up to $3 billion, guaranteed by Guotai Haitong Securities Co., Ltd [1][2]. Group 1: Guarantee Overview - The guarantee provided by Guotai Haitong Securities for the MTN issuance is unconditional and irrevocable, covering principal, interest, and other payment obligations [2][3]. - The total amount of notes issued under the MTN plan after this issuance will be $1.675 billion [1][3]. Group 2: Issuer Information - Guotai Junan Holdings Limited is in normal operational status with no ongoing investments prior to this guarantee [2]. - The current directors of the issuer are Yan Feng and Zhuo Hong [2]. Group 3: Necessity and Reasonableness of Guarantee - The $120 million raised will primarily be used for refinancing maturing debt and general corporate purposes [3]. - The total guarantee amount after this issuance will be $1.731 billion, considering the exchange rate of 1 RMB = 0.1392 USD as of May 2025 [3]. Group 4: Internal Decision-Making Process - The guarantee was approved by the board of directors on April 29, 2025, and by the shareholders' meeting on May 29, 2025, within the authorized limits for debt financing guarantees [4]. Group 5: Cumulative External Guarantees - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 28.586 billion, representing 16.74% of the latest audited net assets [4][5]. - The total guarantees to subsidiaries amount to RMB 26.389 billion, which is 15.45% of the latest audited net assets [4].