Wangfujing(SH:600859) Zheng Quan Zhi Xing·2025-07-23 12:21Core Viewpoint - Wangfujing Group Co., Ltd. announced a guarantee for a loan to its affiliate, Foshan Wangfujing Zhiwei Port Commercial Management Co., Ltd., with a maximum guarantee amount of 35 million yuan, reflecting the company's support for its affiliate's operational needs [1][2]. Summary by Sections Guarantee Overview - The guarantee is for Foshan Wangfujing Zhiwei Port, a joint venture owned 50% by Wangfujing and 50% by Guangzhou Xiongsheng Hongjing Investment Co., Ltd. The affiliate plans to apply for a bank loan of up to 70 million yuan for operational expenses [2]. - Wangfujing will provide a credit guarantee of up to 35 million yuan, while the other shareholder will provide collateral and personal guarantees for the same amount [2][4]. Internal Decision Process - The decision to provide the guarantee was approved in three meetings with unanimous support from the board, indicating no conflict of interest or harm to shareholders, particularly minority shareholders [2][4]. Financial Status of the Guaranteed Entity - As of June 30, 2025, Foshan Zhiwei Port had total assets of 891.60 million yuan and total liabilities of 1.168 billion yuan, resulting in a net asset deficit of 276.68 million yuan. The company reported a revenue of 119.11 million yuan and a net loss of 8.67 million yuan for the period [6]. Guarantee Agreement Details - The guarantee is a joint liability guarantee with a term of three years following the main contract's debt fulfillment, with the loan term set at one year [7]. - The guarantee covers the principal, interest, penalties, and all costs associated with the loan recovery process [7]. Board's Opinion - The board believes that the loan will reduce project funding costs and that the guarantee does not harm the company's interests. The decision-making process adhered to relevant laws and the company's articles of association [8].