SCG(SH:600170) Shang Hai Zheng Quan Bao·2025-08-11 18:55Summary of Key Points Core Viewpoint - Shanghai Construction Group Co., Ltd. has provided guarantees totaling 64.04 billion yuan for its subsidiaries, with a significant portion allocated to subsidiaries with high debt ratios, raising concerns about the overall guarantee amount exceeding the company's audited net assets. Group 1: Guarantee Overview - In July 2025, the company provided guarantees of 46.23 billion yuan for 15 subsidiaries with debt ratios above 70% and 17.81 billion yuan for 2 subsidiaries with debt ratios below 70%, totaling 64.04 billion yuan [3][4] - The internal decision-making process for these guarantees was approved in meetings held on April 14, 2025, and June 27, 2025 [3] Group 2: Basic Information of Guaranteed Entities - For the year 2025, the company anticipates providing a total guarantee of 1,031.34 billion yuan, primarily for 90 controlling subsidiaries [4] Group 3: Guarantee Agreement Details - The guarantees are structured as joint liability guarantees with terms ranging from 1 month to 20 years, amounting to a total of 64.04 billion yuan [6][7] Group 4: Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary and reasonable as they support the normal operations of the subsidiaries, which are under the company's control and are in good operational condition [8] - As of July 31, 2025, the total external guarantees provided by the company amounted to 645.82 billion yuan, which is 140% of the company's most recent audited net assets [8]