Shang Hai Zheng Quan Bao·2025-09-10 18:45Core Viewpoint - Huatai Securities has announced the update of its offshore medium-term note program, with a total principal amount of $3 billion, which is set to be listed on the Hong Kong Stock Exchange for a period of 12 months [1][2]. Group 1: Medium-Term Note Program - The offshore medium-term note program was established by Huatai Securities' wholly-owned subsidiary, Pioneer Reward Limited, with a total principal amount of $3 billion [1]. - The updated listing application for the medium-term note program has been submitted to the Hong Kong Stock Exchange, with an expected effective date of September 11, 2025 [2]. Group 2: Guarantee Situation - Huatai International Financial Holdings Limited, a wholly-owned subsidiary of Huatai Securities, provides unconditional and irrevocable guarantee for the medium-term notes issued by its subsidiary, Huatai International Finance Limited [6]. - Three medium-term notes were issued under this program on September 10, 2025, with amounts of $0.30 billion and two notes of $0.50 billion each, totaling a guarantee amount of approximately RMB 923 million [5]. Group 3: Financial Health and Risk Management - Huatai International Finance Limited has a debt-to-asset ratio exceeding 70%, but Huatai Securities maintains 100% control over it, allowing for effective monitoring of its debt repayment capacity [7]. - As of the announcement date, the total amount of guarantees provided by the company and its subsidiaries is RMB 38.517 billion, with no overdue guarantee debts reported [10].