Shang Hai Zheng Quan Bao·2025-09-29 20:47Core Viewpoint - The company provides an unconditional and irrevocable guarantee for its wholly-owned subsidiary, Orient ZhiSheng Limited, to issue a USD 300 million three-year floating interest bond, ensuring all payment obligations are met [1][4]. Group 1: Guarantee Details - The guarantee is for a USD 300 million bond issued by Orient ZhiSheng Limited, with a maturity of three years and floating interest [1]. - The total guarantee balance for Orient ZhiSheng Limited after this issuance will be USD 646 million, which includes this new guarantee [1]. - The company has authorized a guarantee limit of RMB 6.009 billion for wholly-owned subsidiaries with a debt-to-asset ratio exceeding 70% [1]. Group 2: Internal Decision Process - The board of directors approved the proposal for external guarantees on March 28, 2025, which was subsequently ratified at the annual shareholders' meeting on May 23, 2025 [2][7]. - The total amount of new guarantees for subsidiaries with a debt-to-asset ratio over 70% is limited to 10% of the company's latest audited net assets [2]. Group 3: Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to reduce financing costs and ensure debt repayment safety, despite Orient ZhiSheng Limited having a debt-to-asset ratio over 70% [6]. - The company holds 100% indirect ownership of Orient ZhiSheng Limited, allowing it to effectively monitor its debt repayment capacity, thus controlling the guarantee risk [6]. Group 4: Cumulative Guarantee Situation - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 16.984 billion, representing 20.87% of the latest audited net assets [8]. - There are no overdue guarantees reported by the company or its subsidiaries [8].