Sou Hu Cai Jing·2025-12-02 09:50Group 1 - The core point of the article is that China Merchants Securities Co., Ltd. announced that its wholly-owned subsidiary, China Merchants Securities International Co., Ltd., will provide a joint liability guarantee for the issuance of medium-term notes by the offshore special purpose company CMS International Gemstone Limited, with a maximum amount of 600 million RMB and a guarantee period of 3 years [1] - As of December 2, 2025, the stock price of China Merchants Securities was 16.29 RMB, down 0.67% from the previous trading day, with a total market capitalization of 141.666 billion RMB [1] - The company reported that as of November 27, 2025, the actual guarantee balance for its controlling subsidiary was 1.506 billion RMB, accounting for 1.16% of the latest audited net assets, and there are currently no overdue guarantees [1] Group 2 - The guaranteed party has a debt-to-asset ratio exceeding 70%, but it is within the scope of the company's consolidated financial statements, indicating that the related risks are controllable [1]