Zhongtai Securities(SH:600918) Shang Hai Zheng Quan Bao·2025-12-02 20:28Summary of Key Points Core Viewpoint The announcement from Zhongtai Securities outlines the expected external guarantee amount for the year 2026, detailing the limits and conditions under which these guarantees will be provided to its subsidiaries and associated companies. Group 1: Guarantee Overview - The total amount of financing guarantees provided by the company and its wholly-owned subsidiaries shall not exceed 11.5 billion RMB, including existing guarantees and new guarantees [2][5]. - Guarantees for entities with a debt-to-asset ratio exceeding 70% are capped at 10.5 billion RMB, with individual guarantees not exceeding 10% of the company's latest audited net assets [2][5]. - The total non-financing guarantees provided by Zhongtai International to its subsidiaries shall not exceed 1 billion USD, with a limit of 800 million USD for those with a debt-to-asset ratio over 70% [2][5]. Group 2: Decision-Making Process - The board of directors approved the guarantee proposal during the 17th meeting of the third board on December 2, 2025, with unanimous support [20][36]. - The proposal requires further approval from the shareholders' meeting [20][36]. Group 3: Current Guarantee Status - As of the announcement date, the total guarantee balance for controlling subsidiaries is 5.72 billion RMB, representing 13.39% of the company's audited net assets as of December 31, 2024 [21][22]. - There are no overdue guarantees reported by the company [22]. Group 4: Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to meet the operational needs of the company and its subsidiaries, with the associated risks considered manageable within the company's control [19]. Group 5: Related Company Information - Zhongtai International and Zhongtai Property are wholly-owned subsidiaries of the company, while other subsidiaries are fully owned by Zhongtai International [17]. Group 6: Future Actions - The company will seek authorization from the shareholders' meeting to allow the board to manage the guarantee agreements and related regulatory compliance [5][20].