Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2026-02-25 23:01Core Viewpoint - The company has announced a guarantee for a bond issuance by its wholly-owned subsidiary, CSCIF Hong Kong Limited, with a total guarantee amount of RMB 800 million, aimed at supplementing overseas operational funds [1][2][5]. Group 1: Guarantee Overview - The guarantee is provided by CITIC Securities International, a wholly-owned subsidiary of the company, for the bond issuance by CSCIF Hong Kong Limited, with a maximum principal amount of USD 4 billion under the medium-term note program [1]. - The bond issuance was completed on February 25, 2026, with a principal amount of RMB 800 million [1][2]. Group 2: Internal Decision-Making Process - The guarantee was approved by the company's board of directors and the first extraordinary general meeting of shareholders in 2023, authorizing the issuance of domestic and foreign debt financing tools and the provision of guarantees [3][7]. - The board and shareholders of CITIC Securities International convened to approve the guarantee for the bond issuance under the medium-term note program [3][7]. Group 3: Guarantee Agreement Details - The guarantee agreement signed on February 25, 2026, provides unconditional and irrevocable joint liability guarantee for the bond's principal, interest, and other payment obligations [4]. - The guarantee amount is RMB 800 million, and there is no counter-guarantee involved [4]. Group 4: Necessity and Reasonableness of the Guarantee - The bond issuance of RMB 800 million is intended to support the operational funds of the overseas business [5]. - The subsidiary has a debt-to-asset ratio exceeding 70%, but the company holds 100% equity through CITIC Securities International, allowing it to monitor repayment capabilities effectively, thus controlling guarantee risks [5]. Group 5: Cumulative Guarantee Situation - As of the announcement date, the total guarantees provided by the company and its subsidiaries amount to RMB 471.22 billion, representing 44.26% of the latest audited net assets [7]. - The guarantees provided to subsidiaries amount to RMB 90.79 billion, accounting for 8.53% of the latest audited net assets, with no overdue guarantees reported [7].