Core Viewpoint - Zhongtai Securities is providing a guarantee of HKD 350 million for its wholly-owned subsidiary Zhongtai International to enhance its strength and promote overseas business development [2][5]. Group 1: Guarantee Details - The total guarantee amount provided by Zhongtai Securities for Zhongtai International is HKD 1 billion, including the current guarantee [2][4]. - The guarantee is part of a cooperation agreement signed with China Merchants Bank Jinan Branch, aimed at facilitating overseas bank loans for Zhongtai International [4][5]. - The guarantee period is set for 12 months [4]. Group 2: Financial Performance of Zhongtai International - In 2024, Zhongtai International reported revenues of HKD 435 million and a net loss of HKD 529 million [5]. - For the first quarter of the current year, Zhongtai International continued to incur losses, with revenues of HKD 110 million and a net loss of HKD 48.24 million [5]. - As of the end of the first quarter, Zhongtai International's total assets were HKD 7.929 billion, total liabilities were HKD 7.491 billion, and the net asset value was HKD 438 million, resulting in a high debt ratio of 94.47% [5]. Group 3: Business Operations and Future Outlook - Zhongtai International's main business includes overseas IPO sponsorship/underwriting, offshore bond underwriting, wealth management, and asset management [6]. - In 2024, Zhongtai International underwrote 21 IPO projects with a total amount of USD 64 million, ranking 11th in the Hong Kong market [6]. - The company plans to transform its wealth management business, enhance financial technology capabilities, and focus on key market areas for investment banking development in 2025 [6].