Shanghai AJ Group guarantees $84M for subsidiary

Shanghai AJ Group (SSE: 600643) announced it will provide guarantees totaling RMB 610 million (approximately $84 million USD) to its subsidiary, Shanghai Aijian Financial Leasing Co., Ltd. The guarantees are allocated to: RMB 300 million for working capital loans from the Bank of Shanghai, RMB 280 million for credit lines from China Everbright Bank, and RMB 30 million for credit from the Bank of Ningbo. As of this announcement, Shanghai AJ Group's total outstanding guarantees reached RMB 2.98 billion, representing 24.01% of the company's latest audited net assets. The move aims to support the subsidiary's business operations and growth.