Xinhu Zhongbao's guarantees for Hong Kong subsidiary progress

Xinhu Zhongbao (SSE:600208) has announced further details on its provision of guarantees to its Hong Kong-based subsidiary, Xinhu Hong Kong Investment Co., Ltd. The guarantee, amounting to HK$11.1965 billion, is secured by a pledge from Xinhu Zhongbao and Hangzhou Jiawei Technology Partnership. As of the announcement, Xinhu Zhongbao's total outstanding external guarantees stand at RMB 21.485 billion. Guarantees for subsidiaries total RMB 15.313 billion. This new guarantee falls within the scope authorized by shareholders. The Hong Kong subsidiary, established in 2010, is focused on investments in energy-saving, new energy, and environmental protection projects. As of September 30, 2024, Hong Kong Xinhu had total assets of RMB 33.7 billion and net assets of RMB 16.253 billion. The board approved the guarantees.