Fangda Special Steel guarantees $11.1m for subsidiary

Fangda Special Steel Technology (SSE: 600507) announced it will provide a guarantee of RMB 80 million (approximately $11.1 million USD) for its wholly-owned subsidiary, Liaoning Fangda Group International Trade Co., Ltd., related to credit lines with China Huarong Bank. As of the announcement date, Fangda Special Steel's existing guarantees for Fangda International Trade totaled RMB 387.99 million. The decision was approved by Fangda Special Steel's board of directors on March 28, 2025, and the guarantee is valid for one year, subject to the terms of the final guarantee agreement. As of the disclosure date, Fangda Special Steel's total external guarantees amount to RMB 420.2 million, representing 45.20% of the company’s latest audited net assets. Guarantees for the holding subsidiary amounted to RMB 320.2 million, representing 34.44% of the company’s latest audited net assets.