Fenglin Group guarantees subsidiaries, approves CNY 35m in financing

Guangxi Fenglin Wood Industry Group Co., Ltd. (SSE:601996) has announced it will guarantee loans for two of its wholly-owned subsidiaries, Baise Fenglin Man-Made Board Co., Ltd. and Guangxi Fenglin Man-Made Board Co., Ltd. The decision, approved by the board on March 25th and shareholders on April 16th of last year, aims to support their operational needs. Fenglin Group will provide a guarantee of CNY 5 million for Baise Fenglin, bringing the total guarantee amount for Baise Fenglin to CNY 110 million. For Fenglin Man-Made Board, the Group will guarantee CNY 30 million, bringing the total guarantee amount for Fenglin Man-Made Board to CNY 110 million. Both guarantees are capped until March 26th, 2026. As of the announcement date, the total amount of external guarantees provided by the company and its subsidiaries is CNY 653 million, accounting for 22.77% of the company's latest audited net assets.