Nanjing Iron & Steel guarantees Kinxiang New Energy

Nanjing Iron & Steel (SSE:600282) announced it has provided a guarantee of USD 4,800,000 for PT. KinXiang New Energy Technologies Indonesia, its holding subsidiary, to support its financing activities with Bank of Communications. This latest guarantee brings the total guaranteed amount for KinXiang New Energy to CNY 1,812,000,000, excluding the current guarantee. As of the announcement date, the company's total external guarantees stand at CNY 9,442,000,000, with guarantees for its holding subsidiaries totaling CNY 6,888,000,000, representing 36.28% and 26.46% of the company's latest audited net assets, respectively. The company notes that Kinxiang New Energy has a debt-to-asset ratio exceeding 70% and reminds investors to heed this risk.