Nanjing Iron & Steel provides 2bn yuan guarantee to subsidiary

Nanjing Iron & Steel has provided a CNY 2 billion guarantee to its controlling subsidiary Henan Nangang Heli New Materials for credit business with Shanghai Pudong Development Bank.

The guarantee brings total outstanding guarantees for the subsidiary to CNY 3.73 billion. It forms part of a 2025 plan to provide up to CNY 5 billion in new credit guarantees for wholly-owned and controlling subsidiaries.

Nanjing Iron & Steel owns 51% of Henan Heli, with the guarantee fully collateralized by counter-guarantees from the subsidiary and its shareholders.