Huatai Securities guarantees $500m notes for subsidiary Pioneer Reward

Huatai Securities has provided an unconditional and irrevocable guarantee for Pioneer Reward Limited's issuance of $500 million medium-term notes under its existing Medium-Term Note Program. The issuance, completed on September 25, 2025, brings the total guaranteed amount to $4.096 billion, including previous issuances. The company's total outstanding guarantees for its subsidiaries, including this new issuance, amount to RMB 405.92 billion.

The guarantee is intended to repay maturing offshore debt. Pioneer Reward Limited, an indirect wholly-owned subsidiary of Huatai Securities, is a special purpose vehicle (SPV) with a debt-to-asset ratio exceeding 70%.

The board of directors and shareholders previously approved a general authorization for the company's chairman, chief executive, and chief financial officer to make decisions on offshore foreign currency debt financing instruments, including guarantees for wholly-owned subsidiaries with a debt-to-asset ratio over 70%. The authorization's validity was extended to the date of the 2025 annual general meeting.