Phoenix Shipping to guarantee subsidiary's $1.4m loan

Chang Jiang Shipping Group Phoenix (SZSE: 000520) announced it will provide a full guarantee for Shanghai Huatai Shipping Co., Ltd. in order to fulfill operational funding needs. The guarantee covers RMB 10 million ($1.4 million) for a line of credit Shanghai Huatai Shipping has with the Nanjing Bank. This amount represents 1.84% of the listed company's audited net assets. Shanghai Huatai Shipping's operations include domestic cargo and international shipping management. As of December 31, 2023, Shanghai Huatai Shipping's total assets were RMB 34.41 million, with net assets of RMB 10.76 million. The current loan guarantee has been approved by the board of directors. As of March 6, 2025, Phoenix Shipping has no other guarantees, outstanding debts, or litigation.