China Express Airlines guarantees subsidiary, increases debt coverage

China Express Airlines (SZSE:002928) announced that it has provided a guarantee of RMB 20 million for its subsidiary, China Express Aircraft Maintenance Engineering Co., Ltd., to secure debts with Industrial Bank Co., Ltd. Chongqing Branch. This guarantee falls within the RMB 1.6 billion limit approved by the company's shareholders on May 14, 2024. As of the announcement date, the total outstanding guarantees for the subsidiary are RMB 22.71 million, with RMB 330 million remaining available under the approved limit. Total company guarantees account for 22.97% of the firm's net assets. This move aims to foster subsidiary business growth. The company has no overdue external guarantees or related losses.