Western Securities' borrowings exceed 20% of prior year net assets

Western Securities (SZSE:002673) has announced that its cumulative new borrowings in the first quarter of 2025 exceeded 20% of its net assets at the end of 2024. Specifically, the company's net assets as of December 31, 2024, were CNY290.94 billion, while its loan balance reached CNY369.99 billion. By March 31, 2025, the loan balance had increased to CNY450.62 billion, representing cumulative new borrowings of CNY80.63 billion. This increase primarily stems from other borrowings, with a CNY108.2 billion increase mainly related to increased balances in funds borrowed, resale of financial assets, and certificates of deposit. Western Securities assures that the increased borrowing aligns with regulations and business operations and it is also confident that it won't affect its ability to meet debt obligations.