Western Securities' borrowings exceed half of prior year's net assets

Western Securities (SZSE:002673) announced that its cumulative new borrowings for the period of January to June 2025 have exceeded 50% of its net assets as of December 31, 2024. The company's audited net assets at the end of 2024 stood at CNY 29.015 billion, with total borrowings of CNY 36.998 billion. By June 30, 2025, borrowings had risen to CNY 55.553 billion, reflecting cumulative new borrowings of CNY 18.555 billion, which represents 63.95% of the prior year's net assets. The increase is attributed primarily to a rise in interbank lending and repurchase agreement transactions, although the company asserts that the increased borrowings do not negatively impact its ability to meet debt obligations.