Western Securities borrowings exceed 50% net assets threshold

Western Securities reported borrowings of RMB 555.53 billion as of June 30, 2025, with new borrowings of RMB 185.55 billion representing 63.95% of its net assets.

The increase was primarily driven by other borrowings including interbank borrowings and repurchase agreements, which reached RMB 193.46 billion.

The debt levels triggered entrusted management reports from Orient Securities and Guoyuan Securities, though both firms confirmed Western Securities' financial situation remains stable with all debts serviced on time.