Summary by Moomoo AI
China Foreign Shipping announced on 22 March 2024 that its Board of Directors had approved a motion on the expected amount of external guarantees for 2024 and will be submitted to the General Meeting for consideration. The forecast is for financial credit insurance of not more than RMB 25.79 billion, operating collateral of not more than RMB 10 billion, capital insurance without a fixed amount, and the total amount of external insurance is not more than RMB 267.79 billion. This insurance is primarily intended to meet the day-to-day business needs of the Company and its holding subsidiaries and is conducive to the Company's business development. The Board considers that the risk of insurance is manageable and will not harm the interests of the company and shareholders. As of the announcement date, the Company and its holding subsidiaries had a total external collateral of approximately $93.24 billion, with no overdue coverage.