Summary by Moomoo AI
China Telecom Corporation Limited (the “Company”) announced on 26 March 2024 that it will provide its wholly-owned and controlling subsidiaries with an external guarantee scheme for a total amount not exceeding RMB 47,920 million. The scheme involves several subsidiaries including China Telecom Group Finance Limited and China Telecom International Limited and will be effective until 31 March 2025. The Board of Directors guarantees that the contents of the Announcement are true, accurate, complete and free from false statements, misleading statements or material omissions. The guarantee scheme is designed to support the day-to-day production and business development of the subsidiary and to ensure the smooth running of its production and operations. The Company states that this guarantee is a wholly-owned subsidiary that can manage its operations effectively and control the overall risk of underwriting and will not adversely affect the normal operation and financial condition of the Company.