Summary by Moomoo AI
Nanjing Steel Co., Ltd., a subsidiary of CITIC China Corporation, issued a notice on March 27, 2024 detailing the progress of its external guarantee provision. The total amount of security provided by Nanjing Steel to its wholly-owned subsidiary Nanjing Steel Group International Economic Trade Co., Ltd. (Nangang China Trade) does not exceed RMB 52 billion. In 2024, Nanjing Steel has added a new security balance to South Steel's domestic trade of US$3.8 billion, equivalent to approximately RMB26.96 billion. The guarantee provides a collateral guarantee for liabilities between Nangang National Trade and Jiangsu branches of China Import and Export Bank of China. As of the date of the announcement, Nanjing Steel has no overdue insurance and this guarantee is not countervailable. Founded in 1998, Nangang China is mainly engaged in import and export business, and achieved a net profit of approximately RMB 1.95 million in 2022. Nanjing Steel and its wholly-owned and controlled subsidiaries added total external collateral of RMB96.34 billion, accounting for 36.30% of the company's most recent audited net assets.