Summary by Moomoo AI
GREAT WALL AUTOMOBILES (STOCK CODE: 02333) ISSUED AN ANNOUNCEMENT ON 28 MARCH 2024 REGARDING THE COMPANY'S GUARANTEE PLAN FOR 2024. The plan, approved by the Board of Directors, is expected to cover no more than RMB 165 billion for the subordinated holding companies. As of March 25, 2024, the actual guaranteed balance of the company was RMB898 billion. This guarantee scheme is intended to support the production and business development of the subsidiary and will not adversely affect the company's continued operating capacity, profit or loss and asset condition. The announcement states that the Company has not provided any warranty to other related parties and that this guarantee is not expected to involve a breach and will not prejudice the interests of the Company and its shareholders. The guarantee covers the company's guarantees against the holding subsidiaries, guarantees between the holding subsidiaries, and may include credit guarantees, collateral guarantees, and other forms. The guarantee shall take effect after the vote of the General Meeting and shall be valid for no more than 12 months.