Qingdao Port (06198) issued an announcement. In order to promote the development of logistics and port value-added service business, Qinggang, a wholly-owned subsidiary of the company...
According to Zhitong Finance App, Qingdao Port (06198) announced that in order to promote the development of logistics and port value-added service business, Qinggang Logistics, a wholly-owned subsidiary of the company, plans to apply to the Dalian Commodity Exchange to launch a 20,000 ton PVC futures delivery warehouse business.
According to the relevant provisions of the “Administrative Measures on Designated Delivery Warehouses of the Dalian Commodity Exchange”, the company is required to provide a joint liability guarantee for matters relating to Qinggang Logistics's carrying out the above business. The guarantee period covers the duration of the business agreement and two years from the date of expiration of the period of existence. According to estimates of the approved storage capacity of the delivery warehouse and the peak average transaction price of market transactions, the peak value of approved goods was RMB 120 million, and the maximum guarantee amount this time was not more than RMB 120 million, with no reverse guarantee.
When PVC futures are actually stored, Qinggang Logistics will purchase all property insurance according to the value of the stored PVC. The purchase insurance amount will cover the full value of the product, and the possibility that the company will assume guarantee liability is extremely small.