Summary by Futu AI
Shandong Gold Mining Co., Ltd. (“Shandong Gold”) recently announced that its holding subsidiary Yintai Gold has provided security to its wholly-owned and controlling subsidiaries, with a total expected sum of no more than RMB 300 billion. Yintai Gold has signed insurance contracts with several banks to provide security for Shanghai Shenghong Rongxin International Trade Co., Ltd. (“Shanghai Shenghong”) in the amount of guarantees of USD 1 billion, USD 5 billion and USD 15.6 billion, respectively. As of the announcement date, Yintai Gold had a hedged balance of $59.595 million for its holding subsidiaries, accounting for 5.15% of Yintai Gold's most recent audited net assets and 1.80% of Shandong Gold's most recent audited net assets. Shanghai Shenghong has a balance of 80.11% as of end-December 2023, and Shandong Gold reminds investors to be aware of the risks involved. This coverage does not involve counterinsurance and does not involve the cumulative amount of external insurance due. The Board of Directors of Shandong Gold issued this announcement on 12 April 2024.