Summary by Futu AI
CHINA SOUTHERN AIRLINES CO., LTD. ANNOUNCED ON 29 APRIL 2024 THAT ITS BOARD OF DIRECTORS HAS APPROVED THE DECISION TO PROVIDE COLLATERAL QUOTAS TO ITS SUBSIDIARIES HEBEI AIRLINES, SPV, JIANGXI AIRLINES, XIAO AIR LEASING, XIAO FINANCE AND SHANZHOU LOGISTICS. The coverage will be valid from 1 July 2024 to 30 June 2025. This is designed to support subsidiaries to broaden financing channels and reduce financing costs to meet the company's overall development needs. As of the announcement date, Xiamen Airlines has provided security balances to Hebei Airlines, SPV Corporation and Jiangxi Airlines of approximately RMB 21.7 billion, RMB 26 billion and RMB 3.6 billion, respectively. THE COMPANY EMPHASIZES THAT THE TOTAL AMOUNT OF COLLATERAL PROVIDED EXCEEDS 100% OF THE MOST RECENT AUDITED NET ASSETS AND SPECIFICALLY REMINDS INVESTORS TO BE AWARE OF THE RISKS INVOLVED. The Board of Directors ensures that the content of the announcement is truthful, accurate, complete and is legally responsible for it.