Wuzhou Special Paper guarantees up to USD 32.9m (CNY 220m) of subsidiary bank credit

Wuzhou Special Paper signed guarantee contracts on 12 October 2026 backing bank credit for two subsidiaries: up to USD 3.0m (CNY 20m) for Zhejiang Wuxing with Postal Savings Bank of China and up to USD 29.9m (CNY 200m) for its Jiangxi unit with Shanghai Pudong Development Bank. The guarantees fall within the annual cap shareholders approved on 8 May 2026. Outstanding external guarantees by the company and its subsidiaries stand at USD 944m (CNY 6.32bn), 173.17% of its latest audited net assets attributable to shareholders.

Why this mattersOutstanding guarantees at 173% of net assets tie Wuzhou's balance sheet to subsidiaries such as Zhejiang Wuxing, whose debt-to-asset ratio exceeds 70%.

• Guarantee contracts signed on 12 October 2026 with the Quzhou branches of Postal Savings Bank of China and Shanghai Pudong Development Bank
• Zhejiang Wuxing guarantee capped at USD 3.0m (CNY 20m); Jiangxi subsidiary guarantee capped at USD 29.9m (CNY 200m)
• Zhejiang Wuxing's debt-to-asset ratio exceeded 70% at 30 June 2026
• Outstanding external guarantees total USD 944m (CNY 6.32bn), 173.17% of net assets
• Cumulative external guarantees total USD 1.30bn (CNY 8.72bn), 238.82% of net assets
• Annual guarantee cap of USD 823m (CNY 5.51bn) approved at the 2025 AGM on 8 May 2026

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