CITIC Securities Announces Indirect Subsidiary CSI MTN Limited Issues USD 13.3 Million Medium-Term Notes with Full Guarantee by Subsidiary 1

中信证券股份有限公司关于间接子公司发行中期票据并由全资子公司提供担保的公告

主要内容及投资者关注点

发行与担保结构：中信证券股份有限公司（以下简称“公司”）的境外全资子公司中信证券国际有限公司通过其特殊目的公司（SPV）——CSI MTN Limited，发行总计1,330万美元的中期票据，并由中信证券国际提供无条件、不可撤销的保证担保。
累计担保情况：截至公告日，公司及控股子公司对外担保总额为人民币2,093.80亿元，占公司最近一期经审计净资产的65.45%。本次担保金额（含本次）超过公司净资产的50%，这一比例对投资者来说具有高度关注性。
被担保人财务状况：CSI MTN Limited资产净额为负，但为公司债务融资专设的票据发行主体，未开展除债券发行外的其他业务。主要财务数据显示，公司负债率极高，资产净额为-0.47百万美元（2025年9月30日）及-0.46百万美元（2025年12月31日），资产负债率超过70%。
内部决策与授权：本次担保已获董事会及股东大会授权，担保决策符合公司治理要求，董事长、总经理、财务负责人和总司库组成的授权小组全权办理发行事项。
资金用途及风险提示：本次发行的票据用于补充集团营运资金。公司强调担保风险可控，担保不会损害公司与股东利益。目前无逾期担保。

潜在影响与投资者需注意事项

对公司财务影响：公司对外担保总额已达到净资产的65.45%，风险敞口较大。若被担保方发生违约，公司可能承担较大担保责任，对业绩和股价产生影响。
对股东利益的影响：虽然担保对象为公司全资控股子公司，风险可控，但资产负债率高、净资产为负，说明被担保公司偿债能力有限，投资者需高度关注。
合规与决策透明度：本次担保严格按照公司治理流程与股东大会授权执行，符合监管要求。
重大风险提示：本次担保金额超过公司净资产50%，且被担保公司资产负债率超过70%，属重大财务事项，投资者需充分评估由此带来的潜在财务风险。

公告原文摘要

公司境外全资子公司中信证券国际的附属公司CSI MTN Limited于2022年3月29日设立境外中期票据计划，并由中信证券国际提供担保。2026年3月27日、30日，发行人于该计划下发行两笔票据，发行金额合计1,330万美元。公司通过中信证券国际间接持有被担保人100%股权。担保协议由中信证券国际和发行人、花旗国际有限公司（受托人）签署，担保为无条件及不可撤销。董事会和股东会已审议通过相关议案，授权小组全权办理相关事项。本次担保不会损害公司及股东利益。

结论：是否为股价敏感信息

本公告涉及重大财务担保事项，担保金额高、被担保公司资产负债率极高，属于可能影响公司股价的重要信息。投资者应高度关注本次担保的后续进展和潜在风险。

免责声明

本文章仅为信息披露解读，不构成投资建议。投资者应根据自身情况和风险偏好，审慎决策。公司公告内容如有变化，请以官方公告为准。

CITIC Securities Co., Ltd. Announces Indirect Subsidiary’s Medium-Term Note Issuance and Guarantee

Key Points and Investor Focus

Issuance & Guarantee Structure: CITIC Securities’ overseas wholly-owned subsidiary, CITIC Securities International, via its special purpose vehicle (SPV) CSI MTN Limited, is issuing medium-term notes totaling USD 13.3 million, fully and irrevocably guaranteed by CITIC Securities International.
Aggregate Guarantee Situation: As of the announcement date, the company and its subsidiaries’ total external guarantee is RMB 209.38 billion, amounting to 65.45% of the latest audited net assets. The guarantee amount (including this time) exceeds 50% of net assets—a highly noteworthy ratio for investors.
Financial Status of the Guaranteed Entity: CSI MTN Limited, established exclusively for debt financing, has negative net assets and an extremely high asset-liability ratio (>70%). Its net assets are -0.47 million USD (as of Sep 30, 2025) and -0.46 million USD (as of Dec 31, 2025).
Internal Decision & Authorization: The guarantee has been approved by the Board of Directors and Shareholders’ Meeting, with an authorized committee (Chairman, GM, CFO, Treasurer) handling all issuance matters.
Use of Funds & Risk Warning: The funds raised are to supplement the group’s working capital. The company claims the guarantee risk is controllable and doesn’t harm company or shareholder interests. No overdue guarantees currently exist.

Potential Impact and Investor Reminders

Financial Impact: The total external guarantee reaches 65.45% of net assets, indicating significant risk exposure. In case of default by the guaranteed entity, the company may face substantial guarantee liabilities, potentially affecting performance and share price.
Impact on Shareholder Interests: Although the guaranteed entity is fully controlled, its high debt ratio and negative net assets signal limited repayment capability—investors should monitor closely.
Compliance & Transparency: The guarantee follows corporate governance and shareholder authorization, meeting regulatory requirements.
Major Risk Alert: The guarantee amount exceeds 50% of net assets, and the guaranteed entity’s debt ratio surpasses 70%. This is a major financial matter that investors must carefully assess for associated risks.

Announcement Summary

The overseas wholly-owned subsidiary’s SPV, CSI MTN Limited, established its medium-term note program in March 2022, with CITIC Securities International as guarantor. On March 27 and 30, 2026, two tranches totaling USD 13.3 million will be issued. CITIC Securities International indirectly holds 100% equity in the guaranteed entity. The guarantee agreement is unconditional and irrevocable. The Board and Shareholders’ Meeting have approved the relevant resolution, and an authorized committee handles all related matters. The company asserts this guarantee does not harm its or shareholders’ interests.

Conclusion: Is This Price-Sensitive Information?

This announcement involves a significant financial guarantee with high amounts and extremely high debt ratios for the guaranteed entity. It is likely to affect the company’s share price. Investors should pay close attention to subsequent developments and potential risks.

Disclaimer

This article is for information disclosure interpretation only and does not constitute investment advice. Investors should make prudent decisions according to their own circumstances and risk preferences. If there are changes to the official announcement, please refer to the company’s official disclosures.