中信证券间接子公司CSI MTN Limited发行中期票据并获全资子公司担保公告

中信证券间接子公司发行中期票据并由全资子公司担保的详细公告

核心要点概述

担保对象和金额：中信证券境外全资子公司中信证券国际有限公司的附属公司CSI MTN Limited于2026年5月14日和15日，在既有中期票据计划下分别发行3,500万美元和1亿港元的票据，合计约1.47亿美元（按2024年汇率估算），由中信证券国际提供无条件及不可撤销的担保。
累计担保规模：截至公告披露日，公司及控股子公司的对外担保总额高达2,147.57亿元，占公司最近一期经审计净资产的67.13%。
本次担保完全在公司授权范围内，已获董事会及股东大会批准。
被担保人资产负债率极高（超99.99%），净资产为负，主营为专门的融资平台（SPV），无实质经营及投资活动，所有融资均服务于集团整体营运资金需求。
无任何逾期担保发生。

事件详细解读

中信证券股份有限公司（以下简称“公司”）发布公告称，其间接全资子公司CSI MTN Limited于2026年5月14日及15日，分别发行了3,500万美元和1亿港元的中期票据。这两笔债务融资均由公司旗下另一全资子公司中信证券国际有限公司（以下简称“中信证券国际”）提供了无条件、不可撤销的全额担保。

1. 担保结构及背景

CSI MTN Limited是公司为境外债务融资专门设立的特殊目的公司（SPV），注册地在英属维尔京群岛（BVI）。其全部股权由中信证券国际间接持有，实际为中信证券100%控股。此次中期票据发行属于2022年3月29日设立的境外中期票据计划（MTN Programme）的一部分，所有融资均主要用于补充集团营运资金。

2. 内部决策与合规性

此次担保行为已获得公司第八届董事会第二十二次会议及2023年度股东大会批准，并在董事长、总经理、财务负责人和总司库组成的授权小组管理下，严格按照法律法规及监管要求操作，风险可控，符合公司及全体股东利益。

3. 被担保人财务状况

截至2026年3月31日，资产总额为34.12亿美元，负债总额34.13亿美元，净资产为-0.46百万美元。
2025年度营业收入仅0.04百万美元，净利润0.02百万美元。无其他经营及投资活动。
资产负债率极高，仅作为集团融资平台，不涉及实质经营风险。

4. 累计担保及潜在风险提示

本次担保后，公司及控股子公司的对外担保总额为2,147.57亿元，占净资产67.13%。
特别提醒：公司累计担保（含本次）超过最近一期经审计净资产50%；本次担保对象资产负债率高于70%，理论上存在较高担保风险，但由于其为集团内部融资平台，实际风险可控。
截至公告日，无逾期担保事项。

对股东及投资者的重要影响与潜在股价影响因素

本次公告表明公司持续通过境外融资优化资本结构，但间接推高了整体担保比例。
高担保比例与高负债率SPV平台可能引发市场对公司杠杆水平及担保风险的关注，尤其在市场流动性收紧或信用环境变化时，或对公司估值及股价带来波动。
董事会认为该融资安排合理、风险可控，符合公司全体股东利益，但投资者应密切关注公司整体负债及担保规模的变化。

结论

本次中信证券通过境外全资子公司继续扩大外部融资规模，并由集团全资子公司提供全额担保，有助于提升公司流动性和资金运营能力，但也提升了公司整体担保水平。投资者和股东需关注公司整体财务杠杆变化及相关潜在风险，这一动态有一定的价格敏感性，或对公司估值产生影响。

免责声明：本文内容仅供投资者参考，不构成任何投资建议。投资有风险，决策需谨慎。请以公司正式公告及相关文件为准。

English Version
Detailed Announcement: CITIC Securities Indirect Subsidiary Issues Medium-Term Notes with Full Subsidiary Guarantee

Detailed Announcement: CITIC Securities Indirect Subsidiary Issues Medium-Term Notes with Full Subsidiary Guarantee

Key Highlights

Guarantee Target and Amount: CITIC Securities’ offshore wholly-owned subsidiary, CSI MTN Limited, issued USD 35 million and HKD 100 million in medium-term notes on May 14 and 15, 2026, respectively—approximately USD 147 million in total (based on 2024 exchange rates). The notes are unconditionally and irrevocably guaranteed by CITIC Securities International.
Cumulative Guarantee Scale: As of the announcement date, the total external guarantees by the company and its subsidiaries reached RMB 214.757 billion, accounting for 67.13% of the latest audited net assets.
This guarantee is fully within the authorized scope, approved by both the Board and the Shareholders’ Meeting.
The guaranteed entity (SPV) has an extremely high leverage ratio (>99.99%), negative net assets, and serves purely as a financing platform with no substantive operations or investments. All financing supports group working capital needs.
No overdue guarantees have occurred.

Detailed Event Analysis

CITIC Securities Co., Ltd. announced that its indirect wholly-owned subsidiary, CSI MTN Limited, issued two tranches of medium-term notes (USD 35 million and HKD 100 million) on May 14 and 15, 2026. Both debts are fully, unconditionally, and irrevocably guaranteed by CITIC Securities International, another wholly-owned subsidiary.

1. Guarantee Structure and Background

CSI MTN Limited, registered in the British Virgin Islands (BVI), is a special purpose vehicle (SPV) established exclusively for offshore debt financing. All equity is indirectly held by CITIC Securities International, making it 100% controlled by CITIC Securities. This issuance is part of the established 2022 offshore MTN Programme, mainly aimed at supplementing the group’s working capital.

2. Internal Decision & Compliance

This guarantee has been approved by the 22nd meeting of the company’s 8th Board and the 2023 Shareholders’ Meeting. It is managed by an authorized group comprising the Chairman, CEO, CFO, and Treasurer, strictly following regulatory and legal requirements. The risk is considered controllable and in the interests of all shareholders.

3. Financial Status of the Guaranteed Entity

As of March 31, 2026: Total assets USD 3.41 billion, total liabilities USD 3.41 billion, net assets negative USD 0.46 million.
2025 operating income USD 0.04 million, net profit USD 0.02 million. No other operating or investment activities.
Extremely high leverage, purely a group financing platform, not involved in substantial business risks.

4. Cumulative Guarantee and Potential Risk Reminders

After this transaction, total external guarantees by the company and subsidiaries reached RMB 214.757 billion, 67.13% of net assets.
Key risk: Cumulative guarantees (including this) exceed 50% of the latest audited net asset; the guaranteed entity’s leverage ratio exceeds 70%, theoretically posing high guarantee risk, but since it’s an internal financing platform, actual risk is controllable.
No overdue guarantees as of the announcement date.

Investor and Shareholder Focus & Potential Price Impact

This announcement demonstrates the company’s ongoing effort to optimize capital structure via offshore financing, but it also raises the overall guarantee ratio.
The high guarantee ratio and highly leveraged SPV may draw market attention to the company’s overall leverage and guarantee risk, particularly if liquidity tightens or credit conditions change, potentially impacting valuation and share price volatility.
The Board deems the arrangement reasonable, risk-controllable, and in shareholders’ interests, but investors should closely monitor changes in the company’s overall leverage and guarantee scale.

Conclusion

CITIC Securities continues to expand offshore financing via wholly-owned subsidiaries, with full guarantees provided by the group. This enhances liquidity and operational funding but also increases the group’s overall guarantee ratio. Investors and shareholders should closely watch changes in financial leverage and related risks; this development is price-sensitive and may affect company valuation.

Disclaimer: This article is for reference only and does not constitute investment advice. Please refer to official disclosures and documents. Investment involves risk; make decisions prudently.