上海建工集团股份有限公司发布重大担保进展公告，累计担保额已超净资产116%
一、公告要点摘要
- 担保总额巨大：截至2026年5月31日，上海建工集团对外提供担保余额高达583.49亿元，占公司最近一期经审计净资产的116%。
- 当月新增担保情况：2026年5月单月新增担保金额为18.15亿元，主要为13家子公司提供，包括12家资产负债率高于70%的子公司（18.14亿元）及1家资产负债率低于70%的子公司（0.01亿元）。
- 担保对象：全部为公司控股子公司，无关联担保，对外担保未逾期。
- 高风险提示：公司及控股子公司对外担保总额已超过净资产100%，且本月度为高负债子公司提供了大额担保。
- 主要担保企业及金额：单一公司大额担保如上海建工（美国）有限公司（合计63.32亿元）、天津住宅建设发展集团有限公司（17.94亿元）、上海建工集团投资有限公司（106.82亿元）等。
- 担保方式：全部为连带责任保证，期限1个月至4年。
- 股东大会及董事会已审议通过相关议案。
二、详细内容梳理
1. 担保明细
2026年5月，公司为子公司申请各类贷款、预付款保函、履约保函、农民工工资保函、诉讼保函等，提供总计18.15亿元担保。涉及公司包括上海建工四建集团有限公司、上海建工七建集团有限公司、上海市建筑装饰工程集团有限公司、上海建工一建集团有限公司、上海园林（集团）有限公司、上海建工二建集团有限公司、上海建工环境科技有限公司、上海市政建设有限公司、上海建工（美国）有限公司、天津住宅建设发展集团有限公司、上海建工五建集团有限公司、上海市基础工程集团有限公司、上海市安装工程集团有限公司等。
单笔大额担保包括：
- 上海建工四建集团有限公司：3,724.5万元、4,399万元、11,680万元、4,553万元等多笔担保。
- 上海建工（美国）有限公司：14,000万元、17,000万元、43,253万元等多笔担保。
- 天津住宅建设发展集团有限公司：10,000万元。
担保最终到期日最远至2030年，债权人主要为建设银行、民生银行、浦发银行、中信银行、东亚银行等。
2. 担保余额情况
截至2026年5月31日，公司对控股子公司担保余额分布如下：
- 高负债（资产负债率70%以上）子公司：如上海建工集团投资有限公司（106.82亿元）、上海建工（美国）有限公司（63.32亿元）、上海建工一建集团有限公司（57.64亿元）、上海建工五建集团有限公司（23.45亿元）等，共计数十家。
- 低负债（资产负债率70%以下）子公司：如上海建工集团安吉建设有限公司（17.83亿元）、上海建工（加拿大）有限公司（7.87亿元）、上海建工房产有限公司（56.74亿元）等。
- 对合营、联营企业担保余额较小，合计0.32亿元。
总计担保余额583.49亿元。
3. 内部决策合规性
上述担保事项已于2026年4月14日董事会、2026年6月9日股东大会审议通过。2026年度公司预计为92家控股子公司提供担保792.76亿元，为3家联营合营企业担保3.47亿元。
4. 担保合理性与必要性说明
公司认为，担保主要针对控股子公司及下属企业，公司拥有实际控制权，风险可控。担保有助于子公司日常经营及项目开展，具备必要性和合理性。
三、对股东及投资者的重要提示
- 高担保风险：公司及控股子公司对外担保总额已超过净资产100%，属于高风险操作，若被担保方出现违约，公司需承担连带保证责任，可能对财务状况和股价产生重大不利影响。
- 高负债子公司担保占比大：本月新增担保绝大部分为资产负债率超过70%的子公司，风险进一步加大。
- 无控股股东及关联方担保：所有担保均为公司控股子公司，无对控股股东、实际控制人及其关联人担保。
- 持续高担保额度：2026年度预计担保额度近800亿元，短期内公司高杠杆经营态势难有明显下降。
四、投资者需关注的潜在影响
担保总额持续高企，且显著超过净资产，暴露出公司及其控股子公司整体流动性与资金链压力。若未来部分被担保子公司出现经营或资金风险，可能引发公司需履行大额担保责任，严重时对公司资产负债表、盈利能力及股价带来冲击。投资者应高度关注公司后续的资金状况及被担保方的经营表现。
五、结论
上海建工集团本次公告再次披露其高担保、高杠杆经营现状，尽管目前暂无逾期担保，但巨额担保已对公司风险敞口构成重大压力。此类信息具备高度敏感性，值得投资者和股东持续关注，并对未来可能的财务风险做好预判。
免责声明：本文内容基于公司公告材料整理，不构成投资建议。投资者请根据自身风险承受能力，理性决策。因本文内容带来的任何投资损失，作者及平台不承担法律责任。
英文版：
Shanghai Construction Group Co., Ltd. Discloses Major Guarantee Progress: Accumulated Guarantees Exceed 116% of Net Assets
I. Key Points Summary
- Large Guarantee Total: As of May 31, 2026, the company’s external guarantee balance reached RMB 58.349 billion, representing 116% of its latest audited net assets.
- Monthly New Guarantees: In May 2026 alone, a total of RMB 1.815 billion in new guarantees was provided to 13 subsidiaries, including RMB 1.814 billion for 12 subsidiaries with asset-liability ratios above 70%, and RMB 10 million for 1 subsidiary below 70%.
- Guarantee Recipients: All guarantee recipients are controlled subsidiaries; there are no related party guarantees and no overdue guarantees.
- High-Risk Warning: The company and its controlled subsidiaries’ total external guarantee amount has exceeded 100% of net assets, and a large portion of new guarantees this month went to highly leveraged subsidiaries.
- Main Guarantee Recipients & Amounts: Significant guarantees include Shanghai Construction (USA) Co., Ltd. (totaling RMB 6.332 billion), Tianjin Housing Construction Development Group (RMB 1.794 billion), and Shanghai Construction Group Investment Co., Ltd. (RMB 10.682 billion).
- Guarantee Method: All are joint and several liability guarantees, with terms ranging from 1 month to 4 years.
- Resolutions Approved: Related resolutions have been approved by the board and shareholders’ meetings.
II. Detailed Breakdown
1. Guarantee Details
In May 2026, the company provided RMB 1.815 billion in guarantees for subsidiaries applying for various loans, advance payment guarantees, performance guarantees, wage guarantees for migrant workers, and litigation guarantees. Major subsidiaries include Shanghai Construction No. 4 Group, No. 7 Group, Decoration Engineering Group, No. 1 Group, Garden Group, No. 2 Group, Environmental Technology Co., Municipal Construction Co., Shanghai Construction (USA) Co., Tianjin Housing Construction Development Group, No. 5 Group, Foundation Engineering Group, Installation Engineering Group, etc.
Notable large single guarantees include:
- Shanghai Construction No. 4 Group: RMB 372.45 million, RMB 439.9 million, RMB 1.168 billion, RMB 455.3 million, and more.
- Shanghai Construction (USA) Co., Ltd.: RMB 1.4 billion, RMB 1.7 billion, RMB 4.3253 billion, etc.
- Tianjin Housing Construction Development Group: RMB 1 billion.
The final guarantee expiry dates are as far as 2030, with creditors primarily including China Construction Bank, Minsheng Bank, SPDB, CITIC Bank, BEA, among others.
2. Guarantee Balance Status
As of May 31, 2026, the balance of guarantees for controlled subsidiaries is as follows:
- High-leverage (asset-liability ratio ≥70%) subsidiaries: e.g., Shanghai Construction Group Investment Co., Ltd. (RMB 10.682 billion), Shanghai Construction (USA) Co., Ltd. (RMB 6.332 billion), No. 1 Group (RMB 5.764 billion), No. 5 Group (RMB 2.345 billion), etc., totaling dozens of companies.
- Low-leverage (asset-liability ratio <70%) subsidiaries: e.g., Anji Construction Co., Ltd. (RMB 1.783 billion), Shanghai Construction (Canada) Co., Ltd. (RMB 787 million), Shanghai Construction Real Estate Co., Ltd. (RMB 5.674 billion), etc.
- Guarantees for joint ventures and associates are minor, totaling RMB 32 million.
Total guarantee balance: RMB 58.349 billion.
3. Internal Approval
The above guarantees have been approved by the board on April 14, 2026, and by the shareholders’ meeting on June 9, 2026. For 2026, the company expects to provide RMB 79.276 billion in guarantees for 92 subsidiaries and RMB 347 million for 3 joint ventures/associates.
4. Rationale and Necessity
The company states the guarantees are mainly for its controlled subsidiaries, over whom it maintains control. Risks are considered controllable, and the guarantees are deemed necessary for daily operations and business development.
III. Key Investor Alerts
- High Guarantee Risk: The group’s external guarantees already exceed 100% of net assets, constituting significant financial risk. If a subsidiary defaults, the parent may bear substantial liability, potentially impacting financials and share price.
- High-Leverage Subsidiaries Dominate Guarantees: Most new guarantees this month are for subsidiaries with asset-liability ratios above 70%, increasing risk.
- No Guarantees for Controlling Shareholders or Related Parties: All guarantees are for subsidiaries; none for controlling shareholders or related parties.
- Persistently High Guarantee Totals: The company expects high guarantee levels to continue in 2026, reflecting ongoing high leverage.
IV. Potential Impact for Investors
Persistently high guarantees, especially above net asset levels, expose the company to liquidity and funding chain risks. If guaranteed subsidiaries encounter performance or liquidity issues, the parent company may face large guarantee obligations, impacting its balance sheet, profitability, and potentially its share price. Investors should closely monitor the company’s funding situation and the operating performance of guaranteed subsidiaries.
V. Conclusion
This announcement highlights Shanghai Construction Group’s continued high-guarantee, high-leverage operation. While there are currently no overdue guarantees, the massive guarantee exposure poses significant risk. Such information is highly price-sensitive and should be closely followed by shareholders and investors for potential financial risk implications.
Disclaimer: This article is based on official company disclosures and does not constitute investment advice. Investors should make decisions based on their own risk profile. The author and platform do not assume legal responsibility for any investment losses arising from this content.
