CIMC (02039.HK): JV Loan Defaults Trigger RMB220m Guarantee Payment
NewTimeSpace News: On 3 November 2026, China International Marine Containers (Group) Co., Ltd. (stock code: 02039; A shares: 000039.SZ) announced that a syndicated loan of its associate Shenzhen CIMC Industry City Development Group Co., Ltd. had fallen overdue, and the Company will honour its guarantee in proportion to its agreed share.
According to the announcement, CIMC Industry City signed a syndicated loan contract with Agricultural Bank of China and Bank of China on 5 July 2019 and drew down in tranches. A Bank of China tranche matured on 10 October 2026 with principal and interest of RMB95.4 million, and an Agricultural Bank tranche matured on 3 November 2026 with principal and interest of RMB165.2 million, bringing total overdue debt to RMB260.6 million as at the date of the announcement. A further RMB172.5 million of principal falls due on 7 January 2027, and the outstanding principal under the contract stands at RMB431.7 million.
The subsidiaries of CIMC Industry City failed to repay in full on schedule because sales proceeds lagged the contractual repayment nodes. In December 2020 the Company, as guarantor, signed a syndicated loan guarantee contract with the lending banks, providing joint and several liability guarantees at 51.07% of the relevant loans; based on the current principal balance, its compensatory payment will not exceed RMB220.5 million of principal plus related interest and fees, subject to formal bank confirmations.
The Company said the payment will create receivables from CIMC Industry City and from the other shareholders providing counter-guarantees, which it will recover through legal channels. CIMC Industry City is stepping up collections and sales, with several sizeable asset transactions making substantive progress. As at 30 September 2026, CIMC Industry City had total assets of RMB40.49 billion and net assets of RMB7.87 billion, with revenue of RMB4.03 billion and a net loss of RMB186.2 million for the first nine months of 2026. The Company said the financial impact remains uncertain but is not expected to have a material adverse effect on normal operations.
