On September 29, Golden Rabbi announced that it provided a guarantee for the participating company Han Fei's investment loan. Since the latter failed to repay the full amount on time, the company assumed joint and several guarantees according to the contract and had actually paid the relevant amount. This incident intuitively shows that after the guarantee was triggered, the listed company's off-balance sheet or contingent liabilities turned into actual debt repayment pressure. Among A-share listed companies, ultra-long-term guarantees, which often last for decades, are not uncommon. As the disclosure of the 2026 semi-annual report came to an end, a number of “ultra-long standby” guarantee agreements surfaced — many listed companies, such as Xingyuan Environment, Greenland Holdings, and Jingao Technology, all have external guarantee arrangements for more than 20 years. The guarantee is an off-balance sheet promise. It will not impact current profits in the short term, and the risk seems far away. However, a guarantee agreement is locked in for decades, which will inevitably transform uncertainties such as future macro-cycle fluctuations, industry iterations, and fluctuations in the operation of the guarantee target into potential reimbursement obligations for listed companies. The ultra-long guarantee period far exceeds the normal operating cycle, and its hidden long-term financial risks are worth being wary of.

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