Approval required

(1) Approval conditions for major investment and financing plans:

1. Enterprises use their own funds to purchase stocks, funds, and bonds in the secondary market , futures investment, if investment is really necessary, it must be approved by more than two-thirds of all members of the board of directors (if there is no board of directors, the general manager's office meeting), and operate in accordance with national regulations;

2. It is strictly prohibited to invest in Wholly-owned or holding companies that are already insolvent and have no hope of turning around losses should increase investment or transfer equity;

3. Companies are not allowed to cooperate with companies with poor credit standing, poor asset quality, or companies that clearly lack investment capabilities. .

(2) Conditions for approval of external guarantees:

1. Enterprises are not allowed to provide guarantees for enterprises (companies) invested by shareholders, unincorporated entities, natural persons or corporate executives;

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2. In principle, enterprises provide guarantees for investment enterprises in proportion to their equity. Generally, they are not allowed to directly or indirectly provide guarantees for enterprises with an asset-liability ratio exceeding 70%;

3. Except for the state and autonomous regions, Unless otherwise specified, the total amount of guarantees provided by an enterprise to an investment enterprise shall not exceed 50% of the enterprise's net assets in the consolidated financial statements of the most recent fiscal year.

4. Strictly control the provision of guarantees for non-investment enterprises and the provision of guarantees for participating enterprises in excess of their shareholding ratio. If a guarantee is really needed, there must be mutual guarantees or reliable counter-guarantees, and the approval procedures must be followed.