Ultra-long-term guarantees repeatedly appear in A-shares; forward-looking financial risks warrant vigilance.

On September 29, Jinfa Labi announced that it had provided a guarantee for a loan to its associate company Hanfei Investment. Because the latter failed to repay in full and on time, the company assumed joint and several guarantee liability as agreed and had already made the relevant payment on its behalf. This incidentAmong A-share listed companies, ultra-long guarantees lasting decades are not uncommon. As the disclosure of 2026 semi-annual reports wrapped up, a batch of "ultra-long standby" guarantee agreements surfacedXingyuan Environment, Greenland Holdings, JA Solar Technology, and several other listed companies all have external guarantee arrangements with terms of more than 20 years. Guarantees are off-balance-sheet commitments and will not hit current-period profit in the short term, so the risk appears distant. But when a guarantee agreement locks in several decades, it is hard to avoid converting uncertainties such as future macroeconomic cyclical fluctuations, industry iteration, and business fluctuations of the guaranteed party into potential compensation obligations for the listed company. An ultra-long guarantee period far exceeds the normal operating cycle, and the long-term financial risks hidden within it deserve vigilance.