According to Tianyan Research, Huasu Holdings had revenue of 361 million yuan and a loss of 21.05 million yuan in the first half of 2026. According to the company's announcement, it still plans to provide 328 million yuan of guarantee for the two subsidiaries, which is equivalent to about 91% of the revenue for the same period; of these, Tianji Zhigu, which has an indirect shareholding of about 30.6%, plans to guarantee 153 million yuan. According to Tianyan Research, Huasu holds 60% of Chengdu Kangda Credit's, and the latter holds 51% of Tianji Zhigu. After multiplication, the indirect equity is about 30.6%. Losses, a 91% revenue guarantee, and a 30.6% equity chain explain that listed companies are showing terminal business with their own credit priorities, and that additional risk exposure is not an internal allocation of ordinary wholly-owned subsidiaries; the guarantee is yet to be reviewed.

According to Tianyan Research, Huasu Holdings had revenue of 361 million yuan and a loss of 21.05 million yuan in the first half of 2026. According to the company's announcement, it still plans to provide 328 million yuan of guarantee for the two subsidiaries, which is equivalent to about 91% of revenue for the same period; of these, it plans to guarantee 153 million yuan for Tianji Zhigu, which holds about 30.6% of the indirect shares. According to Tianyan Research, Huasu holds 60% of Chengdu Kangda Credit's, and the latter holds 51% of Tianji Zhigu. After multiplication, the indirect equity is about 30.6%. Losses, a 91% revenue guarantee, and a 30.6% equity chain explain that listed companies are showing terminal business with their own credit priorities, and that additional risk exposure is not an internal allocation of ordinary wholly-owned subsidiaries; the guarantee is yet to be reviewed.