Shanghai Emperor of Cleaning Hi-Tech secures ¥120M loan

Shanghai Emperor of Cleaning Hi-Tech (SSE:603200) announced that its board has approved a plan for its wholly-owned subsidiary, Shanghai Xiba Qingyi New Material Technology Co., to apply for a fixed asset loan from Bank of Communications Shanghai Songjiang Branch. The loan amount will not exceed ¥120 million. The funds will be used for the construction of the Shanghai base (Phase I) project, including factory buildings, R&D facilities, and related production equipment. The loan is secured by a mortgage of the project land and construction in progress. The loan period is 10 years. The company's management is authorized to finalize the specific terms, subject to bank approval. The loan is within the authority of the board and does not need shareholders' permission.