Jingyuntong guarantees overdue; faces potential lawsuit

Beijing Jingyuntong Technology announced that a guarantee it provided for its wholly-owned subsidiary, Wuxi Jingyuntong Technology, has become overdue. The guarantee was related to a 50 million RMB loan Wuxi Jingyuntong obtained from China CITIC Bank Wuxi Branch, which was due on January 24, 2025. As of that date, Wuxi Jingyuntong failed to repay the loan, leaving an outstanding principal balance of 47.99 million RMB. China CITIC Bank Wuxi Branch has demanded Jingyuntong fulfill its guarantee obligation and has initiated legal proceedings. Jingyuntong acknowledges potential risks, including penalties and default interest, and is actively negotiating with relevant parties to resolve the issue. The company cites challenges in the photovoltaic industry and tightened credit conditions as contributing factors to the subsidiary's financial difficulties.