Xi'An Shaangu Power abandons guarantee, scraps supervisory board

Xi'An Shaangu Power Co., Ltd. has announced the cancellation of its planned guarantee for a EUR 68.376 million bank loan to its wholly-owned subsidiary, Shaangu Power (Hong Kong) Co., Ltd., citing changes in the financing plan; the guarantee had been approved earlier this year but was never executed. In a separate but related move, the company will also eliminate its supervisory board, transferring its responsibilities to the audit committee of the board of directors, according to filings made on July 9, 2025. The decision to disband the supervisory board, pending shareholder approval, aligns with corporate governance guidelines, while the company assures stakeholders that the supervisors will continue fulfilling their duties until the resolution is passed. As of July 8, 2025, the company's total external guarantees amounted to CNY 234.33 million, representing 2.64% of the latest audited net assets, while guarantees for its controlling subsidiaries totaled CNY 49.93 million or 0.56% of net assets; there are no overdue guarantees.