Seazen Holdings amends annual report, clarifies related-party financing details

Seazen Holdings has revised its 2024 annual report to correct previously omitted details regarding related-party funding. The correction focuses on Section Ten, "Financial Report," specifically "Eleven, Related Parties and Related Party Transactions," sub-section "5, Related Party Transactions," and sub-section "(13) Related Party Fund Borrowing."

The original report stated that related-party fund borrowing was "not applicable." The updated report now explicitly states that Seazen Holdings borrowed 5.17 bn yuan from Seazen Services Group Co., Ltd. in 2024, with a year-end balance of 0 yuan. For 2023, the borrowing was 1.8 bn yuan, also with a year-end balance of 0 yuan. This clarifies that all related-party funds from this transaction were repaid by the end of the month in which they were transferred, except for one transaction in 2023 repaid the following month.

The amended report also notes that the transaction amounts include funds borrowed by Seazen Services Group Co., Ltd.'s subsidiaries. These entities are all controlled by the same ultimate controlling party as Seazen Holdings. The highest daily balance for these borrowings was 700 million yuan in 2023 and 800 million yuan in 2024. This revision ensures accuracy in the company's financial disclosures without affecting its overall financial health or operating performance.