Nanjing Tanker to use reserves to offset cumulative losses

Nanjing Tanker Corporation (Nanjing Tanker) announced its intention to use capital and surplus reserves to offset cumulative losses accumulated through December 31, 2024. The decision follows approvals from its board of directors and an extraordinary general meeting of shareholders in late 2025. This action is in accordance with relevant company law and financial regulations.

According to an audit report by KPMG Huazhen LLP, Nanjing Tanker's parent company had an undistributed deficit of -RMB 1,574,105,638.87 as of the end of 2024. To address this, the company plans to utilize its parent company's surplus reserves of RMB 3,193,890.66 and capital reserves of RMB 1,570,911,748.21.

Creditors are being notified and have 30 days from receiving the notice, or 45 days from the announcement date of November 13, 2025, to submit claims with valid documentation. This measure will not affect the validity of existing creditor rights, and current debts will be honored according to original agreements.