Jin Kai New Energy subsidiary guarantees Mei Zhou Yue Zhi debt of up to 321.30m yuan

Jin Kai New Energy Co., Ltd. announced that its wholly-owned subsidiary, Jin Kai New Energy Technology Co., Ltd. (Jin Kai Limited), will provide a guarantee of up to 321.30 million yuan for financing lease business undertaken by Mei Zhou Yue Zhi New Energy Technology Co., Ltd. (Mei Zhou Yue Zhi), a controlled subsidiary of Jin Kai Limited. This guarantee is a joint and several liability and falls within the estimated annual guarantee limit approved by shareholders for 2025. The guarantee period extends three years from the maturity date of Mei Zhou Yue Zhi's last debt under the main contract.

As of the announcement date, Jin Kai Limited has not provided any prior guarantees for Mei Zhou Yue Zhi. However, the cumulative external guarantee balance by the company and its subsidiaries, excluding this transaction, amounts to 14,983,895,200 yuan. This represents 161.21% of the company's latest audited net assets attributable to shareholders, with no overdue external guarantees.

Investors are cautioned about the associated risk, as Mei Zhou Yue Zhi's asset-liability ratio exceeds 70%. The company confirms the necessity and reasonableness of the guarantee, stating it is for operational needs and that Mei Zhou Yue Zhi has good credit and normal operations, with no significant repayment risk or overdue debts.