Jason Furniture guarantees subsidiary loan as major shareholder undergoes reorganization

Jason Furniture Hangzhou has provided a guarantee of 298 million yuan for its wholly-owned subsidiary, Jason Furniture (Ningbo) Co., Ltd., for a comprehensive credit facility of up to 600 million yuan with Ping An Bank. The actual guaranteed amount will be within the 298 million yuan limit. The total outstanding external guarantees for the company and its controlled subsidiaries now stand at 1.17 billion yuan, representing 11.91% of the company's audited net assets from the latest period.

Concurrently, Jason Furniture Hangzhou provided an update on the reorganization of its 5% or more shareholder, Hangzhou Deye Jiajun Enterprise Management Co., Ltd. The Hangzhou Qiantang District People's Court has accepted the reorganization application filed by Deye Jiajun due to its inability to repay maturing debts. The court has appointed a joint team of law firms and an accounting firm as the administrator for the reorganization.

Jason Furniture Hangzhou clarified that Deye Jiajun is not the company’s controlling shareholder or actual controller, and this reorganization will not affect the company’s control or daily operations. The company will continue to monitor the situation and provide timely disclosures.