Shuangliang Eco-Energy: Shareholder pledges rise, intercompany receivables accounting changes

Shanghai Tong Sheng Yong Ying Enterprise Management Partnership, an associate of Shuangliang Eco-Energy Systems' controlling shareholder, released and re-pledged 84,000,000 shares, maintaining its pledged proportion at 26.31% of its holdings. Concurrently, Shuangliang Group pledged 230,000,000 shares, increasing its pledged holdings to 69.83%. Cumulatively, the controlling shareholder and related parties have pledged 314,000,000 shares, representing 36.48% of their combined holdings and 16.76% of the company’s total share capital.

The company also announced a change in accounting estimates, effective from the date of the announcement, for bad debt provisions on intercompany receivables. Previously, these were calculated using an aging analysis; now, they will be individually assessed for impairment, with provisions made only if objective evidence of impairment exists. This change is adopted prospectively and will not impact prior period financial statements.