East Group backs subsidiary financing with guarantees, share buyback continues

East Group (SZSE:300376) is providing guarantees to support its wholly-owned subsidiary, Xinjiang Changyi Photovoltaic Power Generation, in securing financing. Changyi has obtained RMB 600 million in financing from Jiangsu Financial Leasing, backed by guarantees including RMB 880 million from East Group and its subsidiary, Changyi New Energy Technology. These guarantees include equity pledges, accounts receivable, and equipment mortgages. Meanwhile, East Group continues its share repurchase program, having bought back 18,846,560 shares as of February 28, 2025, for RMB 61,615,535. The buybacks serve the dual purpose of maintaining company value and potentially funding employee stock ownership or incentive plans, with part of the buyback already completed in November 2024.