Kunlun Tech secures credit lines, backed by shareholder guarantee

Beijing Kunlun Tech (SZSE:300418) announced it has secured board approval to pursue comprehensive credit facilities from two banks, aiming to bolster its financial flexibility for ongoing operations and business development. The company plans to apply for a credit line of up to CNY350 million from Industrial Bank Co., Ltd. Beijing Branch, with an open credit limit not exceeding CNY200 million. This open portion will be guaranteed by Zhou Yahui, Kunlun Tech’s controlling shareholder, who will provide an unlimited joint liability guarantee. Separately, Kunlun Tech will also apply for a CNY50 million credit line from Shanghai Bank Co., Ltd. Beijing Branch. This credit line is for a term of one year and will be unsecured based on the company's credit standing. The specific terms of both credit agreements, including the guarantee duration, remain subject to final agreements with the respective banks. The board approved both initiatives unanimously.