Ginlong Technologies expands guarantees for subsidiaries' operations

Ningbo Ginlong Technologies announced its continued support for its wholly-owned subsidiaries and grandchildren by providing guarantees to facilitate their production and operational needs. The guarantees, exceeding 100% of the company's latest audited net assets, are for loans obtained by 24 project companies, including Ningbo Tiangao New Energy and others, from Bank of Communications (BOCOM) Cixi branch, totaling CNY 32.977 million. Ginlong's wholly-owned subsidiary, Ningbo Ginlong Smart Energy, has also stepped in to guarantee CNY 9.770 million in loans for 11 project companies, including Ningbo Qifeng New Energy, from BOCOM's Xiangshan branch. As of the announcement date, the company's cumulative actual guarantee amount provided by subsidiaries to subsidiaries (including this time) was CNY 587.528 million, accounting for 75.75% of the company's latest audited net assets. The total guarantee line for wholly-owned and holding subsidiaries (including grandchildren) is CNY 1,500,000 million, representing 193.40% of the most recent audited net assets. Ginlong affirms that no overdue guarantees or litigation-related losses exist.