Jolywood enhances subsidiary support with guarantees and reorganization

Jolywood(Suzhou)Sunwatt [SZSE:300393] is taking strategic steps to support its subsidiaries, as revealed in a series of announcements. The company is providing guarantees totaling CNY 111 million to its subsidiaries Sunwatt (Suzhou)Min Sheng Energy, Shanxian Zhonglai, Lulong Zhonglai and Rudong Zhonglai to optimize their financial structures. These guarantees fall within the scope of previously approved limits. This is combined with a related-party transaction, where its subsidiary Jiangsu Zhonglai XinCai will purchase CNY 11.435 million of photovoltaic steel frame from Changshu Zhongjian Metal Industries, a company controlled by Jolywood's Vice Chairman, Lin Jianwei. All independent directors approved. This is a transparent transaction to reduce dependency and secure supplies.