Ginlong Technologies divests project subsidiaries, adjusts bond fundraising

Ningbo Ginlong Technologies (Ginlong Technologies) has finalized the divestment of its holdings in four project subsidiaries. On March 14, 2025, the company approved the transfer of 99.9% equity in Anxi Xincheng United New Energy Co., Fuzhou Jinneng New Energy Co., and Fuzhou Yunxi New Energy Co., to Xiamen ITG New Energy Technology Co., with the remaining 0.1% to Xiamen Luguan Clean Energy Co. Additionally, 100% equity in Jiangmen Juyi New Energy Technology Co. was transferred to Jingyuan Deep Energy (Suzhou) Energy Technology Co.

Initially, the total equity transfer consideration for the first three subsidiaries was announced as CNY 2,774.40m and CNY 131.50m for Jiangmen Juyi. Following an assessment by experts, the equity transfer consideration for Anxi Xincheng, Fuzhou Jinneng, and Fuzhou Yunxi was adjusted to a total of CNY 2,785.38m.

As of the announcement date, Ginlong Technologies has received CNY 835.61m for the first set of transfers and CNY 116.76m for the second. All four project companies have completed the industrial and commercial registration for equity changes, and Ginlong Technologies no longer holds their equity, nor are they included in the company's consolidated financial statements.