GCL Energy's controlling shareholder re-pledges significant stock

GCL Energy Technology Co., Ltd. announced that its controlling shareholder, Shanghai Qichen Enterprise Management Co., Ltd., re-pledged 5,000,000 shares. This transaction represents 0.72% of Shanghai Qichen's total holdings and 0.31% of the company's total share capital. The re-pledge, for a one-year term from August 27, 2024, to September 5, 2025, is secured by Xinjiang Huibaichuan Commercial Factoring Co., Ltd.

Following this transaction, the controlling shareholder and its concerted parties have pledged over 80% of their total shareholdings. The cumulative number of pledged shares for Shanghai Qichen and Shanghai GCL Chuangzhan Enterprise Management Co., Ltd. stands at 778,706,285 shares, representing 99.88% of their combined holdings and 47.97% of GCL Energy Technology’s total share capital.

The company stated that the re-pledge is not related to the listed company's production and operation needs and does not involve any performance compensation obligations. It primarily serves as financing collateral for related parties. The company's controlling shareholder and its concerted parties claim to have sufficient funds for repayment and maintain sound credit.