GCL Energy's controlling shareholder re-pledges significant shares, raising total to 80%

GCL Energy Technology announced that its controlling shareholder, Shanghai Qichen Enterprise Management Co., Ltd., has released and re-pledged a total of 107,500,000 shares. This transaction represents 15.50% of Shanghai Qichen's total holdings and 6.62% of GCL Energy's total share capital. Following this activity, the cumulative pledged shares by Shanghai Qichen and its concerted party, Shanghai GCL Chuangzhan Enterprise Management Co., Ltd., now stand at 773,359,220 shares.

This brings the total pledged shares by the controlling shareholder and its concerted party to 99.20% of their combined holdings and 47.64% of the company's total share capital. The company clarified that this re-pledge is not related to the listed company's production and operations, nor will it significantly impact its operations or corporate governance. The financing from the re-pledge is not tied to the listed company's production and operational needs but is primarily for related-party financing guarantees.

The announcement highlights that 442,806,285 pledged shares, representing 56.80% of the controlling shareholder's holdings and 27.28% of the company's total share capital, are due to expire within the next six months, with a corresponding financing balance of 19.76 bn yuan. Within the next year, 475,206,285 pledged shares, representing 60.95% of holdings and 29.27% of total share capital, are due, with a financing balance of 22.43 bn yuan.