Megmeet Electrical guarantees subsidiary loan, manages idle raised funds

Shenzhen Megmeet Electrical announced a 60 million yuan guarantee for its controlling subsidiary, Hangzhou Qianjing Technology, for a comprehensive credit line with Shanghai Pudong Development Bank. This increases the total guarantee for Hangzhou Qianjing Technology to 60 million yuan. As of the announcement date, the company's total guarantees for subsidiaries with asset-liability ratios exceeding 70% amount to 410 million yuan, representing 6.59% of its latest audited net assets. This action falls within the 3.95 billion yuan guarantee limit approved at the 2024 annual general meeting.

In separate announcements, Shenzhen Megmeet Electrical detailed the ongoing cash management of idle raised funds from its 2019 and 2022 convertible corporate bond issuances. The company utilized 20 million yuan from its 2019 bonds for principal-protected wealth management products, which have matured, yielding 97,111.11 yuan in investment income. Similarly, a 20 million yuan investment from the 2019 bonds also matured, yielding 32,222.22 yuan.

Additionally, the company manages idle funds from its 2022 convertible bonds, with transactions totaling 150 million yuan in principal-protected products, yielding 1,123,512.50 yuan. These funds are managed to enhance capital utilization and returns, with all proceeds channeled back to the designated fundraising accounts.