Shanghai Yaoji Tech sub-subsidiaries guarantee subsidiary's $60m factoring contract

Shanghai Yaoji Technology Co. announced that its wholly-owned sub-subsidiaries, Shanghai Shengdaji Network Technology Co. and Shanghai Qiaer Network Technology Co., will jointly guarantee the obligations of Shanghai Luming Network Technology Co., a wholly-owned subsidiary. The guarantees relate to Luming Network's factoring business contract with Hainan Zhaotiao Commercial Factoring Co. Each guarantor will provide a maximum guarantee of 30 million yuan, totaling up to 60 million yuan.

This guarantee aims to support the subsidiary's continuous development and address its funding needs for daily operations, thereby facilitating its business expansion. Shanghai Luming Network Technology, established on December 15, 2017, reported total assets of 548,916,735.69 yuan and net profit of 36,042,986.36 yuan for 2024. The company has sound financial standing and good credit.

As of the disclosure date, the total approved guarantee limit for subsidiaries among themselves, including this new guarantee, amounts to 460 million yuan, representing 13.10% of the parent company's net assets from the latest audited consolidated financial statements. The cumulative outstanding guarantee balance for subsidiaries among themselves is 292 million yuan, accounting for 8.32% of the parent company's net assets.