GCL Energy Technology to temporarily reallocate idle funds for working capital

GCL Energy Technology announced on November 11, 2025, that its board approved the temporary use of up to 700 million yuan of idle raised funds to supplement working capital for a period not exceeding 12 months. This move aims to address temporary liquidity needs and improve capital utilization efficiency without affecting the progress of its investment projects. The company committed to returning the funds to the dedicated bank account before the 12-month period expires or as project needs accelerate. This follows a previous temporary allocation of 1.4 billion yuan, which was fully repaid by November 10, 2025.

The raised funds, totaling 3,720,704,715.84 yuan, were secured from a non-public offering in February 2022. As of October 31, 2025, GCL Energy Technology had approximately 74,142,260 yuan in unutilized raised funds across various projects, including the solar power station construction project and the new energy storage power station construction project. Some projects, such as the new energy vehicle battery swap station and charging station projects, have been terminated or concluded.

To facilitate this, GCL Energy Technology and its subsidiaries have opened new dedicated bank accounts for both project-specific funds and the temporary working capital. The company, along with China International Capital Corporation Limited (CICC) and various banks including China Everbright Bank and China Construction Bank, signed three- and four-party supervision agreements on November 11, 2025. These agreements ensure strict oversight of the funds' use, adherence to regulatory requirements, and protection of investor interests.