GCL Energy updates on subsidiary guarantees, expanding financial backing

GCL Energy Technology (GCL Energy) announced the latest developments in its guarantee provisions for subsidiaries, following approvals from its board and the 2024 annual general meeting. The company's total external guarantee limit for 2025, including its subsidiaries, is set at 33.669 billion yuan. This includes 32.901 billion yuan for consolidated subsidiaries, with specific allocations for those with debt-to-asset ratios below 70% (11.742 billion yuan) and above 70% (21.159 billion yuan).

Recent activities include a maximum guarantee of 200 million yuan for a financing lease with Zhejiang Guojin Financial Leasing Co. for a subsidiary, though no actual liability has occurred under this agreement as of the announcement date. Additionally, GCL Energy’s wholly-owned subsidiary, GCL Smart Energy (Suzhou) Co., provided a joint liability guarantee of up to 185 million yuan to China Construction Bank Guangzhou Development Zone Branch for Guangzhou GCL Lantian Gas Thermal Power Co. The actual liability under this guarantee stands at 118.3012 million yuan.

Furthermore, GCL Energy provided a joint liability guarantee of up to 62.5 million yuan to Xiamen International Bank Shanghai Branch for its subsidiary, GCL Smart Energy (Rudong) Co. As of the announcement date, no actual liability has occurred under this agreement. The total cumulative external guarantees by GCL Energy and its subsidiaries amount to 2,707,105.95 yuan, representing 230.61% of the 2024 audited consolidated net assets, with actual guarantees outstanding of 1,878,056.52 yuan.