Tongyu Heavy Industry provides guarantees for subsidiaries' financing

Tongyu Heavy Industry has entered into several new guarantee agreements to secure financing for its wholly-owned and majority-owned subsidiaries. These include guarantees totaling 5,000 million yuan for Jinan Institute of Metallurgical Science and Technology Co., Ltd. with Qilu Bank and Industrial Bank, and an additional 2,000 million yuan with Zheshang Bank.

Furthermore, the company provided a 10,000 million yuan guarantee for Yucheng Baotai Machinery Manufacturing Co., Ltd. with Weihai Bank and a 3,000 million yuan guarantee for its 90%-owned subsidiary, Yucheng Xinyuan Thermal Power Co., Ltd., with China Merchants Bank. These guarantees fall within the 33,000 million yuan total guarantee limit approved by shareholders.

As of the latest update, the total amount of guarantees provided by Tongyu Heavy Industry and its holding subsidiaries is 26,020 million yuan, with the company's direct guarantees for its subsidiaries amounting to 11,780 million yuan. This represents 17.16% of the company's net assets as of the most recent audited fiscal year. All subsidiaries involved are operating normally, are not listed as dishonest entities, and have strong debt repayment capabilities, with Xinyuan Thermal Power providing a counter-guarantee to the company.