Wuhan P&S guarantees $35m credit line for subsidiary

Wuhan P&S Information Technology Co., Ltd. recently signed a "Maximum Guarantee Contract" with China Everbright Bank Co., Ltd., Shenzhen Branch. This agreement provides a joint and several liability guarantee for Shenzhen P&S Unlimited Technology Co., Ltd., a wholly-owned subsidiary, for a comprehensive credit line. Shenzhen P&S Unlimited Technology Co., Ltd. will offer counter-guarantees of equal value to Wuhan P&S. The principal debt amount guaranteed is 35 million yuan.

The guarantee covers the principal debt, interest, compound interest, liquidated damages, compensation for damages, and costs incurred in enforcing the creditor's rights. These costs include litigation/arbitration fees, attorney fees, preservation fees, appraisal fees, travel expenses, notarization fees, and enforcement fees. The guarantee period for each specific credit business under the "Comprehensive Credit Agreement" is calculated individually, lasting three years from the expiry of the debtor's performance period.

As of the announcement date, Wuhan P&S's total actual external guarantee balance is 623 million yuan, all provided for wholly-owned subsidiaries and sub-subsidiaries. This represents 16.70% of the company's latest audited net assets. The company has no overdue guarantees, guarantees involved in litigation, or losses from guarantees due to unfavorable court rulings.