Lingyi iTech guarantees $1.2 bn loan for subsidiary

Lingyi iTech (Guangdong) Company recently announced it has entered into a Maximum Guarantee Contract with Industrial and Commercial Bank of China, Shenzhen Fuyong Branch. This agreement provides a joint and several liability guarantee for its wholly-owned subsidiary, Lingyi Technology (Shenzhen) Co., Ltd., covering a maximum outstanding balance of 1.2 billion yuan across various financial instruments. These instruments include domestic and foreign currency loan contracts, foreign exchange re-loan contracts, bank acceptance agreements, and letters of credit.

The guarantee period for loan and precious metal lease contracts will extend three years from the maturity date of the principal contract. For bank acceptance and guarantee opening agreements, the guarantee period is three years from the bank's undertaking date. As of the announcement date, Lingyi iTech's total actual guarantee balance reached 13,389,571,200 yuan, representing 67.60% of the company's net assets attributable to the parent company as of December 31, 2024.

Within the consolidated scope, guarantees for subsidiaries total 12,483,445,800 yuan, with an additional 24,724,260 yuan in guarantees between subsidiaries and 65,888,280 yuan in guarantees from subsidiaries to the parent company. There are no outstanding overdue external guarantees or those involving litigation where the company or its holding subsidiaries have been found liable.