GCL System Integration boosts guarantees for subsidiaries

GCL System Integration Technology Co., Ltd. announced recent developments in its guarantees for subsidiaries. As per the 2024 annual general meeting, the company approved a total comprehensive credit line not exceeding RMB 11.2 bn for itself and its subsidiaries, with a guarantee limit for subsidiaries not exceeding RMB 8.87 bn. Separately, the company's controlling subsidiary, Hefei GCL System Integration New Energy Technology Co., Ltd., received an additional guarantee of up to RMB 200m from GCL System Integration's controlling subsidiary Wuhu GCL System Integration New Energy Technology Co., Ltd., which in turn received up to RMB 400m from Hefei GCL System Integration New Energy Technology Co., Ltd.

The company has executed several guarantee agreements, including a maximum guarantee of RMB 50m with Jiangsu Bank for GCL Green Energy System Technology Co., Ltd., a maximum guarantee of RMB 35m with Jiangsu Yancheng Rural Commercial Bank for Funing GCL System Integration Technology Co., Ltd., and a maximum guarantee of RMB 50m with Shanghai Pudong Development Bank for Hefei GCL System Integration New Energy Technology Co., Ltd. These guarantees fall within the previously estimated and approved limits.

As of the disclosure date, the total outstanding external guarantees provided by GCL System Integration and its controlling subsidiaries amount to RMB 3,856.95m, representing 161.84% of the company's latest audited net assets. Specifically, RMB 213m was guaranteed for GCL Green Energy (8.94% of net assets), RMB 210.31m for Funing GCL System Integration (8.82%), and RMB 1,604.89m for Hefei GCL System Integration (67.34%). The company confirmed no overdue external guarantees, no outstanding litigation-related guarantees, and no losses from judgments due to guarantees.