GCL Energy Technology (002015): Progress In Providing Guarantees To Holding Subsidiaries

Progress announcement of GCL Energy Technology Co., Ltd. on providing guarantee for holding subsidiaries

The company and all members of the board of directors guarantee that the contents of information disclosure are true, accurate and complete, and there are no false records, misleading statements or major omissions.

1、 Overview of guarantee situation:

The 16th meeting of the 7th board of directors of GCL Energy Technology Co., Ltd. (hereinafter referred to as "the company") deliberated and passed the proposal on the amount of external guarantee in 2020. The board of directors agrees that in 2020, the company (including holding subsidiaries) will provide external guarantee for its subsidiaries when they apply for bank credit and daily business needs, with the maximum amount of guarantee of RMB 19.974 billion, including but not limited to guarantee guarantee, asset mortgage, pledge, etc.; if the subsidiary company introduces a third party organization to provide guarantee for it in the application for bank credit, the company shall (including holding subsidiaries) can provide corresponding counter guarantee for the third party. The amount of guarantee provided by the company (including holding subsidiaries) to subsidiaries within the scope of consolidated statements is 19.434 billion yuan, of which the amount of guarantee provided for subsidiaries with asset liability ratio lower than 70% is no more than 11.146 billion yuan, and that for subsidiaries with asset liability ratio higher than 70% does not exceed 8.288 billion yuan. The authorization period of this external guarantee limit is within 12 months from the date of deliberation and approval by the 2019 annual general meeting of shareholders. The board of directors proposed to the general meeting of shareholders to authorize the general manager of the company to be responsible for the specific organization, implementation and signing of relevant contracts and documents, and authorized the management of the company to appropriately adjust the guarantee amount of each subsidiary company within the scope permitted by laws and regulations according to the actual business needs.

For details, please refer to the announcement on the forecast of external guarantee amount in 2020 (Announcement No.: 2020-041) disclosed by the company on April 30, 2020

The above guarantee matters have been deliberated and approved by the 2019 annual general meeting of shareholders held on May 20, 2020.

2、 Progress of external guarantee

On July 17, 2020, the company and the Suzhou Branch of Industrial Bank Co., Ltd. (hereinafter referred to as "Xing"

Suzhou Branch of Industrial Bank of China (hereinafter referred to as "GCL smart energy") has signed the "maximum guarantee contract", which stipulates that the company is the holding subsidiary of GCL Smart Energy Co., Ltd. (hereinafter referred to as "GCL smart energy") to apply to Industrial Bank Suzhou Branch for 5, Joint liability guarantee is provided for the short-term working capital loan of RMB 10 million, and the main creditor's rights guaranteed are the creditor's rights formed by GCL smart energy and Industrial Bank Suzhou Branch in the credit line of RMB 50 million from July 16, 2020 to July 2, 2021, which is subject to the actual contract.

The above guarantee amount shall be within the scope approved by the general meeting of shareholders of the company. As of the disclosure date of this announcement, the actual guarantee amount under the "maximum guarantee contract" is RMB 0.

3、 Accumulated external guarantee quantity and overdue guarantee quantity

As of the disclosure date of this announcement, the company's external guarantee situation is as follows:

Unit: 10000 yuan

Guarantee situation

The company and its holding subsidiaries have not suffered from overdue guarantee, guarantee involving litigation and loss due to losing judgment of guarantee.

It is hereby announced.

Board of directors of GCL Energy Technology Co., Ltd

July 31, 2020