GCL-Poly Energy Holdings has announced an update regarding a financial guarantee provided for its subsidiary, Hefei GCL-Poly Integrated Energy Technology Co., Ltd. The company, listed under the stock code 002506, has received approval from both its board of directors and the shareholders’ meeting to increase the guarantee limit for its wholly-owned subsidiary, GCL-Poly Energy Technology (Suzhou) Co., Ltd., by 150 million yuan. Additionally, it has set a cap for the company’s and its subsidiaries’ total credit line application to financial institutions at 11 billion yuan for the year 2024, while also allowing for guarantees up to 8.88 billion yuan for its subsidiaries.
In terms of progress on the guarantee, the company has signed a Maximum Joint Liability Guarantee Agreement with Jiangsu Bank Co., Ltd. Suzhou Branch. This agreement provides a maximum joint liability guarantee for Hefei GCL-Poly Integrated Energy Technology Co., Ltd. The maximum amount of secured debt is set at a principal of 40 million yuan along with corresponding interest and fees. The subsidiary primarily engages in solar power technology services, and GCL-Poly holds an 80.71% equity stake in it.
As of the date of the announcement, the total external guarantees provided by the company and its controlled subsidiaries amount to 4.14287 billion yuan, which represents 170.89% of the most recent audited net assets of the company.
According to Tianyancha information, GCL-Poly was established on June 26, 2003, with a registered capital of 5.850316427 billion yuan. The legal representative is Zhu Yufeng, and the registered address is located in the Jianghai Economic Park of Nanjiao Town, Fengxian District, Shanghai. The company’s main business includes the research, design, production, sales, and one-stop service of high-efficiency battery modules, energy engineering, and integrated energy systems.
The current chairman of the company is Zhu Yufeng, with Ma Junjian serving as the secretary of the board and Jiang Weipeng as the general manager. The company employs 6,256 individuals, with Zhu Gongshan being the actual controller, holding 13.30% of GCL-Poly shares. The company has investments in 84 subsidiaries, including GCL Energy Technology Co., Ltd., Jurong Dongsheng Energy Technology Co., Ltd., Zhangjiagang GCL-Poly Integrated Technology Development Co., Ltd., Xuzhou GCL-Poly Semiconductor Innovative Development Co., Ltd., and Xuzhou Xinyu Photovoltaic Technology Co., Ltd.
In terms of financial performance, the company reported revenues of 4.701 billion yuan, 8.354 billion yuan, and 15.968 billion yuan for the years 2021 to 2023, reflecting year-over-year growth rates of -21.07%, 77.68%, and 91.15%, respectively. The net profit attributable to the parent company was -1.983 billion yuan, 59.318 million yuan, and 158 million yuan, with year-over-year growth rates for net profit of 24.85%, 102.99%, and 142.24%.
During the same period, the company’s debt-to-asset ratios were 74.71%, 77.84%, and 87.32%. Regarding risks, Tianyancha’s data indicates that the company faces 6,677 internal risks, 698 surrounding risks, 1,548 historical risks, and 268 warning alerts.
