Share’s code： 000550 Share’s Name： JianglingMotors No.： 2024-004
200550 JianglingB
Jiangling MotorsCorporation, Ltd.
Public Announcementon Providing
Financial Assistance to a Holding Subsidiary
Jiangling Motors Corporation, Ltd. and its Board members undertake that the
information disclosed herein is truthful, accurate and complete and does not
contain any false statement, misrepresentation or major omission.
Important note:
1. Jiangling Motor Corporation., Ltd. (hereinafter referred to as “JMC” or the
"Company") intends to provide financial assistance in the form of borrowing to its
holding subsidiary Jiangling Ford Motor Technology (Shanghai) Co., Ltd.
(hereinafter referred to as "Jiangling Ford (Shanghai)") to meet the capital turnover
and daily operation needs of Jiangling Ford (Shanghai), the quota of which should
not exceed RMB 178.5 million. The fund usage fee shall be settled according to the
actual use of funds and the bank loan interest rate of the same period. The quota of
the financial assistance shall be validfrom the date of approval at the shareholders’
meeting to December 31, 2026.
2. This financial assistance has been reviewedand approved at the paper Boardmeeti ng
of the Company held from January 10 to January 18, 2024. This financial assistance
is subject to approvalby the shareholders’meeting of the Company.
3. The object of this financial assistance is a holding subsidiarywithin the scope of the
Company's consolidated statements, overwhich the Company has substantial control
and influence. The Company is able to implement effective risk control on its
business and capital management, to ensure the safety of the Company’s funds. The
overall risk of this financial assistance is controllable, and this financial assistance
dose not hurt the interests of the Company and shareholders, especially minori ty
shareholders.
I. Brief Introduction of the Financial Assistance
The Board of Directors of the Company approvedthe Proposal on Providing Financial
Assistance to A Holding Subsidiary in form of paper meeting held from January 10 to
January 18, 2024, on which the Company agreed to provide financial assistance to
Jiangling Ford (Shanghai), a holding subsidiary of the Company, withits ownfunds in
the form of borrowing, to meet the cash-flow and daily operation needs of Jiangling
Ford (Shanghai). The quota of the financial assistance shall not exceed RMB 180
million, and the fund usage fee shall be settled according to the actual amount of the
used funds and the bank loan interest rate of the same period. The financial assistance
quota shall be validfrom the date of approvalby the shareholders’meeting toDecember
31, 2026.
The financial assistance will not affect the Company's normal business development
and use of funds, and does not belong to the situations, stipulated in the Rules
Governing Listing of Stock on Shenzhen Stock Exchange and the No. 1 of Shenzhen
Stock Exchange Self-Regulatory Guidelines for Listed Companies - Standardized
Operation of Main Board Listed Companies, under whichthe financial assistances shall
not be provided.
When voting on the financial assistance, Director Shengpo Wu, Director Ryan
Anderson and Director Xiong Chunying withdrew from the voting, and all the other
Directors agreed with this proposal. Because the debt-to-asset ratio of Jiangling Ford
(Shanghai) exceeded 70 percent, according to the relevant regulations in the Rules
Governing Listing of Stock on Shenzhen Stock Exchange, the financial assistance is
subject to approval by the shareholders’meeting of the Company.
II. Basic information of the funded subject
1. Basic information of Jiangling Ford (Shanghai)
Company Name: Jiangling Ford Motor Technology (Shanghai) Co., Ltd.
Legal representative:Anderson Liu
Registered capital: RMB 200 millions
Unify socialcredit code: 91310115MA7EX46E6U
Registered address:33rdFloor,211 Century Avenue, China (Shanghai) PilotFreeTrade
Zone
Established date: December 7, 2021
Enterprise Type: Engineering and technology researchand experimental development,
sales of vehicles,new energy vehicles, auto parts, etc.
The Company has not provided financial assistance to Jiangling Ford (Shanghai), and
there were no cases where financial assistance was not repaidin time after maturity.
Jiangling Ford (Shanghai) has a good credit status and is not a person subject to
enforcement for trust-breaking.
Shareholding structure:
Shareholder Name Shareholding Percentage
Jiangling Motor Corporation, Ltd. 51%
Ford Motor Company 49%
Main financial data of Jiangling Ford (Shanghai)
Unit: RMB thousand
Item December 31, 2023 December 31, 2022
Assets
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