Weichai Power (02338) announced that, according to the company's controlling subsidiary Jiangsu Nonghua Intelligent Agriculture Technology Co., Ltd....
According to the announcement by Weichai Power (02338), based on the operational development needs of its controlling subsidiary Jiangsu Nonghua Intelligent Agriculture Technology Co., Ltd. (hereinafter referred to as 'Jiangsu Nonghua') and its subsidiaries, in order to accelerate capital recovery and reduce operational risks, Jiangsu Nonghua and its subsidiaries plan to collaborate with Huayin Financing Leasing Co., Ltd. (hereinafter referred to as 'Huayin Financing Leasing'). As a financing leasing company with the appropriate business qualifications, Huayin Financing Leasing will provide financing leasing services to customers with good credit and who have been verified to meet the financing conditions and have no related party relationship with the company, Jiangsu Nonghua, and its subsidiaries. If a customer defaults during the performance of the financing leasing contract, Jiangsu Nonghua and its subsidiaries will assume the repurchase guarantee responsibility for the customer according to the contract terms.
The company held the ninth extraordinary Board of Directors meeting of 2024 on December 30, 2024, where it reviewed and approved the 'Proposal on the Financing Leasing Business of the Company's Controlling Subsidiary.' The relevant parties signed the involved agreements, stipulating that Jiangsu Nonghua and its subsidiaries would assume the repurchase guarantee responsibility for the customers, with the maximum guarantee amount (i.e., the maximum daily guarantee balance) not exceeding 4 billion yuan. This guarantee amount is valid from January 1, 2025, to December 31, 2025 (inclusive), and the management of Jiangsu Nonghua or its authorized personnel is authorized to sign legal documents related to this external guarantee and to handle other related matters.