Securities code: China Jushi Co.Ltd(600176) securities abbreviation: China Jushi Co.Ltd(600176) Announcement No.: 2022015 China Jushi Co.Ltd(600176)
Announcement of expected external guarantee in 2022
The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the contents of this announcement, and bear individual and joint liabilities for the authenticity, accuracy and completeness of its contents. Important content tips:
● name of the guaranteed:
1. Jushi Group Co., Ltd. (hereinafter referred to as “Jushi group”)
2. Beixin Technology Development Co., Ltd. (hereinafter referred to as “Beixin technology”)
3. Jushi group Jiujiang Co., Ltd. (hereinafter referred to as “Jushi Jiujiang”)
4. Jushi Group Chengdu Co., Ltd. (hereinafter referred to as “Jushi Chengdu”)
5. Jushi USA Co., Ltd. (hereinafter referred to as “Jushi USA”)
6. Jushi Egypt Glass Fiber Co., Ltd. (hereinafter referred to as “Jushi Egypt”)
7. Jushi Group Hong Kong Limited (hereinafter referred to as “Jushi Hong Kong”)
8. Other overseas holding subsidiaries
● estimated loan guarantee amount and cumulative guarantee amount in 2022: 13 billion yuan and 950 million US dollars
● accumulative amount of external guarantee of the company at the end of 2021: RMB 11.572 billion
● the cumulative amount of external guarantees actually incurred by the company at the end of 2021 does not exceed the total amount authorized by the 2020 annual general meeting of shareholders
● cumulative number of overdue external guarantees of the company: None
1、 Overview of guarantee
In order to ensure the capital demand in the production and operation of the company’s subsidiaries and improve the decision-making efficiency of the company, it is expected that in 2022, the company will provide guarantees for the loans of its wholly-owned and holding subsidiaries (including wholly-owned subsidiaries as their subsidiaries), with a total amount of no more than 13 billion yuan and 950 million US dollars.
The 21st Meeting of the 6th board of directors of the company deliberated and approved the proposal on the total amount of guarantee provided by the company and its wholly-owned subsidiaries for its subsidiaries in 2022, which must be submitted to the general meeting of shareholders for deliberation. 2、 Basic information of the guaranteed
1. Jushi group
Jushi group is a wholly-owned subsidiary of the company, registered in Tongxiang City, Zhejiang Province; The registered capital is 5255313 million yuan; Legal representative: Zhang Yuqiang; Main business: manufacturing and sales of glass fiber and composite products.
As of December 31, 2021, Jushi group had total assets of 35478775600 yuan, total liabilities of 15980896900 yuan and net assets of 19497878700 yuan. In 2021, it realized operating income of 18338183600 yuan and asset liability ratio of 45.04%.
2. Beixin Technology
Beixin technology is a wholly-owned subsidiary of the company, registered in Futian District, Shenzhen; The registered capital is 90 million yuan; Legal representative: Liao Hexiang; Main business: scientific research and development of new materials and technical consulting services; Investment in industry (specific projects will be reported separately); Import and export business of China’s trade, goods and Technology (except for the items subject to approval before registration as stipulated by laws, administrative regulations and decisions of the State Council); Operate advertising business; Warehousing and freight business; Family decoration design and construction; Coal wholesale operation.
As of December 31, 2021, Beixin technology had total assets of RMB 294496 million, total liabilities of RMB 2142998 million and net assets of RMB 801098 million. In 2021, it realized operating income of RMB 9450787 million and asset liability ratio of 72.79%.
3. Giant stone Jiujiang
Jushi Jiujiang is a wholly-owned subsidiary of Jushi group, registered in Jiujiang City, Jiangxi Province; The registered capital is 706 million yuan; Legal representative: Yang Weizhong; Main business: manufacturing and sales of glass fiber and products.
As of December 31, 2021, Jushi Jiujiang had total assets of 27393069 million yuan, total liabilities of 8789418 million yuan and net assets of 18603651 million yuan. In 2021, it realized operating income of 25187639 million yuan and asset liability ratio of 32.09%.
4. Jushi Chengdu
Jushi Chengdu is a wholly-owned subsidiary of Jushi group, registered in Chengdu, Sichuan Province; The registered capital is 12399007 million yuan; Legal representative: Chen Jie; Main business: manufacturing and sales of glass fiber and products.
As of December 31, 2021, Jushi Chengdu had total assets of 4395756700 yuan, total liabilities of 1042424200 yuan and net assets of 3353332500 yuan. In 2021, it realized operating income of 1586637400 yuan and asset liability ratio of 23.71%.
5. Jushi USA
Jushi America Co., Ltd. is a holding subsidiary of the company, with its registered address in Richland County, South Carolina, USA; The registered capital is USD 200 million, and the legal representative is Yang Guoming; Main business: production and sales of glass fiber, composite materials, engineering plastics and products, chemical raw materials of glass fiber, glass fiber equipment and accessories. As of December 31, 2021, the total assets of Jushi America Co., Ltd. were 2678977 million yuan, the total liabilities were 15993549 million yuan, and the net assets were 10795528 million yuan. In 2021, the operating income was 9655539 million yuan, and the asset liability ratio was 59.70%.
6. Boulder Egypt
Jushi Egypt is the holding subsidiary of the company, and its registered place is in the Egypt China Suez economic and trade cooperation zone, Suez Province, Egypt; Registered capital: 162 million US dollars; Legal representative: Zhang Wenchao; Main business: production and sales of glass fiber, composite materials, engineering plastics and products, chemical raw materials of glass fiber, glass fiber equipment and accessories.
As of December 31, 2021, Jushi Egypt had total assets of RMB 43766346 million, total liabilities of RMB 1897618 million and net assets of RMB 24790165 million. In 2021, it realized operating income of RMB 1565892 million and asset liability ratio of 43.36%.
7. Jushi Hong Kong
Jushi Hong Kong is a wholly-owned subsidiary of Jushi group, registered in Hong Kong; Registered capital: USD 69 million; Legal representative: Ding Chengche; Main business: Sales of glass fiber yarn and its products, and import and export of mechanical equipment and raw materials related to glass fiber production.
As of December 31, 2021, Jushi Hong Kong had total assets of 1129804300 yuan, total liabilities of 212341900 yuan and net assets of 917462400 yuan. In 2021, it realized operating income of 223953100 yuan and asset liability ratio of 18.79%.
3、 Opinions of the board of directors
The expected guarantee fully considers the capital arrangement and actual demand of each subsidiary in 2022, which is conducive to making full use of and flexibly allocating resources, meeting the capital needs of subsidiaries and improving the decision-making efficiency of the company. The guaranteed objects are all wholly-owned and holding subsidiaries of the company. The guarantee risk is within the company’s control, which is in line with the overall interests of the company and does not harm the interests of the company and the majority of investors. The board of directors agreed to the expected external guarantee amount in 2022.
4、 Accumulated external guarantees and overdue guarantees
As of December 31, 2021, the total amount of external guarantees provided by the company was RMB 11.572 billion (all guarantees provided to wholly-owned and holding subsidiaries), accounting for 51.28% of the latest audited net assets of the company.
The company has no overdue external guarantee.
5、 Directory of documents for future reference
Resolution of the 21st Meeting of the 6th board of directors
It is hereby announced.
China Jushi Co.Ltd(600176) board of directors March 18, 2022
