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Produced by Radar Finance Leizhuba | Edited by Jianbai | Deep Sea

August 1, 2024Shanshan HoldingsAn announcement was issued regarding the provision of guarantee in July 2024.

In July 2024, in order to meet the daily production and operation financing needs of its subsidiaries, the company agreed to provide the following guarantees for its subsidiaries: The company provided a joint and several liability guarantee for Ningbo Shanshan New Materials Technology Co., Ltd. to apply for a credit line from Ningbo Ningdong Branch of Bank of Communications Co., Ltd. The guarantee amount shall not exceed RMB 150 million and the guarantee period shall be 3 years.

Shanshan Holdings said that as of June 30, 2024, the total amount of external guarantees provided by the company and its controlled subsidiaries was RMB 23.636 billion, of which the total amount of guarantees for companies within the scope of consolidation was RMB 23.286 billion, and the total amount of guarantees for companies outside the scope of consolidation was RMB 350 million. The above amounts accounted for 104.26%, 102.72% and 1.54% of the net assets attributable to shareholders of the listed company in the latest audited period, respectively. There are no overdue guarantees.

It is worth noting that on June 27, Suning Holdings Group issued an announcement on receiving the administrative supervision measure decision letter from the Ningbo Regulatory Bureau of the China Securities Regulatory Commission.

Recently, Suning Holdings Group received the Administrative Supervision Measures Decision No. [2024] 31 issued by the Ningbo Regulatory Bureau of the China Securities Regulatory Commission (hereinafter referred to as the "Ningbo Securities Regulatory Bureau"). The Ningbo Securities Regulatory Bureau took administrative supervision measures against the company and related personnel by issuing a warning letter.

Upon investigation, Ningbo Shanshan Co., Ltd. (hereinafter referred to as Shanshan Co., Ltd. or the Company) has the following violations: 1. The controlling shareholder has occupied non-operating funds and has not disclosed it in a timely manner. 2. Some related transactions have not gone through the review procedures and have not been disclosed to the public in a timely manner.

In this regard, Song Lianmin, director of Jiangsu Shengheng Law Firm, who has represented many stock claims and received compensation, told Radar Finance that according to the new judicial interpretation of securities false statements, the pre-procedure has been clearly cancelled. Investors who suffer losses due to false statements by listed companies can file civil compensation lawsuits with the courts with jurisdiction to safeguard their legitimate rights and interests. Any injured investor who bought between August 12, 2022 and April 25, 2024 and continued to hold Shanshan shares at the close of April 25, 2024 can register through the official account "Leizhu Bar" (Leizhu code: 99) and participate in the claim for free. There is no fee before receiving compensation.

Tianyancha shows that Shanshan Holdings Group is located in Ningbo City, Zhejiang Province, and is an enterprise mainly engaged in textile, clothing and apparel industries.