Stock Code: 200771 Stock ID: Hangqilun B Announcement No. 2020-35
Hangzhou Steam Turbine Co., Ltd.
Announcement on Providing 20 million yuan loan Guarantee for Hangzhou
Steam Turbine Casting Co., Ltd.
The members of the Board and the Company acknowledge being responsible for the
truthfulness, accuracy, and completeness of the announcement. Not any false record, misleading
statement or significant omission carried in this announcement.
Ⅰ. Overview of the Guarantee
1.Hangzhou Steam Turbine Casting Co., Ltd, which is the holding subsidiary to Hangzhou Steam
Turbine Co., Ltd, applied for a working capital loan of RMB 20 million from the Industrial and Co
mmercial Bank of China Hangzhou Banshan Sub-branch on the ground of meeting its production
and operation liquidity needs, with a term of one year. Currently, the Casting company has applie
d to the Listed Company to provide guarantee for this loan.，a guarantee method of joint liability
guarantee, and a guarantee period of two years.
2.The company held the fifth meeting of the eighth board of directors through correspondence on
May 26, 2020, and there were 10 company’s directors participated in the vote, resulted in 10 votes
of assent, 0 dissenting vote and 0 vote of abstention. The meeting examined and adopted the
Proposal on providing 20 million yuan loan Guarantee for
Hangzhou Steam Turbine Casting Co., Ltd.For details, please refer to the "Announcement on
Resolutions of the 5th meeting of the 8th term of the Board " (Announcement No.2020-34).
Pursuant to the Rules Governing the Listing of Shares on the Shenzhen Stock Exchange and
the relevant regulations, none of the aforesaid guarantees provided by the Company to Casting
Company for the purpose of consideration by the Shareholders' General Meeting shall constitute a
connected transaction and shall not be subject to the relevant government departments for
approval.
Ⅱ. Basic Information about the Guaranteed
1. Company Name: Hangzhou Steam Turbine Casting Co., Ltd.
2. Date of establishment: March 1,2004
3. Place of registration: No.2,Road, Tangqi Industry Area, Yuhang District, Hangzhou.
4. Legal representative：Yu Junming
5. Registered capital: RMB 29.50 million
6. Business scope: Production: Resin sand-casting steel parts, resin sand-casting iron parts,
organic ester water glass sand-casting steel parts, forgings; machining; installation, maintenance:
casting equipment; sales: the company's products; import and export of goods.
7. Relationship with the company: The Company holds 38.03% stake of the Casting company, and
the Casting company is a subsidiary which is in the consolidated statement of the Company.
8.The guarantor of the recent financial situation:
In RMB 10,000
Total assets Net assets Revenue Asset liabilities
Period Net profit
Ratio
Year 2019 54,595.07 25,030.9 39,982.66 638.05 54.15%
January –March 2020 51,731.99 25,024.22 6,438.63 -1.58 51.63%
9.Description of Other matters
(1) Total amount involved in contingent events：None
(2) As of now, the accumulated amount of outstanding loans of the casting company :
The 20 million yuan from Industrial and Commercial Bank of China (This guarantee application is
a renewal guarantee for the loan due on June 12, 2020, and it does not include the above loan amo
unt).
(3) Whether is a defaulter against who a judgement or order is being executed: No.
Ⅲ.The main contents of the guarantee agreement
(I)Maximum Amount Guarantee Contract between the Company and ICBC
1.Creditor: ICBC Hangzhou Banshan Branch
2. Guarantor: Hangzhou Steam Turbine Co., Ltd.
3. Guaranteed amount: RMB 20 million
4. Guarantee mean: Joint-liability guarantee
5.Scope of Guarantee: The principal of the principle creditor’s rights and the interest thereof, and
compound interest, penalty interest, liquidated damages, indemnification for loss, exchange rate
losses (losses due to changes in exchange rates), and expenses for the realization of the creditor’s
rights (including but not limited to litigation fees and lawyers' fees).
6.Guarantee period: Two years from the day after the expiration of the loan term under the master
contract; if Party A declares the advance maturity according to the stipulation of the master
contract, the guarantee period is two years from the next day of the loan due date.
7.The debt period of the principal contract: 1 year
IV. Opinions from Board of Directors
1. Casting company applied for a working capital loan from the
the Industrial and Commercial Bank of China a, mainly to meet the liquidity requirement of its
production and operation, The reason that the company provides guarantees for the casting and
forging company is to help it obtain bank loans and smoothly carry out business activities.
2.Casting Company maintains a relatively good record in aspects of asset quality, operation
condition, industry prospect, debt paying ability and credit status. The board holds that
guaranteeing it won’t have any negative effect on the company.
3 The Casting Company will sign a “Counter-guarantee contract” with the Company according to
their shareholding ratio. This guarantee is in line with fair and equitable requirements. The board
of directors of the Company has fulfilled the review procedures in accordance with the regulations,
and the Company providing guarantee for the Casting Company is in line with laws and
regulations.
V. Cumulative Amount of External Guarantee and Amount of Overdue Guarantee
By this announcement date, the accumulative amount of external company by the company
and its holding subsidiary is RMB 398 million, taking up 5.64 % of the audited net assets（RMB
7,058.9756 million）in 2019. The total balance of guarantees provided by the company and its
holding subsidiaries outside the scope of the consolidated statement is RMB 208 million. taking
up 2.95 % of the audited net assets in the latest issue.
The Company has no overdue guarantees, and there is no guarantee amount for overdue debts
involving in litigation and no guarantee amount that shall be borne due to the guarantee is ruled
with a defeat in lawsuit.
VI. Documents available for inspection
1. Resolutions of the 5th Meeting of the 8th term of Board
This announcement is hereby made.
The Board of Directors of Hangzhou Steam Turbine Co., Ltd.
May 27,2020
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