CRRC Corporation Limited announced that its wholly-owned subsidiary CRRC (Hong Kong) Company Limited will provide guarantees for the Dubai Metro Blue Line DLS project company in which it holds shares. The guarantee amount will not exceed 1.135 billion dirhams (approximately 2.257 billion yuan), which will be used for performance bonds, advance payment bonds, and warranty bonds. The Hong Kong company holds an 18.15% stake in the project company and will assume the guarantee responsibilities in proportion to its shareholding.Specifically, the performance bond amount is 4% of the total contract amount, with the Hong Kong company assuming approximately 0.312 billion yuan; the advance payment bond is 15% of the total contract amount, with the Hong Kong company assuming approximately 1.167 billion yuan; the warranty bond is...Show More

CRRC Corporation Limited announced that its wholly-owned subsidiary CRRC (Hong Kong) Company Limited will provide guarantees for the Dubai Metro Blue Line DLS project company in which it holds shares. The guarantee amount will not exceed 1.135 billion dirhams (approximately 2.257 billion yuan), which will be used for performance bonds, advance payment bonds, and warranty bonds. The Hong Kong company holds an 18.15% stake in the project company and will assume the guarantee responsibilities in proportion to its shareholding.Specifically, the performance bond amount is 4% of the total contract amount, with the Hong Kong company assuming approximately 0.312 billion yuan; the advance payment bond is 15% of the total contract amount, with the Hong Kong company assuming approximately 1.167 billion yuan; the warranty bond is 10% of the total contract amount, with the Hong Kong company assuming approximately 0.778 billion yuan. The guarantee period is expected to range from the date of issuance until 2029 to 2032. The company's Board of Directors has approved this guarantee matter, believing that the risk is controllable.As of the announcement date, the total external guarantees provided by CRRC Corporation and its subsidiaries amount to 62.309 billion yuan, accounting for 38.71% of the company’s audited net assets as of the end of 2023. Among this, guarantees provided to subordinate subsidiaries amount to 59.117 billion yuan, accounting for 36.72% of net assets; guarantees provided to controlling shareholders, actual controllers, and their related parties amount to 1.112 billion yuan, accounting for 0.69% of net assets. The company and its subsidiaries currently have no overdue guarantees.