Guotai Junan Securities Co., Ltd. Audit Opinion on Shanghai Annoraky Group Co., Ltd. and its Wholly-Owned Subsidiaries' Application for Bank Credit and Guarantees in 2026
According to the "Administrative Measures for Securities Issuance and Listing Sponsorship Business," the "Shenzhen Stock Exchange GEM Stock Listing Rules," the "Shenzhen Stock Exchange Listed Company Self-Regulatory Supervision Guidelines No. 13 - Sponsorship Business," and the "Shenzhen Stock Exchange Listed Company Self-Regulatory Supervision Guidelines No. 2 - Standardized Operation of GEM Listed Companies," etc., Guotai Junan Securities Co., Ltd. (hereinafter referred to as "Guotai Junan" or "Sponsor") is the sponsor for Shanghai Annoraky Group Co., Ltd. (hereinafter referred to as "Annoraky" or "the Company") to issue shares to specific targets through a simplified procedure. The Sponsor has audited Annoraky and its wholly-owned subsidiaries' application for bank credit and guarantees. The audit results and opinions are as follows:
I. Overview of the Application for Comprehensive Bank Credit and Guarantees
- To ensure the capital needs for the Company and its wholly-owned subsidiaries' daily business operations, based on the Company's actual situation and its 2026 business plan, the Company and its wholly-owned subsidiaries plan to apply for a comprehensive credit line of no more than RMB 120,000 million (RMB 1.2 billion) from banks or other institutions in 2026.
Within the above limit, the Company may adjust the credit line among the Company and its wholly-owned subsidiaries based on the actual situation. The credit line applied for by the Company and its wholly-owned subsidiaries from banks does not represent the actual financing amount of the Company and its wholly-owned subsidiaries. The actual financing amount will be based on the actual financing amount between the banks and the Company and its wholly-owned subsidiaries within the credit line. The specific financing amount will be reasonably determined based on the actual working capital needs of the Company and its wholly-owned subsidiaries. The credit line can be used repeatedly within the credit period.
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To meet business development needs and ensure the smooth progress of projects, Dongying Annoraky Textile Materials Co., Ltd. (hereinafter referred to as "Dongying Annoraky"), Yantai Annoraky Fine Chemical Co., Ltd. (hereinafter referred to as "Yantai Fine Chemical"), and the Company will provide joint liability guarantee for project loans of Shandong Annoraky Fine Chemical Co., Ltd. (hereinafter referred to as "Shandong Fine Chemical") totaling no more than RMB 10,000 million (RMB 100 million), and Shandong Fine Chemical will also provide mortgage guarantee with its own assets.
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To further revitalize existing assets, broaden financing channels, and optimize the financing structure, the Company's wholly-owned subsidiary, Shanghai Gengcong Information Technology Co., Ltd. (hereinafter referred to as "Gengcong Technology"), plans to engage in sale-and-leaseback transactions with a financing leasing company for some of its equipment assets. The Company and its wholly-owned subsidiaries Shandong Fine Chemical and Yantai Fine Chemical plan to provide joint liability guarantees for the financing lease business between Gengcong Technology and the financing leasing company, totaling no more than RMB 10,000 million (RMB 100 million).
II. Estimated Guarantee Amount for Subsidiaries