The company and all members of the board guarantee that the content of this information disclosure is true, accurate, and complete, without false records, misleading statements, or significant omissions.
I. Overview of the Guarantee Situation
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To meet production and operational needs, Ligao Food Co., Ltd. (hereinafter referred to as "Ligao Food" or "the Company")’s controlling subsidiary, Guangdong Liao Oil Co., Ltd. (hereinafter referred to as "Guangdong Liao"), applied to the Guangzhou Panyu Branch of Agricultural Bank of China Co., Ltd. (hereinafter referred to as "Agricultural Bank") for a total comprehensive credit limit of RMB 64.8 million. The Company and other shareholders of Guangdong Liao jointly provided a total joint liability guarantee of RMB 64.8 million for this loan, with the Company providing a total joint liability guarantee of RMB 48.1464 million according to its shareholding ratio. The Company signed a "Maximum Guarantee Contract" with Agricultural Bank for the above financing, providing a joint liability guarantee for Guangdong Liao. Meanwhile, other shareholders of Guangdong Liao, Mr. Peng Yuhui, Mr. Zhao Songtao, Mr. Wan Jian, and Mr. Yuan Xianghua, also signed a "Maximum Guarantee Contract" with Agricultural Bank, providing proportional guarantees according to their investment ratios.
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To meet production and operational needs, the Company’s controlling subsidiary Guangdong Liao applied to the Guangzhou Branch of China Merchants Bank Co., Ltd. (hereinafter referred to as "China Merchants Bank") for a fixed asset loan limit of RMB 70 million. The Company and other shareholders of Guangdong Liao jointly provided a total joint liability guarantee of RMB 70 million for this loan, with the Company providing a total joint liability guarantee of RMB 52.01 million according to its shareholding ratio. The Company signed an "Irrevocable Guarantee Letter" with China Merchants Bank for the above financing, providing a joint liability guarantee for Guangdong Liao. Other shareholders of Guangdong Liao also signed an "Irrevocable Guarantee Letter" with China Merchants Bank, providing proportional guarantees according to their investment ratios.
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In February 2025, Guangdong Liao applied to the Zhongshan Branch of CITIC Bank Co., Ltd. (hereinafter referred to as "CITIC Bank") for a total comprehensive credit limit of RMB 60 million. The Company and other shareholders of Guangdong Liao jointly provided a total joint liability guarantee of RMB 60 million for this loan, with the Company providing a total joint liability guarantee of RMB 40.8 million according to its shareholding ratio. The Company signed a "Maximum Guarantee Contract" with CITIC Bank for the above financing. For specific details, please refer to the announcement titled "Progress Announcement on the Company's Guarantee for Its Controlling Subsidiary" (Announcement No.: 2025-009) disclosed by the Company on the Giant Tide Information Network (http://www.cninfo.com.cn) on February 20, 2025. As of the date of this announcement, the "Maximum Guarantee Contract" signed with CITIC Bank is still in effect. Due to the resignation of shareholder Mr. Chen Hejun and the job adjustment of Mr. Feng Zhengkun, the Company has signed a "Share Transfer Agreement" with Mr. Chen Hejun and Mr. Feng Zhengkun to acquire all shares held by the aforementioned individuals in Guangdong Liao, increasing the Company's shareholding in Guangdong Liao from 68% to 74.3%. As of now, the industrial and commercial change for the share transfer has been completed. For specific details, please refer to the relevant announcement disclosed by the Company on the Giant Tide Information Network (http://www.cninfo.com.cn). Given that CITIC Bank has increased Guangdong Liao's comprehensive credit limit from RMB 60 million to RMB 120 million, and the aforementioned share transfer arrangement, the Company signed a "Supplementary Agreement to the Maximum Guarantee Contract" with CITIC Bank, modifying the maximum guarantee amount from "RMB 40.8 million" to "RMB 89.16 million" under the "Maximum Guarantee Contract" signed in February 2025. Other shareholders of Guangdong Liao also signed a "Supplementary Agreement to the Maximum Guarantee Contract" with CITIC Bank, providing proportional guarantees according to their investment ratios.