ST Lingda: Jinzhai Jiayue Is Expected to Be Unable to Resume Normal Production in the Short Term

Polaris PV Network has learned that on February 5, ST Lingda issued the "Progress Announcement on Matters Related to the Implementation of Other Risk Warnings on the Company's Stocks." The announcement mentioned that as of the disclosure date of this announcement, the PERC solar cell production line of the company's subsidiary, Jinzhai Jiayue, is experiencing tight operational cash flow, along with numerous lawsuits, arbitrations, and debt issues, making it unlikely to resume normal production in the short term.

It is understood that the Jinzhai Jiayue solar cell production line was temporarily shut down on March 14, 2024. At that time, ST Lingda stated that due to the impact of multiple factors and the lack of a clear solution, Jinzhai Jiayue was expected to be unable to resume normal production within three months.

In addition, ST Lingda also stated in the announcement that currently, the company and its subsidiaries, Jinzhai Jiayue and Golmud Shenguang New Energy Co., Ltd., have violated regulations by providing guarantees for loan contracts between Zhongcai Zhaoshang Investment Group Commercial Factoring Co., Ltd. and Jinzhai Jiayue Zhengfeng New Energy Co., Ltd., with a guarantee amount of 16 million yuan. The company's subsidiary, Jinzhai Jiayue, also violated regulations by providing guarantees for loans involving the company's Chairman and President Mingsheng Wang, Co-Chairman and CEO Zhihuang Lin, Deputy Director of the Investment and Financing Department Chunliang Lin, and an individual named Wang, with a guarantee amount of 50 million yuan. The issues of non-operational fund occupation and irregular guarantees have not yet been resolved. The company has initiated internal investigation procedures, reported the matter to the public security authorities, and informed regulatory authorities. It is currently awaiting the investigation results and will take legal measures, such as filing lawsuits, to safeguard the company's interests. The company will actively take effective measures to eliminate the impact of the above-mentioned unfavourable factors on the company as soon as possible, with the premise of protecting the legitimate rights and interests of the company and its investors. It will also fulfill its corresponding information disclosure obligations in accordance with laws and regulations regarding the progress of related matters.