According to Zhitong Financial App, Shankao New Energy (01250) and Shankao Holdings (00412) jointly announced that on September 18, 2023, Shankao Yunchuang and Beiqing Wisdom (an indirect wholly-owned subsidiary of Shankao New Energy and an indirect non-wholly owned subsidiary of Shankao Holdings) entered into a factoring agreement. On the same day, Shankao New Energy provided guarantees to Shankao Yunchuang for Beiqing Wisdom to properly fulfill its repayment responsibilities under the factoring agreement.
Factoring financing has become an important channel for settlement of accounts receivable. It can complement financial resources with other financing methods to help Shankao New Energy Group reduce the pressure to collect accounts receivable. The conclusion of the factoring agreement is expected to reduce the overall financing costs of Shankao New Energy Group, optimize its asset structure, and enhance its operating capacity. Furthermore, Shankao Yunchuang understands the development needs of Shankao New Energy Group's photovoltaic power generation, wind power generation, and clean heating businesses, and can provide flexible and comprehensive factoring and financing services for Shankao New Energy Group. Shandong Expressway Group is the controlling shareholder of Shangao New Energy, and has a strong capital base and strong financing capacity. Cooperation with factoring companies affiliated with Shandong Expressway Group will have a synergistic effect, enable Shangao New Energy Group to diversify its funding channels to support its clean energy business, and contribute to the long-term development of Shangao New Energy Group.