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Shenzhen Desay Battery Technology Adds 1 Billion Yuan in Guarantees for Two Subsidiaries

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Shenzhen Desay Battery Technology (SHE:000049) will provide a guarantee of up to 1 billion yuan for two subsidiaries, according to a Friday filing with the Shenzhen bourse.

The 900-million-yuan guarantee for Huizhou Desay Smart Storage Technology and the 100-million-yuan guarantee for Desay Battery Technology (Longmen)'s production and operation needs and client demands, the filing said.

Huizhou Desay's debt-to-asset ratio is at 83.65%, while Desay Battery's stands at 76.24%.

Total guarantees for the two companies reached 1.25 billion yuan.

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ASX:LEX