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Zhejiang Longsheng Group Co., Ltd. Announcement on Providing Guarantees for Its Wholly-Owned Subsidiary
Stock Code: 600352 Stock Abbreviation: Zhejiang Longsheng Announcement Number: 2026-006
Zhejiang Longsheng Group Co., Ltd. Announcement on Providing Guarantees for Wholly-owned Subsidiaries
The Board of Directors of the company and all directors guarantee that the content of this announcement does not contain any false record, misleading statement, or major omission, and bear legal responsibility for the authenticity, accuracy, and completeness of the content.
Important Content Reminder:
● Guarantee Object and Basic Situation
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● Cumulative Guarantee Situation
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I. Overview of Guarantee Situation
(1) Basic Situation of Guarantee
On March 16, 2026, the company’s wholly-owned subsidiaries Zhejiang Ranhua, Zhejiang Hongsheng, Zhejiang Annuo, Shaoxing Jinguang, Zhejiang Desida, Zhejiang Keyong, and Hangzhou Longshan conducted business with the following financial institutions. To ensure the smooth conduct of the corresponding business, the company signed 7 “Maximum Guarantee Contracts” with the Bank of China Co., Ltd. Shaoxing Branch, signed 1 “Maximum Guarantee Contract” with CITIC Bank Co., Ltd. Shaoxing Branch, and signed 2 “Maximum Guarantee Contracts” with Ping An Bank Co., Ltd. Hangzhou Branch, to provide joint liability guarantees for the comprehensive credit applications of wholly-owned subsidiaries Zhejiang Ranhua, Zhejiang Hongsheng, Zhejiang Annuo, Shaoxing Jinguang, Zhejiang Desida, Zhejiang Keyong, and Hangzhou Longshan. The scope and duration of the guarantee are detailed in “III. Main Content of the Guarantee Agreement”. There are no counter-guarantees for these guarantees. Details are shown in the table below:
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(2) Internal Decision-making Procedure
The company held the 17th meeting of the 9th Board of Directors on April 11, 2025, and the 2024 annual general meeting on May 30, 2025, to review and approve the “Proposal on Determining the Guarantee Amount for Subsidiaries”. The specific content is detailed in the announcements disclosed by the company on April 15, 2025, and May 31, 2025, on the Shanghai Stock Exchange website and designated media.
(3) Expected Basic Situation of Guarantee
The guarantees provided by the company for its wholly-owned subsidiaries Zhejiang Ranhua, Zhejiang Hongsheng, Zhejiang Annuo, Shaoxing Jinguang, Zhejiang Desida, Zhejiang Keyong, and Hangzhou Longshan are included within the total amount of guarantees the company will provide for subsidiaries in the fiscal year 2025. The above guarantee matters do not require a separate meeting of the company’s Board of Directors or shareholders.
As of March 13, 2026, the estimated guarantee amount for the above companies is as follows:
Currency: RMB; Unit: Ten Thousand Yuan
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II. Basic Situation of the Guaranteed Party
(1) Basic Situation
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III. Main Content of the Guarantee Agreement
(1) Main Content of the Guarantee Contract for Zhejiang Ranhua Signed with the Bank of China
Guarantor: Zhejiang Longsheng Group Co., Ltd.
Creditor: Bank of China Co., Ltd. Shaoxing Branch
The creditor and the debtor Zhejiang Longsheng Dye Chemical Co., Ltd. signed contracts related to loans, trade financing, letters of guarantee, fund operations, and other credit operations from March 5, 2026, to March 5, 2028 (collectively referred to as “Single Contract”), including any amendments or supplements, wherein it is stipulated that they belong to the main contract under this agreement.
Unless otherwise determined or stipulated by law, the actual debts incurred under the main contract during the following period, as well as the debts that occurred between the debtor and creditor before this contract took effect, constitute the main debt of this contract: from March 5, 2026, to March 5, 2028.
The maximum principal balance of the debts guaranteed by this contract is: 740 million RMB equivalent in various currencies.
Upon the expiration of the main debt period determined in Article 2 of this contract, the interest (including interest, compound interest, penalty interest), liquidated damages, compensation for damages, costs incurred in realizing the debt (including but not limited to litigation fees, attorney fees, notarization fees, enforcement fees, etc.), losses incurred by the creditor due to the debtor’s default, and all other payable fees, also belong to the secured debt, and the specific amount will be determined upon payment.
The sum of the amounts determined in the above two articles is the maximum amount guaranteed by this contract.
Guarantee Method: Joint liability guarantee.
Guarantee Period
The debts guaranteed under this contract are calculated separately for the guarantee period, with each debt’s guarantee period being three years from the expiration date of that debt’s performance obligation. During this guarantee period, the creditor has the right to require the guarantor to bear the guarantee responsibility for the entire or partial main debt, multiple debts, or a single debt, either collectively or separately.
(2) Main Content of the Guarantee Contract for Zhejiang Hongsheng Signed with the Bank of China
Guarantor: Zhejiang Longsheng Group Co., Ltd.
Creditor: Bank of China Co., Ltd. Shaoxing Branch
The creditor and the debtor Zhejiang Hongsheng Chemical Co., Ltd. signed contracts related to loans, trade financing, letters of guarantee, fund operations, and other credit operations from March 5, 2026, to March 5, 2028 (collectively referred to as “Single Contract”), including any amendments or supplements, wherein it is stipulated that they belong to the main contract under this agreement.
Unless otherwise determined or stipulated by law, the actual debts incurred under the main contract during the following period, as well as the debts that occurred between the debtor and creditor before this contract took effect, constitute the main debt of this contract: from March 5, 2026, to March 5, 2028.
The maximum principal balance of the debts guaranteed by this contract is: 600 million RMB equivalent in various currencies.
Upon the expiration of the main debt period determined in Article 2 of this contract, the interest (including interest, compound interest, penalty interest), liquidated damages, compensation for damages, costs incurred in realizing the debt (including but not limited to litigation fees, attorney fees, notarization fees, enforcement fees, etc.), losses incurred by the creditor due to the debtor’s default, and all other payable fees, also belong to the secured debt, and the specific amount will be determined upon payment.
The sum of the amounts determined in the above two articles is the maximum amount guaranteed by this contract.
Guarantee Method: Joint liability guarantee.
Guarantee Period
The debts guaranteed under this contract are calculated separately for the guarantee period, with each debt’s guarantee period being three years from the expiration date of that debt’s performance obligation. During this guarantee period, the creditor has the right to require the guarantor to bear the guarantee responsibility for the entire or partial main debt, multiple debts, or a single debt, either collectively or separately.
(3) Main Content of the Guarantee Contract for Zhejiang Annuo Signed with the Bank of China
Guarantor: Zhejiang Longsheng Group Co., Ltd.
Creditor: Bank of China Co., Ltd. Shaoxing Branch
The creditor and the debtor Zhejiang Annuo Aromatic Amines Co., Ltd. signed contracts related to loans, trade financing, letters of guarantee, fund operations, and other credit operations from March 5, 2026, to March 5, 2028 (collectively referred to as “Single Contract”), including any amendments or supplements, wherein it is stipulated that they belong to the main contract under this agreement.
Unless otherwise determined or stipulated by law, the actual debts incurred under the main contract during the following period, as well as the debts that occurred between the debtor and creditor before this contract took effect, constitute the main debt of this contract: from March 5, 2026, to March 5, 2028.
The maximum principal balance of the debts guaranteed by this contract is: 339 million RMB equivalent in various currencies.
Upon the expiration of the main debt period determined in Article 2 of this contract, the interest (including interest, compound interest, penalty interest), liquidated damages, compensation for damages, costs incurred in realizing the debt (including but not limited to litigation fees, attorney fees, notarization fees, enforcement fees, etc.), losses incurred by the creditor due to the debtor’s default, and all other payable fees, also belong to the secured debt, and the specific amount will be determined upon payment.
The sum of the amounts determined in the above two articles is the maximum amount guaranteed by this contract.
Guarantee Method: Joint liability guarantee.
Guarantee Period
The debts guaranteed under this contract are calculated separately for the guarantee period, with each debt’s guarantee period being three years from the expiration date of that debt’s performance obligation. During this guarantee period, the creditor has the right to require the guarantor to bear the guarantee responsibility for the entire or partial main debt, multiple debts, or a single debt, either collectively or separately.
(4) Main Content of the Guarantee Contract for Shaoxing Jinguang Signed with the Bank of China
Guarantor: Zhejiang Longsheng Group Co., Ltd.
Creditor: Bank of China Co., Ltd. Shaoxing Branch
The creditor and the debtor Shaoxing Jinguang Chemical Co., Ltd. signed contracts related to loans, trade financing, letters of guarantee, fund operations, and other credit operations from March 5, 2026, to March 5, 2028 (collectively referred to as “Single Contract”), including any amendments or supplements, wherein it is stipulated that they belong to the main contract under this agreement.
Unless otherwise determined or stipulated by law, the actual debts incurred under the main contract during the following period, as well as the debts that occurred between the debtor and creditor before this contract took effect, constitute the main debt of this contract: from March 5, 2026, to March 5, 2028.
The maximum principal balance of the debts guaranteed by this contract is: 390 million RMB equivalent in various currencies.
Upon the expiration of the main debt period determined in Article 2 of this contract, the interest (including interest, compound interest, penalty interest), liquidated damages, compensation for damages, costs incurred in realizing the debt (including but not limited to litigation fees, attorney fees, notarization fees, enforcement fees, etc.), losses incurred by the creditor due to the debtor’s default, and all other payable fees, also belong to the secured debt, and the specific amount will be determined upon payment.
The sum of the amounts determined in the above two articles is the maximum amount guaranteed by this contract.
Guarantee Method: Joint liability guarantee.
Guarantee Period
The debts guaranteed under this contract are calculated separately for the guarantee period, with each debt’s guarantee period being three years from the expiration date of that debt’s performance obligation. During this guarantee period, the creditor has the right to require the guarantor to bear the guarantee responsibility for the entire or partial main debt, multiple debts, or a single debt, either collectively or separately.
(5) Main Content of the Guarantee Contract for Zhejiang Desida Signed with the Bank of China
Guarantor: Zhejiang Longsheng Group Co., Ltd.
Creditor: Bank of China Co., Ltd. Shaoxing Branch
The creditor and the debtor Zhejiang Desida Trading Co., Ltd. signed contracts related to loans, trade financing, letters of guarantee, fund operations, and other credit operations from March 5, 2026, to March 5, 2028 (collectively referred to as “Single Contract”), including any amendments or supplements, wherein it is stipulated that they belong to the main contract under this agreement.
Unless otherwise determined or stipulated by law, the actual debts incurred under the main contract during the following period, as well as the debts that occurred between the debtor and creditor before this contract took effect, constitute the main debt of this contract: from March 5, 2026, to March 6, 2028.
The maximum principal balance of the debts guaranteed by this contract is: 80 million RMB equivalent in various currencies.
Upon the expiration of the main debt period determined in Article 2 of this contract, the interest (including interest, compound interest, penalty interest), liquidated damages, compensation for damages, costs incurred in realizing the debt (including but not limited to litigation fees, attorney fees, notarization fees, enforcement fees, etc.), losses incurred by the creditor due to the debtor’s default, and all other payable fees, also belong to the secured debt, and the specific amount will be determined upon payment.
The sum of the amounts determined in the above two articles is the maximum amount guaranteed by this contract.
Guarantee Method: Joint liability guarantee.
Guarantee Period
The debts guaranteed under this contract are calculated separately for the guarantee period, with each debt’s guarantee period being three years from the expiration date of that debt’s performance obligation. During this guarantee period, the creditor has the right to require the guarantor to bear the guarantee responsibility for the entire or partial main debt, multiple debts, or a single debt, either collectively or separately.
(6) Main Content of the Guarantee Contract for Zhejiang Keyong Signed with the Bank of China
Guarantor: Zhejiang Longsheng Group Co., Ltd.
Creditor: Bank of China Co., Ltd. Shaoxing Branch
The creditor and the debtor Zhejiang Keyong Chemical Co., Ltd. signed contracts related to loans, trade financing, letters of guarantee, fund operations, and other credit operations from March 5, 2026, to March 5, 2028 (collectively referred to as “Single Contract”), including any amendments or supplements, wherein it is stipulated that they belong to the main contract under this agreement.
Unless otherwise determined or stipulated by law, the actual debts incurred under the main contract during the following period, as well as the debts that occurred between the debtor and creditor before this contract took effect, constitute the main debt of this contract: from March 5, 2026, to March 5, 2028.
The maximum principal balance of the debts guaranteed by this contract is: 100 million RMB equivalent in various currencies.
Upon the expiration of the main debt period determined in Article 2 of this contract, the interest (including interest, compound interest, penalty interest), liquidated damages, compensation for damages, costs incurred in realizing the debt (including but not limited to litigation fees, attorney fees, notarization fees, enforcement fees, etc.), losses incurred by the creditor due to the debtor’s default, and all other payable fees, also belong to the secured debt, and the specific amount will be determined upon payment.
The sum of the amounts determined in the above two articles is the maximum amount guaranteed by this contract.
Guarantee Method: Joint liability guarantee.
Guarantee Period
The debts guaranteed under this contract are calculated separately for the guarantee period, with each debt’s guarantee period being three years from the expiration date of that debt’s performance obligation. During this guarantee period, the creditor has the right to require the guarantor to bear the guarantee responsibility for the entire or partial main debt, multiple debts, or a single debt, either collectively or separately.
(7) Main Content of the Guarantee Contract for Hangzhou Longshan Signed with the Bank of China
Guarantor: Zhejiang Longsheng Group Co., Ltd.
Creditor: Bank of China Co., Ltd. Shaoxing Branch
The creditor and the debtor Hangzhou Longshan Chemical Co., Ltd. signed contracts related to loans, trade financing, letters of guarantee, fund operations, and other credit operations from March 5, 2026, to March 5, 2028 (collectively referred to as “Single Contract”), including any amendments or supplements, wherein it is stipulated that they belong to the main contract under this agreement.
Unless otherwise determined or stipulated by law, the actual debts incurred under the main contract during the following period, as well as the debts that occurred between the debtor and creditor before this contract took effect, constitute the main debt of this contract: from March 5, 2026, to March 5, 2028.
The maximum principal balance of the debts guaranteed by this contract is: 200 million RMB equivalent in various currencies.
Upon the expiration of the main debt period determined in Article 2 of this contract, the interest (including interest, compound interest, penalty interest), liquidated damages, compensation for damages, costs incurred in realizing the debt (including but not limited to litigation fees, attorney fees, notarization fees, enforcement fees, etc.), losses incurred by the creditor due to the debtor’s default, and all other payable fees, also belong to the secured debt, and the specific amount will be determined upon payment.
The sum of the amounts determined in the above two articles is the maximum amount guaranteed by this contract.
Guarantee Method: Joint liability guarantee.
Guarantee Period
The debts guaranteed under this contract are calculated separately for the guarantee period, with each debt’s guarantee period being three years from the expiration date of that debt’s performance obligation. During this guarantee period, the creditor has the right to require the guarantor to bear the guarantee responsibility for the entire or partial main debt, multiple debts, or a single debt, either collectively or separately.
(8) Main Content of the Guarantee Contract for Zhejiang Ranhua Signed with CITIC Bank
Guarantor: Zhejiang Longsheng Group Co., Ltd.
Creditor: CITIC Bank Co., Ltd. Shaoxing Branch
(1) The debts guaranteed under this contract refer to a series of contracts, agreements, and other legal documents that create a debtor-creditor relationship signed by CITIC Bank and Zhejiang Ranhua from March 16, 2026, to March 16, 2029 (including the start and end dates of the period) (hereinafter referred to as “Main Contract”) (including debt restructuring business contracts such as replacing old debts with new ones, extending terms, changing repayment plans, etc.) and the rights enjoyed.
(2) The maximum amount of the guaranteed debt is the principal of 330 million RMB and the corresponding interest, penalty interest, compound interest, liquidated damages, compensation for damages, interest during the delay period, delay penalties, and all expenses incurred for realizing the debt and guarantee rights (including but not limited to litigation fees, arbitration fees, attorney fees, travel expenses, assessment fees, transfer fees, preservation fees, announcement fees, notarization fees, translation fees, enforcement fees, preservation insurance fees, etc.) and other payable fees.
Guarantee Scope: The main debt, interest, penalty interest, compound interest, liquidated damages, interest during the delay period, delay penalties, and all expenses (including but not limited to litigation fees, arbitration fees, attorney fees, travel expenses, assessment fees, transfer fees, preservation fees, announcement fees, notarization fees, translation fees, enforcement fees, preservation insurance fees, etc.) related to realizing the debt.
Guarantee Method: The guarantee method under this contract is joint liability guarantee.
Guarantee Period: Three years from the expiration date of the performance obligation under the main contract.
(9) Main Content of the Guarantee Contract for Zhejiang Ranhua Signed with Ping An Bank
Guarantor: Zhejiang Longsheng Group Co., Ltd.
Creditor: Ping An Bank Co., Ltd. Hangzhou Branch
A series of contracts or debt documents signed during the period from March 17, 2026, to March 10, 2027, by Ping An Bank and Zhejiang Ranhua for conducting business; as well as the comprehensive credit limit contract numbered Pingyin Hangjin Shao Comprehensive Document No. 20260317 No. 001, along with any subsequent revisions, supplements, or changes.
The total debt (including contingent liabilities) that Zhejiang Ranhua is responsible for under the main contract, including principal and interest, penalty interest, compound interest, liquidated damages, and all expenses incurred in realizing the debt. The maximum principal balance of the debt is equivalent to 300 million RMB.
Maximum guarantee, and the guarantee method is joint liability guarantee.
From the effective date of this contract until three years after the expiration date of the performance obligation under the specific credit items in the main contract.
(10) Main Content of the Guarantee Contract for Zhejiang Hongsheng Signed with Ping An Bank
Guarantor: Zhejiang Longsheng Group Co., Ltd.
Creditor: Ping An Bank Co., Ltd. Hangzhou Branch
A series of contracts or debt documents signed during the period from March 17, 2026, to March 16, 2027, by Ping An Bank and Zhejiang Hongsheng for conducting business; as well as the comprehensive credit limit contract numbered Pingyin Hangjin Shao Comprehensive Document No. 20260317 No. 002, along with any subsequent revisions, supplements, or changes.
The total debt (including contingent liabilities) that Zhejiang Hongsheng is responsible for under the main contract, including principal and interest, penalty interest, compound interest, liquidated damages, and all expenses incurred in realizing the debt. The maximum principal balance of the debt is equivalent to 400 million RMB.
Maximum guarantee, and the guarantee method is joint liability guarantee.
From the effective date of this contract until three years after the expiration date of the performance obligation under the specific credit items in the main contract.
IV. Necessity and Reasonableness of the Guarantee
The above guarantees are all guarantees provided by the company for its wholly-owned subsidiaries. The company has control over the guaranteed parties and operates normally; therefore, the guarantee risks are controllable. The Board of Directors has prudently judged that the guaranteed parties have the ability to repay the debts, and the above guarantees are in line with the daily operational needs of the company’s subsidiaries, facilitating the normal conduct of the company’s business and will not affect the interests of the shareholders, which is necessary and reasonable.
V. Opinion of the Board of Directors
The company’s Board of Directors held the 17th meeting of the 9th Board of Directors on April 11, 2025, and reviewed and approved the “Proposal on Determining the Guarantee Amount for Subsidiaries” with 9 votes in favor, 0 votes against, and 0 abstentions. The specific content is detailed in the announcement disclosed by the company on April 15, 2025, on the Shanghai Stock Exchange website and designated media.
VI. Total Number of External Guarantees and Number of Overdue Guarantees
As of March 13, 2026, all external guarantees provided by the company are guarantees for its controlled subsidiaries, with a total guarantee balance of 896,858.51 ten thousand RMB, accounting for 26.16% of the audited net assets attributable to the parent company as of the end of 2024. The foreign currency amounts involved in the company’s external guarantees are converted according to the relevant RMB exchange rate published by the People’s Bank of China on March 13, 2026. As of the date of this announcement, the company has not provided guarantees for controlling shareholders, actual controllers, and their related parties, and there are no overdue guarantees for the company or its controlled subsidiaries.
This announcement is hereby made.
Zhejiang Longsheng Group Co., Ltd. Board of Directors
March 18, 2026
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