CBAK Unsecured Loan

Not every day you see a NASDAQ-listed company paying these rates…

“On November 20, 2013, the Company entered into a loan agreement of $11.6 million (RMB 71 million) with Shenzhen Aisibo Trading Company Co., Ltd, an unrelated third party, whereby the loan was unsecured and bearing interest at 0.17% per day. This loan was repaid on December 11, 2013.

On December 17, 2013, the Company entered into a loan agreement with Mr. Jinghui Wang, the sole shareholder of the potential buyer of BAK International whereby Mr. Wang agreed to lend the Company in the aggregate amount of $60.4 million (RMB370 million) which is secured by the Company’s 100% equity interest in BAK International and guaranteed by BAK International and the Company, bearing interest at 20% per annum and repayable by March 31, 2014. Up to the date of these financial statements, the Company has received $60.4 million (RMB370 million) pursuant to this loan agreement and $24.6 million (RMB150 million) from Mr. Wang.” (10-k)

Disclosure: No position

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