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Subsequent Events | 12 Months Ended
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Dec. 31, 2024
Subsequent Events [Abstract] |
Subsequent events |
32. | Subsequent events
The Company has evaluated subsequent events through the date of the issuance of the consolidated financial statements and the following subsequent event has been identified. The Company repaid RMB64 million (approximately $8.8 million) borrowed from Shaoxing Branch of Bank of Communications Co., Ltd bearing interest rate of 3.65% per annum as of the date of this report and borrowed RMB58 million (approximately $8 million) for one year from the same facility, bearing interest rate of 3.45% and expiring through January to February 2026. On January 17, 2025, the Company entered into a long-term Maximum Pledge Agreement with Zhejiang Shangyu Rural Commercial Bank, for the period from January 17, 2025 to September 25, 2027, with a maximum facility amount of RMB76.56 million (approximately $10.49 million). The facility was secured by the land use right and buildings of the Company. The Company has borrowed RMB40 million (approximately $5.5 million) as of the date of this report bearing interest rate at 2.85%-3.6% and repayable on September 25, 2027. On January 20, 2025, NJ CBAK entered into an unsecured revolving loan agreement with Bank of Ningbo Co., Ltd. Gaochun Branch bearing interest at 2.8% per annum (LPR interest rate -30 bp) , with a one-year loan period ending on January 20, 2026. Up to the date of this report, NJ CBAK has borrowed RMB7.1 million (approximately $1 million) under this loan agreement. On February 19, 2025, NJ CBAK obtained a RMB30 million facility (approximately $4.1 million) from Jiangsu Gaochun Rural Commercial Bank, with the term from February 19, 2025 to September 23, 2027. The facility was guaranteed by 100% equity in CBAK Nanjing held by BAK Investment. NJ CBAK borrowed RMB4 million (approximately $0.6 million) on February 20, 2025 for a term until February 19, 2026, bearing interest rate at 2.98%.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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