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Court Upholds Ruling Favoring Sunxing Light Alloys Materials Unit's 12 Million Yuan Bankruptcy Claim

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Sunxing Light Alloys Materials (SHA:603978) said a court upheld its ruling in favor of its subsidiary, Songyan New Energy Materials (Quannan)'s 12.1 million yuan bankruptcy claim against Dongguan Shanshan Battery Materials, according to a Shanghai bourse filing on Friday.

Songyan New Energy sought the amount from Shanshan Battery Materials for the latter's overdue debt for goods payment.

The ruling is expected to reverse the company's bad debt provision of the same amount.

The Chinese light alloy material manufacturer's shares jumped 4% at the close.

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