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Xiangtan Electric Logs 94 Million Yuan in Bad Debt From Purchases of Harbin Electric's Unit

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Xiangtan Electric Manufacturing (SHA:600416) incurred a bad debt worth 94.1 million yuan at the end of May due to unpaid purchases from a unit of Harbin Electric (HKG:1133), according to a Shanghai bourse filing on Saturday.

The motor manufacturer's shares dropped 6% at the close of Monday's trade.

The company recorded an account receivable worth 733.4 million yuan from Hunan Xinglan Wind Power's purchases.

The Intermediate People's Court of Xiangtan City, China, ordered Xinglan Wind Power to enter bankruptcy reorganization proceedings due to overdue debt.

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