SHA:600416

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Xiangtan Electric Manufacturing to Transfer 60% Stake in Electromagnetic Systems Company in Restructuring

Xiangtan Electric Manufacturing (SHA:600416) will transfer a 60% stake in Hunan Xiangdian Strong Magnet Technology held by subsidiary Changsha Xiangtan Electric Technology to the listed company under a gratuitous transfer agreement, according to a Tuesday filing with the Shanghai bourse.Following the transfer, XEMC will directly hold 60% in the electromagnetic systems company, while the other shareholders will keep their collective 40% stake.

SHA:600416

Asia106d ago

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

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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