Northeast Electric Development Co., Ltd. Class H (HK:0042) has released an update.
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Northeast Electric Development Co., Ltd. is involved in a legal process concerning a defaulted loan guarantee, originally contracted by its former subsidiary, Jinzhou Power Capacitor Co., Ltd. The Intermediate People’s Court of Jinzhou City has ruled to conclude the execution procedure due to the absence of assets available for repayment. Investors may be keen to monitor this development, as the company recognizes an estimated liability of RMB 14,465,000.
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