Shangwei New Materials: Customer TPI applies for bankruptcy protection, which may have a certain impact on the company's performance.
Shangwei New Materials announced that its wholly-owned subsidiary Shangwei Xingye's customer TPI Composites, Inc. filed for relief under Chapter 11 of the United States Bankruptcy Code on August 11 to facilitate debt restructuring. TPI Mexico is a client of Shangwei Xingye, and Shangwei New Materials has an accounts receivable balance of $4.1292 million USD, equivalent to approximately 32.37 million RMB. The company is currently assessing the handling of TPI's bankruptcy issues and is in communication with TPI Mexico regarding repayment plans and future supply agreements to ensure maximum protection of the company's interests. This matter may have a certain impact on the company's performance, but currently, the company's production and operation are normal, with other existing orders stable.
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