Jiangsu High Hope International Group (SHA:600981) made an impairment provision of 2.7 million yuan after Dongze Shipbuilding, a debtor of subsidiary Kaiyuan Shipbuilding, was granted bankruptcy restructuring approval by Nanjing authorities.
Kaiyuan Shipbuilding holds a secured claim of 136.5 million yuan against Dongze Shipbuilding, stemming from maritime contract disputes, according to a Monday filing with the Shanghai bourse.
The final recovery amount remains uncertain pending restructuring outcomes.
Jiangsu High Hope International Group shares were down 10% in recent trade.
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