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Ruikai Laser: The customer intends to initiate bankruptcy reorganization
On November 11, Jin Shi Data News, Raycus Laser announced that on November 8, 2024, the company received a written notice from its customer’s parent company, Cangzhou Lingchuang Laser Technology Co., Ltd., the parent company of Wuhan Lingchuang Intelligent Laser Technology Co., Ltd., stating that due to financial issues, Cangzhou Lingchuang and Wuhan Lingchuang are currently basically in a state of shutdown. Cangzhou Lingchuang has communicated with the local government, major cooperative banks, and company shareholders, and decided to reorganize Cangzhou Lingchuang through bankruptcy. An application has been submitted to the local court. As of the announcement date, the company’s total accounts receivable from Wuhan Lingchuang amounted to 29.8027 million yuan, and the company has made a bad debt provision of 2.7648 million yuan. The company will make a single impairment provision for 100% of the accounts receivable from Wuhan Lingchuang.