CN Energy says frozen counterparty accounts prompted full allowance on $33.15 million receivable
CNEY•CN Energy recorded a full credit-loss allowance on a $33.15 million acquisition reversal receivable after Shenzhen Xiangfeng Trading’s bank accounts were frozen. The allowance reduced the receivable’s net value to zero as of March 31, 2026.
1. Allowance on receivable
CN Energy said new information prompted a full credit-loss allowance on its $33.15 million acquisition reversal receivable. Shenzhen Xiangfeng Trading faces multiple lawsuits, and all its bank accounts were frozen, undermining earlier assurances of full repayment. The allowance reduced the receivable’s net value to zero as of March 31, 2026, reflecting a change in estimate.
