FIFA News Agency, May 26 / PRNewswire-FirstCall-Asianet /-- Fuxin Technology announced that the company recently received an email notification from Citic Insurance that the customer Sleepme has started the ABCs program. As of the date of disclosure of the announcement, the company's balance of accounts receivable to Sleepme totaled 48.2185 million yuan. The company has insured US $3 million, equivalent to about 21 million yuan, in Citic Insurance, and Citic Insurance's claim settlement procedures are under examination and approval. If the balance of accounts receivable (about 31 million yuan) after compensation cannot be recovered in full or in part, the company will make full or partial provision for bad debts. Based on the fact that Sleepme is the company's top five customers in recent years, and the company's largest customer in 2020 and 2022, its launch of the ABCs program may lead to a decline in the company's annual operating performance in 2023. Under the influence of inflation in the United States and the downward global economic cycle, Sleepme has encountered cash flow difficulties and has launched the ABCs program. The ABCs procedure, that is, "assignment for the benefit of creditors", is a legal procedure similar to Chapter 7 bankruptcy liquidation in American state law. At present, the assignee of the client is looking for an institution or individual buyer who intends to purchase assets.