Flexible-Screen Maker Royole Goes Bankrupt
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A rundown of the news making headlines in and around China:
Tech bankruptcy: A flexible-screen maker that spent much of the past few years fending off creditors and hunting for a financial lifeline has been declared bankrupt. A Shenzhen court’s ruling, publicized on Tuesday, paved the way for Shenzhen Royole Technologies Co. Ltd. and two of its subsidiaries to be liquidated. Once valued at roughly $8 billion, Royole long touted the unconventional, self-developed technology it used in its manufacturing process. However, that tech produced screens that no major smartphone-maker wanted to buy. After scrapping its IPO plans in 2021, the company’s financial problems left it producing fewer bendy screens and more headlines about how it was failing to pay suppliers and its workers.
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- Royole Technologies, a flexible-screen maker in Shenzhen, was declared bankrupt, ending its $8 billion valuation and scrapped IPO plans due to financial struggles.
- Four students were arrested in Macao for using fake test results to enter a university, with 20 suspected of fleeing back to the mainland.
- Hong Kong tycoon Li Ka-shing emphasized the need for innovative solutions to economic challenges, during a donation to the Chinese University of Hong Kong.
- Shenzhen Royole Technologies Co. Ltd.
- Shenzhen Royole Technologies Co. Ltd., once valued at around $8 billion, has been declared bankrupt by a Shenzhen court. The company was known for its self-developed flexible-screen technology, which failed to attract major smartphone manufacturers. Financial struggles led to the scrapping of its IPO plans in 2021, and it faced difficulties in paying suppliers and employees.
- Macau University of Science and Technology
- The Macau University of Science and Technology is involved in an admissions fraud scandal. At least 24 students from the Chinese mainland are suspected of using forged test results from Hong Kong's college entrance examination to gain admission. Four have been arrested in Macao, while 20 others are believed to have fled back to the mainland.
- 2021：
- Shenzhen Royole Technologies Co. Ltd. scrapped its IPO plans.
- June, 2024：
- Hong Kong's anti-corruption agency was asked to investigate allegations of forgery in university admission documents.
- Late Monday, 2024：
- Macao police announced the arrest of four Chinese mainland students and indicated that another 20 fled after being accused of using phony test results for university admission.
- Tuesday：
- A Shenzhen court's ruling publicized paving the way for Shenzhen Royole Technologies Co. Ltd. and its subsidiaries to be liquidated.
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