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there is new news about royole technology.

on august 31, a former royole employee revealed that liu zihong, the founder of royole technology, is no longer the chairman and ceo of royole technology, and his only identity in royole technology is the company's major shareholder.

it is worth mentioning that during the live broadcast of the 2024 us open held recently, liu zihong, founder and ceo of royole technology, was spotted in the stands.

at the same time, several former employees of royole technology stated that the man in gray in the live broadcast was indeed liu zihong.

according to tianyancha, liu zihong is still the largest shareholder of royole technology, holding 38.61% of the shares. the second largest shareholder is citic capital (shenzhen) asset management co., ltd., holding 6.05% of the shares.

public information shows that liu zihong is known as a "genius boy" and was admitted to tsinghua university at the age of 17 as the top scorer in the science college entrance examination in fuzhou, jiangxi province. after graduating from tsinghua university with a master's degree in electronic engineering, liu zihong obtained a doctorate in electronic engineering from stanford university in the united states.

in 2012, 29-year-old liu zihong returned from the united states to start a business. he and his two other tsinghua university and stanford alumni wei peng and fan junchao jointly invested 100,000 yuan to establish royole technology. as the valuation of royole technology continued to rise, by 2020, liu zihong was listed on the hurun rich list with a net worth of 14.5 billion yuan, ranking 376th.

previously, on june 7, the national enterprise bankruptcy and reorganization case information network showed that on june 6, the shenzhen intermediate people's court issued an announcement stating that the court had ruled on may 15, 2024 to accept the case of royole technology's bankruptcy liquidation, and appointed guangdong huashang law firm as the administrator of royole technology.

the announcement shows that creditors of shenzhen royole electronic technology co., ltd. should declare their claims to the company's administrator, guangdong huashang law firm, before august 30, 2024. debtors or property holders of shenzhen royole electronic technology co., ltd. should repay debts or deliver property to the administrator of shenzhen royole electronic technology co., ltd. at the same time, the court is scheduled to hold the first creditors' meeting in the fifth court at 9:30 am on september 13, 2024.

after royole technology's bankruptcy liquidation was accepted, liu shuwei, director of the china enterprise research center of the central university of finance and economics, posted a speech he made at a closed-door meeting themed "high-quality development of chinese listed companies" on his wechat moments.

in her speech, liu shuwei was blunt when talking about liu zihong, the founder of royole technology: "liu zihong is a scientist, but he does not have the basic knowledge and experience to run and manage a business." "what is liu zihong's problem? the problem is that he exceeded his circle of competence, and the capital market invested in his behavior beyond his circle of competence, which resulted in investment failure."

it is understood that royole technology has been facing many rumors of bankruptcy and employee strikes for wages in the past two years. on april 1 this year, royole technology even released a statement on its official account saying that the company had not actively applied for bankruptcy, nor had it entered bankruptcy procedures, and that the company was still operating; the recent rumors came from a resigned employee who filed a bankruptcy review application in the name of an option settlement dispute.

what kind of company is royole technology, which is facing bankruptcy?

royole technology was formally established in 2012. royole technology and its founder liu zihong have a halo: a high-tech company founded by a team of american returnees with phds who graduated from stanford university and tsinghua university and worked for fortune 500 well-known it companies; founder liu zihong is also known as a technical genius with extraordinary innovative talent.

according to the official website of royole technology, royole has achieved several industry milestones, including the launch of the world's thinnest color flexible display, the establishment of the world's first large-scale mass production line for fully flexible displays, the release and mass production of the world's first foldable screen mobile phone flexpai, and the release of the industry's first micro-led stretch flexible screen technology.

in july 2014, royole technology created a new world record-breaking ultra-thin color flexible display with a thickness of only 0.01 mm and a curling radius of up to 1 mm.

in june 2018, royole technology invested approximately rmb 11 billion to build the world's first large-scale mass production line for fully flexible displays, which was officially put into production in shenzhen.

at the same time, royole technology has also attracted a large number of well-known investment institutions, including idg capital, shenzhen capital group, citic capital, etc.

in 2019, there were reports that royole technology would go public on the u.s. stock market, but it ultimately failed to do so. in 2020, after completing the listing guidance work, the company officially launched a sprint to the science and technology innovation board. according to the prospectus disclosed at that time, royole technology's valuation after issuance will reach 57.7 billion yuan. however, in february 2021, royole technology took the initiative to withdraw its listing application. the prospectus (draft) at the time showed that royole technology planned to raise 14.434 billion yuan for flexible cutting-edge technology research and development projects and to supplement working capital. among them, the demand for supplementary working capital reached 7.2 billion yuan. this also shows that royole technology was facing great financial pressure at the time.

the prospectus also shows that from 2017 to the first half of 2020, royole technology's operating income was 65 million yuan, 109 million yuan, 227 million yuan and 116 million yuan respectively. royole technology's net profit attributable to the parent company was -359 million yuan, -802 million yuan, -1.073 billion yuan and -961 million yuan respectively, and the net profit attributable to the parent company after deducting non-recurring items was -359 million yuan, -786 million yuan, -986 million yuan and -744 million yuan respectively. in three and a half years, royole technology lost 3.195 billion yuan.

source: comprehensive from previous reports by china business news, national business daily, beijing daily, and securities times