New progress in Royole Technology’s bankruptcy review: It is reported that CEO Liu Zihong appeared at the bankruptcy review hearing

This website reported on April 24 that according to Jiemian News, Royole Technology’s bankruptcy review case was held at a hearing at the Shenzhen Intermediate People’s Court on April 23.

According to reports, in addition to Royole employees who filed for bankruptcy review, attendees at the hearing also included Royole Technology founder, chairman and CEO Liu Zihong and his lawyers. The bankruptcy review application was filed by some Royole Technology employees (both current and retired) who were owed wages. The number of participants reached more than 300, and there are still employees joining in. Employees have statistics on wage arrears:

A total of about 60 million yuan in wage arrears, plus the equity previously promised by the company, totals hundreds of millions of yuan

. Among them, the longest period of wage arrears was 17 months, and the average wage arrears was about 15 months. The report mentioned that Royole Technology issued an "Application for Objection to the Creditor's Bankruptcy Application" to the court,

which believed that the company's assets currently exceed 5.4 billion yuan, including real estate, construction land, production equipment, technology and Intellectual property rights, etc.

, "sufficient to discharge the bankruptcy applicant's debts." People who participated in the hearing said that the entire hearing lasted nearly 4 hours. “Liu Ziming spent a long time stating that the company’s patented technology and intellectual property rights are valuable. Although it is insolvent on the books, it is intangible. The assets are very important.” Prototype order and delivery completed in time, etc

. However, during this period, the company has experienced wage arrears and some employees have taken "long vacations." An internal Royole employee said, “Apple has only placed a few sample orders, and they have not actually been audited by Apple’s supply chain.

This requires a very long process and verification, and there is still a long way to go!

”

This site attaches a summary of previous information:

2021-2022:

After withdrawing its IPO application in February 2021, Rou Yu began to show financial constraints, and in April 2022, he was on the hot search for "unpaid wages".

• ##2023: Jiemian News once reported that on December 25, about 50 Royole employees were at the Royole International Display Base in Longgang District, Shenzhen. Banners and slogans were held at the door, demanding that the company pay wages as soon as possible.

  According to multiple employees participating in the strike, Royole has been in arrears with employee wages for as long as a year from November 2022 to now
.

• February 2024: Shenzhen Royole Technology Co., Ltd. was listed as a breach of trust person by the Shenzhen Intermediate People’s Court due to other avoidance of execution ( Commonly known as "Lao Lai"), and are restricted from high consumption.

• March 2024: Shenzhen Royole Technology Co., Ltd. and its subsidiaries Shenzhen Royole Electronic Technology Co., Ltd. and Shenzhen Royole Display Technology Co., Ltd. There is one new bankruptcy review case each, and the

  applicants are natural persons Zhang, Wang, and Guo
.

• ##April 2024: Royole Technology issued a response: The company has not actively applied for bankruptcy, nor has it entered bankruptcy procedures

  . Currently, the company is still In operation. The recent rumors come from
company employees who resigned personally filed for bankruptcy review
• in the name of option settlement disputes.

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