According to the latest news, for the current financial difficulties of Royole Technology, Royole Technology Independent Director Liu Shuwei issued a letter today calling for "saving Royole and maintaining the mainland's international leading level in the field of flexible technology", she hopes to help Royole Technology introduce strategic investors to alleviate its shortage of funds.
It was exposed to large-scale wage arrears
It is reported that at the end of last year, unicorn Royole Technology was exposed to large-scale wage arrears. A number of Royole employees said that Royole did not wait for the reissue salary on the day when it promised to pay the employees.
In April this year, some Royole Technology employees revealed that since September 2021, the company has been in arrears in wages. I received 5 unpaid emails within 6 months, all of which were roughly the same: "The company's financing is advancing, the funds are about to arrive, and the salary will be paid immediately." The employee also revealed that the number of Royole Technology employees has dropped from 1800 to 700.
Royole technology employees said that the company has not paid wages for several months, and various departments verbally conveyed that "all employees will be on holiday for three months in April, and the wages in April will be paid at full salary, and may and June will be settled at the minimum wage standard." The employee also said that although the company owed wages, it did not take the initiative to lay off employees on a large scale, and did not know when the wages would be paid.
In response to the three-month holiday for all employees, Royole Technology responded to the media that the company did not have a full holiday, many employees were still at work, and it was rumored that all employees were on holiday for three months.
Du Dong calls for the rescue of Royole
On the 13th, Liu Shuwei, a well-known scholar who serves as an independent director of Royole, issued a post calling for the rescue of Royole through his personal WeChat public account.
The article said that due to the flexible screen production line put into production in 2018, it has not yet had time to open up the market and create sufficient operating cash flow, Royole Technology has experienced a shortage of funds, resulting in the flexible screen production line can not operate normally, and can not carry out continuous research and development work.
She listed a lot of Royole technology research and development results, as well as technical reserves and other information, said that Royole-led ULT-NSSP technology route can enable the mainland to have completely independent intellectual property rights in the full flexible display industry, get rid of the situation of relying on foreign leading technology routes.
Liu Shuweicheng: "Although the three founders of Royole Technology master the technology, they lack experience in opening up the market, creating sufficient operating cash flow, and ensuring the company's continuous operation." This is also a common problem in most high-tech enterprises on the mainland. ”
She also said at the end of the article: Save Royole and maintain the mainland's international leading level in the field of flexible technology.
The unicorns of yesteryear abandoned the listing
It is reported that royole technology belongs to the enterprise for Shenzhen Royole Technology Co., Ltd., the company through independent research and development of flexible integrated circuit technology, to provide a full set of flexible products and solutions with full flexible display screen and full flexible sensors and other flexible electronics as the core, mainly used in intelligent mobile terminals, intelligent transportation, entertainment media, smart home, sports fashion and office education and other industries.
According to media reports, as early as 2020, royole technology valuation has been as high as 6 billion US dollars, iiMedia Research released the "2020 China New Economy Unicorn 200 List" shows that in the top 200 domestic valuation of more than 1 billion US dollars unlisted enterprises, Royole Technology ranked 12th.
Royole Technology has sprinted to the science and technology innovation board. In November 2020, Royole Technology announced the news of shelving the US listing plan and turning to the listing on the Science and Technology Innovation Board, and disclosed the prospectus on the Shanghai Stock Exchange on December 31, 2020, officially sprinting to the Science and Technology Innovation Board. However, the enterprise inspection APP shows that on February 10, 2021, the IPO review status of royole technology innovation board was changed to "terminated", and it did not even go through the first round of inquiry.
At the same time, the Shanghai Stock Exchange disclosed that the decision to terminate the listing review of Royole Technology showed that Royole Technology and the sponsor CITIC Securities submitted an application for withdrawal of listing application documents on February 9, and the SSE terminated its listing review on the Science and Technology Innovation Board.