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.
