New Challenges for Royole in the Face of Financial Crisis
The leading innovative company in China specializing in flexible display technology, Royole, is grappling with significant challenges when it comes to paying its employees. Reports suggest that the company has not paid its employees for an entire year. Dissatisfaction among the workers has escalated to the point where protests have taken place at the company’s Display Headquarters entrance in Shenzhen.
Employees Demand Unpaid Wages
Employees who have not received their wages since November 2022 are now expressing their frustration with the company’s CEO, Liu Zihong. They claim that he has not fulfilled his verbal promises. The disgruntled workers are demanding an immediate resolution to the issues and prompt payment of their overdue wages. The Employee Rights Protection Committee has also submitted an application demanding the settlement of all remaining claims from Shenzhen Royole Technology Co., Ltd.
Employee Exodus and Financial Struggles
As a result of the financial crisis, many employees have left the company in the past couple of years. The situation has reached a point where only a small number of engineers, around 200 to 300 employees, responsible for maintaining the production line are still working for the company.
Despite efforts to seek assistance from the government and investors, Royole has been unable to overcome its financial difficulties. The company’s attempts to restructure its debt and secure additional funding have not yielded significant results. Additionally, employees claim that the production line was never initiated in 2022, further complicating the company’s already dire financial situation.
The Impact on Innovative Technology Production
Once considered a major competitor to Samsung Display’s monopoly, Royole achieved success with its previous smartphones, such as the popular Royole FlexPai 2 launched in 2020. However, the company’s financial problems have put a strain on its ability to continue producing innovative technology.
As the financial crisis persists, the fate of Royole and its employees remains uncertain. Only time will tell if this innovative company can overcome its struggles and regain its former glory in the highly competitive tech industry.
Frequently Asked Questions (FAQ)
Q: What is Royole known for?
A: Royole is known for introducing the world’s first foldable smartphone and specializing in flexible display technology.
Q: How long have Royole employees gone without receiving wages?
A: Royole employees have not received their wages for over a year, starting from November 2022.
Definitions
Financial crisis: A situation where a company faces significant financial difficulties, often resulting in the inability to fulfill its financial obligations.
Unpaid wages: Wages that have not been given to employees within the designated payment period.
Employee Rights Protection Committee: A group or organization dedicated to advocating for the rights and interests of employees.
Debt restructuring: The process of renegotiating the terms of a company’s debt to make it more manageable.
Sources:
– Original article: “Chinese co. Royole faces crisis”
The source of the article is from the blog anexartiti.gr