The China Picture Tube Company (Huaying), a subsidiary of Datong Group in Taiwan, issued an announcement on the 29th saying that after the "Taoyuan District Court" ruled, China Picture Tube declared bankruptcy with a total debt of NT$418. The first meeting of creditors will be held on October 28 this year.
The full name of China Picture Tubes is "China Picture Tubes Co., Ltd.", which was established in May 1971. It is the world's most important display manufacturer and one of the "Five Tigers of Panels" on the island. It is an important manufacturer in Taiwan in the early research and development of key components of video products, and kinescopes and its display output were once the top three in the world, thus pushing Taiwan to the world stage of the "display kingdom". In 1997, Huaying introduced Japanese technology, which kicked off the flat screen display in Taiwan. Some media on the island even called it "the Whampoa Military Academy of Displays".
Due to the slowdown in the subsequent expansion, CPT could not catch up with AUO, Chi Mei, and other manufacturers, and had to bear the depreciation losses of the CPT factory. As a result, long-term performance was sluggish, losses continued, and the stock price hovered at a low level for a long time.
In 2019, CPT reported delisting and mass dismissals one after another. In September of the same year, the court seized all assets of land, plant, machinery, and equipment, and finally filed for bankruptcy in accordance with the law.
According to Datong Group's announcement, CPT's assets are insufficient to cover its liabilities, and many creditors are competing to apply to the court to enforce the company's land, buildings, equipment and other assets, CPT has been unable to continue production, or to operate.
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