Royole Technology 37 million assets were seized and frozen

The former star unicorn Royole Technology has fallen into a new crisis: 37 million assets under its name have been seized and frozen by the court. Although the specific details of the case have not yet been announced, according to the Judgment Documents website, the applicants in the case are 4 well-known public relations companies and advertising companies. It is a service contract dispute and has been implemented immediately.

The four applicants are all related to BlueFocus, among which BlueImpression, SIENke, and Shenzhen BlueFocus are all subsidiaries of Beijing BlueFocus, and Shihua PR is also listed as a sub-brand on BlueFoor's official website.

According to the information, in addition to the ruling on the property preservation case, the civil lawsuits between Royole and these four companies are also under trial.

Since the end of last year, Rouyu has been exposed to arrears of wages, suspension of production, and broken capital chains. It seems that the trouble is not over yet.

I once dreamed of "breaking" the world, but now it's full of lawsuits

Royole Technology is famous as the pioneer of flexible displays. The founder Liu Zihong once said, "the dream is to bend the world".

From its establishment in 2012 to 2020, a total of 13 rounds of financing were completed in 8 years. At its most brilliant, the valuation exceeded 50 billion yuan. Liu Zihong also once appeared on the Forbes China Rich List.

Beginning in 2020, Royole has attempted to go public three times, all of which have ended in failure. The financial situation announced in the prospectus is astounding: the product has been cold and has been burning money. In the first half of 2020, the revenue was 116 million yuan, and the loss reached 960 million yuan.

After a period of silence after the IPO, Royole has returned to the public eye again and has changed its posture. Negative news such as arrears of wages for 6 months and forced employee vacations have been exposed. CEO Liu Zihong tweeted about the "darkest moment in life" in his Moments late at night.

The Royole capital chain that was rumored at that time was broken, and now the continuous lawsuits may be a kind of confirmation. According to the information, since 2022, Royole has had disputes over labor contracts with employees, sales contracts with suppliers, construction contracts with construction companies, and service contracts with public relations and advertising companies. Become the person to be executed 3 times, the total execution target exceeds 100 million yuan.

Royole Technology, which was once a smash hit, has reached this point, which has made many netizens sigh.

It has also been suggested that it is a matter of business strategy. If you focus on the core product flexible screen, the outcome will be very different.

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