Shenzhen Royole Technology Co., Ltd., the originator of folding screen mobile phones, has defaulted on millions of contract payments and became a "Lao Lai" due to other evasion of execution. The company has been executed for more than 100 million yuan.
Settlement Agreement and Execution
The company has reached a settlement agreement with Heli Advertising Company, agreeing to pay the latter the contract arrears of more than 1.1 million yuan in two installments. If any payment obligation is not fulfilled, the latter has the right to immediately apply to the court for enforcement. The case process shows that in September last year, Royole Technology Company was executed for the first time, with an execution target of more than 1.21 million yuan.
Background
Shenzhen Royole Technology Co., Ltd. was established in May 2012 with a registered capital of RMB 360 million. In 2018, the company released the world's first folding screen mobile phone-FlexPai. After Royole Technology withdrew its IPO application in February 2021, its financial constraints began to emerge. In April 2022, Royole Technology was also on the hot search due to wage arrears.
Call for Help
On April 13, 2022, Liu Shuwei, director of the China Enterprise Research Center of the Central University of Finance and Economics, suggested that governments at all levels should actively help Royole Technology solve the shortage of funds and help Royole Technology introduce strategic investment in order to develop the application market of China's flexible technology.
Restriction from High Consumption
On September 19, 2022, Royole Technology issued a statement stating that the company's current operations are normal and orderly. However, the company and its legal representative Liu Zihong were restricted from high consumption due to defaulting on contract payments and other evasion of execution.
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