Royole Technologies, a pioneer in foldable display technology and the creator of the world's first commercial foldable smartphone has declared bankruptcy. Despite its early lead and innovative products, the company struggled financially, leading to its demise.
According to IT Home, Finance Sina, and East Money, an announcement from the Shenzhen Municipal Intermediate People's Court stated that, based on the investigation of Royole Technologies' current assets and liabilities, it can be determined that Royole Technologies is unable to pay its debts when due and that its assets are insufficient to cover all debts. Therefore, the court ruled on November 18 to declare Royole Technology bankrupt.
This marks the end of a major player in the foldable display technology market, especially considering Royole pioneered in this field.
On June 7, the Shenzhen Municipal Intermediate People's Court ruled to accept Royole Technologies, Royole Display Technology, and Royole Electronics Technology's bankruptcy liquidation cases filed on May 15. Royole Display Technology and Royle Electronics are subsidiaries of Royole Technologies.
Founded in 2012 by CEO Bill Liu, Royole Technologies pioneered foldable technology. Their most significant achievement is the development of the world's first commercial foldable smartphone, the FlexPai, which was unveiled in 2018 and entered into mass production in 2019. This device features a fully flexible display that can be folded into a compact form or unfolded into a tablet-sized screen.
In 2020, Royole Technologies ranked 12th on the 2020 China New Economy Unicorn 200 list, with a valuation of US$6 billion. The company had attempted to list on the STAR Market but withdrew its listing application in February 2021.
While Royole was the first to market with a foldable phone, it hasn't gained the same level of mainstream popularity as later models from companies like Samsung and Huawei. However, their early entry into the market and continuous innovation in flexible display technology have solidified their position as a key player in the foldable device industry.
Credit: Royole Technologies
