As losses widen, the manufacturer of flexible displays and sensors reshuffles its managerial team by naming executives and establishing subsidiaries
Chinese rollable display developer Royole (Chinese: 柔宇) announced today the executive team, a late-March decision to bolster leadership in the face of widening losses.
The Executive Management Committee members are Bill Liu, founder and CEO of the company, Wei Peng, Chief eXploration Officer, and Ye Jianhai, vice-general manager.
The three-person team will oversee day-to-day operational and managerial functions and report to the CEO.
The Shenzhen-based company also set up six subsidiaries, focusing on display technologies, mobile terminals, human-machine interactions, systems, electronics, and overseas businesses.
In an official email, Royole said that each subsidiary enjoys independent management and accounting, and is responsible for the whole process of production, sales, and research. Subsidiary managers will report to the committee.
The structural overhaul came as the company faced a lack of capital. Royole failed to raise funds after bagging USD 300 million in May 2020 and withdrew its STAR Market IPO plan.
According to its prospectus, the company reported a net loss of CNY 360 million, CNY 800 million, CNY 1.07 billion, and CNY 960 million in 2017, 2018, 2019, and the first half of 2020.
Last December, Royole was accused of unpaid wages, and the situation continued into 2022. According to a company employee, the firm delayed payment of their salaries five times within six months, reduced staff by half, and scheduled the rest for an indefinite period of days-off.