Image Source: Visual China
BEIJING, April 1 (TMTPOST) — Chinese manufacturer of flexible display and sensor Royole has been delaying salary payment to its employees since September 2021, sources familiar with the matter said.
An employee said that he received five letters on payment delays in the past six months. The letters informed the staff that the company is currently working to get financing and that it will soon be able to pay the staff, the employee said.
Royole has delayed a total payment of nearly 100,000 yuan, said the employee. The company’s staff has dropped from 1,800 to around 700, the employee said.
This is not the first time for Royole to be accused of delaying payment to its employees. On December 8, 2021, Royole was called out for failing to pay many of its employees due to a cash crunch. It was reported that the company had been delaying payment to its employees for over three months.
Founded in 2012 by Stanford engineering graduates, Royole is a manufacturer of flexible displays and sensors that can be used in a range of human-machine interface products, including foldable smartphones and other smart devices.
In August 2020, the company announced that it planned to go public on the Shanghai STAR Market and filed its IPO application later on December 31.
The company’s prospectus shows that the company lost 3.2 billion yuan during 2017 and the first half of 2020.
