"Poor management and insufficient capital supply" are the main reasons.
According to the National Enterprise Bankruptcy and Reorganization Case Information Network, on May 26, there was new progress in the bankruptcy liquidation case of Jiangsu Gelit Electronics Co., Ltd. (hereinafter referred to as "Gelit").
Based on the applicant's application, the Sihong County People's Court ruled on May 17, 2024 to accept the bankruptcy liquidation case of Jiangsu Gelit Electronics Co., Ltd. and appointed Jiangsu Zhongshan Mingjing (Suqian) Law Firm as the administrator of Jiangsu Gelit Electronics Co., Ltd. On May 20, the National Enterprise Bankruptcy and Reorganization Case Information Network made this case public, with the case number (2024) Su 1324 Bankruptcy No. 13.
The document "(2024) Su 1324 Bankruptcy Application No. 13" shows that Gelit has 14 cases in the Sihong County People's Court, with the execution target of about 26.949 million yuan, and all the machinery, equipment and vehicles under its name have been preserved. Gelit cannot repay its own debts, and its assets are not enough to repay all debts. It has also failed to perform after the court's execution, and it obviously lacks the ability to repay.
According to information, Glit was established on March 20, 2012 with a registered capital of 140.17 million yuan. The company is located in the Electronic Industrial Park of Sihong Economic Development Zone, Jiangsu Province, and was founded by Dr. Xie Weiguo, a former senior design engineer at Intel.
In the recent "China Chip" craze, Glit was once very successful.
According to the "Suqian "Excellent Talents and Advanced Units for Attracting and Training" Series Report No. 1" released by Suqian Party Building Network in 2019, Xie Weiguo, male, was born in January 1958 and received his doctorate degree from Arizona State University in 1995. Before returning to China, he worked at Intel Corporation in the United States as a senior design engineer. In March 2011, he founded Jiangsu Gelit Electronics Co., Ltd. in Sihong County, Suqian City, Jiangsu Province, engaged in the research and development, design, production and sales of integrated circuit chips, and was selected as a "double innovation talent" (entrepreneurial category) in Jiangsu Province in 2013.
The article stated that since the founding of Gelit, Xie Weiguo has led Gelit to participate in the research and development of 11 national, ministerial and provincial scientific and technological projects, and has applied to the State Intellectual Property Office for more than 40 patents, including 8 invention patents, and has successfully developed more than 10 new mid-to-high-end products and more than 30 conventional integrated circuit chips. For this reason, Gelit was rated as one of the "Top Ten Most Promising IC Design Companies in China", with an annual output of 800 million integrated circuit chips and sales of nearly 300 million yuan.
On May 28, 2014, Gelet was successfully listed on the Q board of Shanghai Equity Exchange Center; on January 25, 2015, it was successfully listed on the
E board
of Shanghai Equity Custody and Trading Center
, and realized equity financing of 115 million yuan after listing.
In addition, the article also stated that Glit invests 25% of its annual sales revenue as research and development funds; in 2019, the integrated circuit chips produced by the company can completely replace imports, all of which have independent intellectual property rights or patented technologies, successfully breaking the foreign patent blockade and technology monopoly.
However, as early as February 1, 2018, Gretel suspended share transfers; on the 28th of the same month, Gretel completed the procedures for withdrawing from share registration and custody. In other words, from February 28, 2018, the Shanghai Equity Custody and Trading Center stopped providing share registration and custody services for Gretel.
Therefore, it is impossible to verify how much of the description of Glit as "shining" in the above article is true. Now Glit has fallen into bankruptcy and liquidation. According to insiders, "poor management and insufficient capital supply" are the main reasons.
International Electronic Commerce has accessed the company's annual reports from 2014 to the first half of 2017, which show:
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In 2014, the operating income was RMB 25.19 million;
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The operating income in 2015 was RMB 15.03 million, a decrease of 40.33% over the same period of the previous year, and the total profit was RMB -13.19 million;
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In 2016, the business income was 29.13 million yuan, an increase of 93.81% over the same period of the previous year, and the operating profit was -41.9278 million yuan;
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In the first half of 2017, the operating income was 27.3771 million yuan, an increase of 192.79% over the same period last year, and the operating profit was -16.27 million yuan, an increase of 18.77% over the same period last year.
As we all know, the semiconductor industry is a money-burning industry, and key equipment is monopolized by overseas manufacturers. Although China's packaging and testing industry seems to be flourishing, its profitability still needs to be improved. For example, although Glit achieved positive revenue growth in 2016 and 2017 and the growth rate was not low, its operating profit has always been negative.
In addition, with the restoration of the global supply chain and the increase in market demand brought by emerging applications such as 5G communications, HPC, automotive electronics, and smart wearable devices, the growth rate of the Chinese mainland's packaging and testing market may usher in an upward inflection point, and major packaging and testing factories are now "competing" for advanced packaging technology. However, this is a severe challenge for small and medium-sized packaging and testing factories.
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