Taiwan, China LED Factory New Century applies for bankruptcy, and will be closed down today
28 August 2023
According to Economic Daily, New Century LED Factory in Taiwan, China, China has suffered losses in its long-term operation and failed to change its operation mode in time. After a long-term loss, it announced yesterday that the board of directors had decided to suspend business and work in an all-round way from November 16. At the same time, it dismissed all employees and applied to the court for bankruptcy.
It is reported that New Century, founded in 2002, mainly provides GaN LED integration solution services for automotive lighting, disinfection, high Ra lighting, AR and 3D printing markets. The company's previous net worth per share has turned negative, and its shares were simultaneously delisted from Taiwan on September 26.
As for the operating losses, New Century said that the LED industry was subject to price competition under subsidies from enterprises in Chinese Mainland for more than 10 years. In addition, in the first half of this year, the global supply chain was affected by the shutdown of enterprises in Chinese Mainland due to the epidemic. In addition, the global inflation slowed down the demand in the terminal market, which greatly impacted New Century. Finally, the Board of Directors decided to close down and shut down.
The field of general lighting is an important application of LED lighting. With the gradual maturity of LED lighting technology and the gradual emergence of scale effect, the price of LED lighting has gradually declined. According to the data of China Commercial Industry Research Institute, the price of LED light source has dropped by more than 60% since 2011.
It is reported that New Century, founded in 2002, mainly provides GaN LED integration solution services for automotive lighting, disinfection, high Ra lighting, AR and 3D printing markets. The company's previous net worth per share has turned negative, and its shares were simultaneously delisted from Taiwan on September 26.
As for the operating losses, New Century said that the LED industry was subject to price competition under subsidies from enterprises in Chinese Mainland for more than 10 years. In addition, in the first half of this year, the global supply chain was affected by the shutdown of enterprises in Chinese Mainland due to the epidemic. In addition, the global inflation slowed down the demand in the terminal market, which greatly impacted New Century. Finally, the Board of Directors decided to close down and shut down.
The field of general lighting is an important application of LED lighting. With the gradual maturity of LED lighting technology and the gradual emergence of scale effect, the price of LED lighting has gradually declined. According to the data of China Commercial Industry Research Institute, the price of LED light source has dropped by more than 60% since 2011.
