Flexible display maker Royole Corporation started a round of layoffs on Wednesday. This is the first round of large-scale layoffs at the company since it fell into a capital shortage crisis.
A number of employees from Royole, a flexible display developer in China, told local media outlet on Thursday that, as of Friday night, they had received all the wages they were previously owed.
Shenzhen-based rollable display developer Royole, which once had a valuation of more than 50 billion yuan ($7.8 billion), was reported to have a shortage of funds and faced arrears in its employees' salaries.
Chinese flexible display maker Royole has delayed paying salaries to employees for months after the money-losing company ditched its initial public offering (IPO) plan in Shanghai's Nasdaq-like STAR Market in February.