Huawei denies offer to invest in ex-unicorn Royole, a bankrupt Chinese flexible display maker

Huawei’s denial marks the latest dent on the reputation of flexible display maker Royole, which faces bankruptcy proceedings in Shenzhen

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Founded in 2012, Royole positioned itself as an innovator in flexible display technology. Photo: Shutterstock

Published: 7:51pm, 12 Jun 2024Updated: 8:08pm, 12 Jun 2024

Huawei Technologies, the world’s largest telecommunications equipment vendor, has denied it had any plan to invest in Royole Corp, the former high-flying Chinese start-up that rose to fame in 2018 for launching the industry’s first foldable smartphone ahead of Samsung Electronics.

That denial was issued on Monday in response to a WeChat post, which went viral on Sunday across Chinese social media, by former Royole independent director Liu Shuwei, who serves as director of the China Enterprise Research Centre at the Central University of Finance and Economics in Beijing.

The post stated that Huawei had proposed investing in Royole during its early days to secure exclusive supply of its flexible screens. Royole rejected this offer, according to Liu.

“Huawei has no such investment plans and has not initiated any investment requests,” the Shenzhen-based telecoms gear and smartphone maker said.

Royole Corp founder, chairman and chief executive Bill Liu Zihong unveils FlexPai, the world’s first foldable smartphone, in Beijing on October 31, 2018. Photo: Handout

Huawei’s concise counterstatement marks the latest dent on the reputation of flexible display maker Royole, which was valued at more than US$6 billion at its peak when the firm’s big-name backers included Shenzhen Capital Group, IDG Capital and Green Pine Capital Partners.

That comes after Royole’s creditors on May 15 succeeded in their bankruptcy petition to a Shenzhen court. According to a recently released court document, Royole’s inaugural creditors’ meeting has been set for September.