On February 19th, it was widely reported online that the assets under the name of Royole Technology had been taken over by Hikvision Display, a panel manufacturer. Currently, the staff of Hikvision Display have moved in and the sign at the factory entrance has been changed to “Hikvision Display”.
According to the information from Tianyancha, Huike Co., Ltd. has now established a new company here, named Huike Co., Ltd. Innovation Semiconductor Display Branch. The company was established on February 12th. Wang Zhiyong, the chairman, and Ma Jing, Lei Jian, Hang Jingqiang, etc., nine key management personnel including them, are the beneficial natural persons and all of them are from Huike Co., Ltd.

Previously, after Shenzhen’s star “unicorn” Royole Technology and its subsidiaries declared bankruptcy, 12 sets of real estate and a number of equipment assets in the Royole International Flexible Display Industrial Park located in Pingdi Street, Longgang District, Shenzhen have been auctioned many times, and the price has been reduced from the initial 1.23 billion yuan to 787 million yuan, but no one has cared about it, and finally three failed auctions.
According to the latest news from the judicial auction platform of Alibaba Assets, the asset was successfully auctioned on January 25, 2025, with a total transaction price of 503.9 million yuan. Judging from the current information, the receiver is Huike shares. At this point, the disposal of assets under the name of Royole Technology after bankruptcy has also come to an end.
It is worth noting that the receiver Huike shares are not rich in hand and are hitting the IPO for the second time.
In June 2022, Huike submitted a listing application to the Shenzhen Stock Exchange, but voluntarily withdrew the application documents a year later. On August 5, 2023, the Shenzhen Stock Exchange terminated its GEM IPO review. In February 2024, it will go through counseling and registration with the Shenzhen Securities Regulatory Bureau, and plans to make an initial public offering of shares and list on A-shares, preparing for a second impact IPO.
However, the performance of Huike shares is not very optimistic. According to the previously released prospectus, during the reporting period (2019 to 2021 and January to June 2022), the company’s operating income was 10.577 billion yuan, 18.464 billion yuan, 35.709 billion yuan, and 13.314 billion yuan respectively; The net profit after deducting non-attributable to the parent company was -1.548 billion yuan, 119 million yuan, 4.986 billion yuan, and -1.399 billion yuan respectively, of which the revenue and net profit in the first half of 2022 both declined sharply.
In addition, when the IPO was declared for the first time, Huike Co., Ltd. mentioned in the first round of inquiries that the company had a huge loss of nearly 1.4 billion yuan in non-net profit in the first half of 2022; In addition, the company’s debt ratio is also much higher than that of its peers, once as high as 97% during the reporting period, and as of the end of June 2022, the company’s monetary funds on the books were insufficient to cover the short-term debt due within one year.
From this point of view, Huike’s takeover of Royole Technology’s assets means that the panel manufacturer is facing continuous financial pressure and market challenges while actively deploying the semiconductor display field. In the future, it is worth continuing to pay attention to how Huike shares can successfully overcome financial difficulties and sprint to IPO.