A long-established Taiwanese LED manufacturer has filed for bankruptcy and ceased all operations.

According to the Economic Daily, New Century, a Taiwanese LED manufacturer, has been operating at a loss for a long time. Despite attempts to change its operational model, it failed to reverse the downturn in time. After sustained losses, the company recently announced that the board of directors resolved to cease all operations and halt production effective November 16, simultaneously lay off all employees, and file for bankruptcy with the court.

It is reported that New Century was established in 2002 and mainly provides GaN LED integrated solution services, applied in automotive lighting, disinfection, high Ra lighting, AR, and 3D printing markets. The company previously saw its net asset value per share turn negative, and on September 26, it was simultaneously delisted from the Taiwan Stock Exchange.

Regarding operational losses, New Century stated that this was mainly due to price competition from mainland Chinese enterprises under subsidies over the past decade, and additionally, the suspension of production by mainland Chinese enterprises in the first half of this year due to the pandemic affected the global supply chain. Coupled with global inflation and a slowdown in end-market demand, New Century faced significant impact, leading the board of directors to resolve to cease operations and halt production.

Source: Jiwei Net