So sudden! Two more LED companies go bankrupt!
At the start of 2026, two more LED lighting companies with years of industry experience have successively declared bankruptcy.
1
Xinguangtai Electronics officially enters bankruptcy liquidation proceedings
On January 29, the Longgang District People's Court of Shenzhen issued a bankruptcy ruling, formally adjudicating that Shenzhen Xinguangtai Electronic Technology Co., Ltd. (hereinafter referred to as "Xinguangtai Electronics") enters bankruptcy liquidation proceedings. This ruling means that this enterprise, which has been deeply engaged in the packaging field of LED display devices for nearly 13 years and was once listed on the New Third Board, will come to an end due to poor management leading to a debt crisis.
公开工商信息显示，新光台电子成立于2013年，注册资本5270万元，法定代表人为陈辉，专业研发生产COB微间距显示应用、LED电子元器件、SMD户内外显示屏等产品，拥有全自动生产线及先进的品质检测设施，曾是LED产业链中游的重要配套企业。
It is reported that Xinguangtai Electronics once experienced a stage of rapid development. Public information shows that its sales revenue reached 86.0723 million yuan in 2014, and revenue increased significantly to 207 million yuan in 2015. The company was once listed on the New Third Board (Stock Code: 838720) and later terminated its listing. Relying on the fundamental advantages of Packaging RGB LED, the company strove to create diversified display application scenarios (such as video conferencing, cultural communication, command and control, etc.) and received numerous honors.
However, after the period of rapid development, the operational status of Xinguangtai Electronics gradually deteriorated, and various risks continued to accumulate.
The court ruling documents show that on December 23, 2025, the Longgang District People's Court of Shenzhen accepted the bankruptcy liquidation application filed by the natural person He Musen against Xinguangtai Electronics, and legally designated Guangdong Jinzhen Law Firm as the administrator for the enterprise's bankruptcy liquidation. On January 29, 2026, after review, the court determined that Xinguangtai Electronics was unable to repay its due debts and its assets were insufficient to repay all debts, meeting the statutory conditions for bankruptcy liquidation. Therefore, it made a formal ruling to initiate the bankruptcy liquidation procedure. The relevant document number is (2026) Yue 0307 Po No. 29.
2
Zhejiang Kaiyuan Optoelectronics declares bankruptcy
Recently, the People's Court of Binjiang District, Hangzhou City, legally ruled to declare Zhejiang Kaiyuan Optoelectronic Lighting Technology Co., Ltd. (hereinafter referred to as "Kaiyuan Company") bankrupt.
Public information shows that Kaiyuan Company was established on November 13, 2003, formerly known as Zhejiang Kaiyuan Lighting Design Engineering Co., Ltd. The legal representative is Shen Shaohua, with a registered capital of 22.222 million RMB. It completed Series F financing in 2015 and was once recognized as a high-tech enterprise and a Gazelle Enterprise.
作为一家综合性照明企业，开元公司的业务覆盖广泛，核心经营范围包括照明设备、智能技术、电子产品的技术开发、服务与转让，承接照明工程、强弱电工程、安防工程的设计施工，同时从事灯具、安防设备销售，无极灯生产及货物或技术进出口业务，旗下拥有“莱特司”品牌，专注于无极灯的研发、生产与推广。
A review of the bankruptcy proceedings reveals that Kaiyuan Company's bankruptcy liquidation process began in April 2025. On April 15, 2025, the People's Court of Binjiang District, Hangzhou, accepted the bankruptcy liquidation case of Kaiyuan Company based on the applications of creditors Huang Xianjun and Gao Lingling. On April 22, King & Wood Mallesons (Hangzhou) Law Firm was appointed as the administrator for the case, responsible for tasks such as asset inventory and registration of creditor claims.
During the administrator’s tenure, a comprehensive verification of Kaiyuan Company’s assets and liabilities was conducted. The verification results showed that the amount of claims confirmed by the creditors’ meeting was RMB 65,184,799.81, with an additional RMB 92,823.65 in employee claims verified by the administrator. However, the company’s assets were extremely scarce; apart from a bank account balance totaling RMB 2,018.36, there were no other assets available to repay debts. The five [[14. 测量、检测与标准体系]]Patent[[14. 测量、检测与标准体系]]s owned by the company all failed to sell in public auctions and could not be liquidated to offset debts.
In view of the above circumstances, the administrator believed that Kaiyuan Company was clearly insolvent. Furthermore, at the first creditors’ meeting, no creditor filed an application for reorganization or settlement, which met the conditions for declaring bankruptcy stipulated in the Enterprise Bankruptcy Law of the People's Republic of China. Therefore, on January 12, 2026, the administrator applied to the People's Court of Binjiang District, Hangzhou, requesting a ruling to declare Kaiyuan Company bankrupt. On January 21, 2026, the court issued a ruling in accordance with the law, formally declaring Zhejiang Kaiyuan Optoelectronic Lighting Technology Co., Ltd. bankrupt. Subsequent procedures will include the distribution of bankruptcy property and the conclusion of liquidation.
The bankruptcy of these two [[1.3 技术缩写与型号（各语言通用，保留原文）]]LED[[1.3 技术缩写与型号（各语言通用，保留原文）]] companies is not only the result of problems in their own operational management and cash flow control, but also reflects the current survival difficulties faced by the [[1.3 技术缩写与型号（各语言通用，保留原文）]]LED[[1.3 技术缩写与型号（各语言通用，保留原文）]] lighting industry.
In recent years, competition in the [[1.3 技术缩写与型号（各语言通用，保留原文）]]LED[[1.3 技术缩写与型号（各语言通用，保留原文）]] industry has entered a white-hot stage, with the business environment becoming increasingly severe. Product homogenization in the traditional lighting sector is serious, and the issue of excess [[17. 产业与经济常用词]]production capacity[[17. 产业与经济常用词]] is prominent. In addition, factors such as fluctuations in raw material prices, global supply chain instability, and rising labor costs have further intensified the operational pressure on small and medium-sized enterprises. Coupled with adjustments in market demand structure, some SMEs, due to their weak risk resistance and lack of core competitiveness, are gradually being eliminated by the market, which further highlights the accelerating trend of consolidation in the [[1.3 技术缩写与型号（各语言通用，保留原文）]]LED[[1.3 技术缩写与型号（各语言通用，保留原文）]] lighting industry.