Breaking! Another LED company heads for bankruptcy liquidation

Recently, the Shaoguan Intermediate People's Court of Guangdong Province issued a new bankruptcy review announcement: Zhongjin International Leasing Co., Ltd. formally applied for the bankruptcy liquidation of Guangdong Guangbao Microelectronics Co., Ltd. on the grounds that it is unable to repay its due debts. (Case No.: (2026) Yue 02 Po Shen 81).

This is not the exit of an unknown player, but rather a well-known enterprise that has cultivated the optoelectronic device sector for 16 years, adorned with multiple honors including being a national high-tech enterprise and a specialized, refined, distinctive, and innovative SME, ultimately meeting a tragic end.

Guangdong Luster Microelectronics Co., Ltd. (hereinafter referred to as "Luster Microelectronics") traces its origins to Shenzhen Luster Optoelectronics Co., Ltd., established in 2010. At that time, China's LED industry entered a golden period of development, with policy support, market explosion, and technological iteration creating a triple dividend. The company seized the opportunity to enter the market, formed a professional R&D team, and launched its own brand "GBG", quickly establishing a foothold in the LED packaging sector.

官网显示，光宝微电子是一家专业研发、生产半导体光电器件及LED应用产品的国家高新技术企业，产品线包括：可见光LED（指示LED、背光LED、照明LED、闪光灯LED、紫外线LED、植物LED）、红外线器件、感测器元件、光电耦合器件等，广泛应用于计算机、通讯、消费类电子、汽车电子、工业自动化及医疗等领域，能为客户提供完整全方位的解决方案。

( Everlight Microelectronics infrared LED products, image source: company's official WeChat account )

2014 年，公司获评国家级高新技术企业，同年拿下 Genesislogic（创惟科技）HUB、读卡器、SATA 全线集成电路代理权，业务版图持续扩张。2016 年，公司在深圳坂田华为商圈投入生产基地，跻身深圳市 LED 产业联合会理事单位；2017 年通过 ISO9001:2015 质量管理体系认证，2019 年更进一步成立华北公司高博（鞍山）半导体有限公司，率先引入机器人、AOI 系统与工业 4.0 智能制造理念，试图在传统封装工艺中突围。

This enterprise has deeply cultivated the integrated development of industry, academia, and research, achieving in-depth cooperation with top universities and research institutions such as Harbin Institute of Technology Research Institute, University of Science and Technology Liaoning, CETC, etc. It holds multiple [[Patent|专利]]s and software copyrights, successively winning prestigious titles such as Enterprise Technology Center, Eagle雏鹰Enterprise, and Specialized and New SMEs.

In pursuit of greater development, the company has expanded its layout, signed an agreement to establish itself in Lechang, Guangdong in 2023, and completed trial production at Phase I of the production base.

Behind the glittering honors, crisis has long been lurking. In April 2025, Zhongjin International Leasing, the entity applying for bankruptcy, petitioned the court for compulsory enforcement. The Shenhe District People's Court of Shenyang City issued a consumption restriction order against Luster Microelectronics. The involved amount is 553,200 yuan. In the corresponding concluded cases without execution, the enterprise failed to fulfill an amount as high as 702,500 yuan, with an unfulfilled proportion of 100%, indicating that its ability to repay debts has long been exhausted.

2026年1月，乐昌市税务局公告显示，光宝微电子欠缴增值税、城市维护建设税合计超95万元。更令人唏嘘的是，据乐昌市人社局调查，该公司还存在拖欠员工工资情况，2025年12月，人社局向其送达《劳动保障监察限期改正指令书》，责令依法按时足额支付劳动者工资，但企业最终未能履行。

The official WeChat account of the company has not been updated since September 2025. From its origins in Shenzhen, deepening its roots in the industry, seeking transformation, to now being burdened by debt and on the brink of bankruptcy, the rise and fall of Luceo Microelectronics is a true reflection of the difficult survival faced by small and medium-sized semiconductor enterprises today.

The collapse of Luminus Microelectronics is by no means an isolated case. Between 2025 and 2026, many LED lighting-related enterprises shivered in the market winter and ultimately withdrew from the scene with helplessness.

In recent years, the widening "scissors difference" between rising upstream raw material costs and weak domestic and international demand downstream has trapped SMEs in a dilemma: "losing market share by following price hikes or losing money by not." Profit margins have been continuously squeezed. Leading enterprises have absorbed cost pressures through supply chain bargaining power, scale advantages, and technical barriers, even seizing opportunities to expand their market share. In contrast, SMEs lack the ability to pass on costs; orders are snatched away by large manufacturers, and supply chains are severed. Some companies, seeking to escape homogenized competition, have blindly invested in new technology R&D or cross-industry expansion, leading to tight cash flows. For example, Luceo Microelectronics invested in Industry 4.0 smart manufacturing but failed to convert this into market competitiveness, instead increasing operating costs. Prolonged payment cycles have exacerbated financial pressure, and overdue accounts receivable have become the final straw that broke many businesses... Behind these corporate struggles lie a complex web of issues including market supply-demand imbalance, technological iteration, cash flow strain, and poor internal management.