A rundown of the news making headlines in and around China:
Tech bankruptcy: A flexible-screen maker that spent much of the past few years fending off creditors and hunting for a financial lifeline has been declared bankrupt. A Shenzhen court’s ruling, publicized on Tuesday, paved the way for Shenzhen Royole Technologies Co. Ltd. and two of its subsidiaries to be liquidated. Once valued at roughly $8 billion, Royole long touted the unconventional, self-developed technology it used in its manufacturing process. However, that tech produced screens that no major smartphone-maker wanted to buy. After scrapping its IPO plans in 2021, the company’s financial problems left it producing fewer bendy screens and more headlines about how it was failing to pay suppliers and its workers.
Admissions fraud: Four students from the Chinese mainland have been arrested in Macao and another 20 are believed to have fled back home after authorities accused them of using phony test results to get into a local university. Macao police announced late Monday that at least 24 freshmen from the mainland are suspected of forging results of Hong Kong’s college entrance examination to gain admission into the Macau University of Science and Technology. Forging documents to get into university isn't unheard of in China. In June, Hong Kong’s anti-corruption agency was asked to investigate allegations that perspective students were submitting phony materials to get into universities there.
Charitable words: Hong Kong’s richest man said the city's economic challenges “cannot be solved by simple investment alone.” Li Ka-shing made the statement during a video conference to mark his foundation’s donation of an innovative medical device for treating cancer to the Chinese University of Hong Kong. The 96-year-old tycoon, speaking with the university’s incoming president, stressed the importance of researching how to leverage medical technology to achieve “low cost, high efficiency” benefits for Hong Kong and the rest of China.
Compiled by the Caixin newsroom and edited by Michael Bellart (michaelbellart@caixin.com)
