Too sudden! Two more LED companies went bankrupt!

At the beginning of 2026, two more LED lighting companies that have been deeply involved in the industry for many years have declared bankruptcy.
1 1.75em; visibility: visible;'>Xinguangtai Electronics officially entered bankruptcy liquidation procedures
On January 29, the Shenzhen Longgang District People's Court issued a bankruptcy ruling, officially ruling that Shenzhen Xinguangtai Electronic Technology Co., Ltd. (hereinafter referred to as "Xinguangtai Electronics") entered the bankruptcy liquidation process. This ruling means that this company, which has been deeply involved in the LED display device packaging field for nearly 13 years and has been listed on the New OTC Market, will be in debt crisis due to poor management.
font-size: medium; text-indent: 0px; line-height: 1.75em;'>Public industrial and commercial information shows that Xinguangtai Electronics was established in 2013 with a registered capital of 52.7 million yuan. The legal representative is Chen Hui. It specializes in the research and development and production of COB micro-pitch display applications, LED electronic components, and SMD indoor and outdoor displays. It has fully automatic production lines and advanced quality testing facilities for display screens and other products. It was once an important supporting enterprise in the middle reaches of the LED industry chain.
It is reported that Shin Kong Taiwan Electronics had a period of rapid development. Public information shows that its sales revenue reached 86.0723 million yuan in 2014, and its revenue increased significantly to 207 million yuan in 2015. The company was listed on the New Third Board (stock code: 838720), but was later terminated. The company has relied on the basic advantages of RGB LED packaging to create diversified display application scenarios (video conferencing, cultural communication, command and control, etc.) and has won many honors.
However, after rapid development, Shin Kong Taiwan Electronics' operating conditions gradually deteriorated, and various risks continued to accumulate.
The court ruling document shows that the Shenzhen Longgang District People's Court ruled on December 23, 2025 Accepted the bankruptcy liquidation application of natural person He Musen against Xinguangtai Electronics, and designated Guangdong Jinzhen Law Firm as the bankruptcy liquidation administrator of the company in accordance with the law. On January 29, 2026, the court concluded after review that Shin Kong Taiwan Electronics could no longer pay off its due debts, and its assets were insufficient to pay off all debts, thus meeting the legal conditions for bankruptcy liquidation. It then made a formal ruling and initiated the bankruptcy liquidation process. The relevant document number is (2026) Guangdong 0307 Po No. 29.
2 Zhejiang Kaiyuan Optoelectronics declared bankruptcy
Recently, the Hangzhou Binjiang District People's Court ruled in accordance with the law 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. It was formerly known as Zhejiang Kaiyuan Lighting Design Engineering Co., Ltd., with the legal representative Shen Shaohua, and a registered capital of 22.222 million yuan. It completed the F round of financing in 2015 and has been rated as a high-tech enterprise and a gazelle enterprise.
As a comprehensive lighting enterprise, Kaiyuan Company's business covers a wide range. Its core business scope includes technology development, service and transfer of lighting equipment, intelligent technology, and electronic products. It undertakes the design and construction of lighting projects, strong and weak current projects, and security projects. It is also engaged in the sales of lamps and security equipment, the production of induction lamps, and the import and export of goods or technology. It owns the "Lite" brand and focuses on the research, development, production, and promotion of induction lamps.
A review of the bankruptcy process shows that the bankruptcy liquidation process of Kaiyuan Company began in April 2025. Hangzhou Binjiang District People's Court on April 1, 2025 On the 5th, based on the application of creditors Huang Xianjun and Gao Lingling, it was ruled to accept the bankruptcy liquidation case of Kaiyuan Company. On April 22, Beijing King & Wood Mallesons (Hangzhou) Law Firm was appointed as the administrator of the case, responsible for the inventory of corporate assets, claims registration and other related work.
During the performance of their duties, the manager conducted a comprehensive verification of the assets and liabilities of Kaiyuan Company. The verification results showed that the amount of claims verified by the creditors' meeting was 65,184,799.81 yuan, and the amount of employee claims verified by the manager was 92,823.65 yuan. The company's assets are extremely scarce. Except for the bank account balance totaling 2,018.36 yuan, there is nothing else that can be used for liquidation. As assets to repay debts, the five patents owned by him were all failed to be sold at public auctions and could not be realized to pay off debts.
In view of the above situation, the administrator believed that Kaiyuan Company was obviously insolvent, and at the first creditors meeting, no creditor filed an application for reorganization or reconciliation, which met the conditions for bankruptcy declaration under the Enterprise Bankruptcy Law of the People's Republic of China. Therefore, on January 12, 2026, the administrator filed an application with the Binjiang District People's Court of Hangzhou City for a ruling to declare Kaiyuan Company bankrupt. On January 21, 2026, the court made a ruling in accordance with the law, officially declaring Zhejiang Kaiyuan Optoelectronic Lighting Technology Co., Ltd. bankrupt, and will subsequently enter bankruptcy property distribution, liquidation and other related procedures. < pMicrosoft YaHei"; font-size: medium; text-indent: 0px; line-height: 1.75em;'>

The bankruptcy of these two LED companies is not only the result of problems in the company's own business management and capital chain control, but also reflects the current survival dilemma of the LED lighting industry.
In recent years, the competition in the LED industry has entered a fierce stage, and the industry's living environment has become increasingly severe. In the traditional lighting field, product homogeneity is serious, and overcapacity problems are prominent. In addition, factors such as raw material price fluctuations, unstable global supply chains, and rising labor costs have further intensified the operating pressure of small and medium-sized enterprises. In addition, due to the adjustment of the market demand structure, some small and medium-sized enterprises have been gradually eliminated by the market due to their weak ability to resist risks and lack of core competitiveness. This has further highlighted the trend of accelerated integration in the LED lighting industry.