The Digital Source For China's Tech Innovation Since 2000

Search
Close

Global Financial Crisis Hits Hong Kong's Tai Lin Radio Service

October 22, 2008
Business

Because of HKD100 million debt and other financial problems, the Hong Kong-based electronics retailer store Tai Lin Radio Service Limited announced its bankruptcy and operations at its 13 stores have now been suspended.

Lin Zuoli, chairman of Tai Lin, told local media that high store rent, the global financial crisis and declined purchasing power caused troubles to the company's small profits but quick returns strategy. He said he had invested lots of money to save the company, but the efforts were useless. Therefore, they had to hand over the company to a liquidator.

Liao Yaoqiang, managing director of Ernst & Young, the accounting firm that is temporarily responsible for the liquidation of Tai Lin, said that Tai Lin had HKD100 million in debt in August 2008. After failing to find a buyer, the company finally faced liquidation. The company is not able to pay salaries to its employees and to avoid being involved in the liquidation process, Ernst & Young advised these employees to contact Hong Kong's Protection of Wages on Insolvency Fund Board to seek advice.

Affected by the global financial crisis, several Hong Kong companies have been involved in a bankruptcy wave, including the Hong Kong-listed toy manufacturer Smart Union Group, the small home appliances manufacturer Bailingda, U-right International Holdings Limited, and 3D-Gold Jewellery Holdings limited.

Tags: 3D | 3D-Gold Jewellery | accounting | appliances | bankruptcy | chairman | employee | Ernst & Young | finance | financial | financial crisis | fund | Gadgets & Electronics | Gold | home appliances | Hong Kong | international | KONG | manufacturer | media | power | radio | retail | retailer | salary | Seek | service | store | wage

Other Related News:

Chinese Consumer Sues Changhong For Small LCD Screen

March 12, 2008

TSMC Shanghai Plans To Triple Output

February 28, 2007

China promotes ‘digital silk road’ as solution to Africa’s data needs

December 26, 2021

Meituan Motors, EVs Electrify, Didi To Relist In Hong Kong reporterwings

June 7, 2022

Hong Kong – Government to re-introduce online platform for declaration of non-local vaccination record

May 6, 2022

China almost completely bans online games for teenagers

August 31, 2021

[Internet public opinion]Rectify the name of GFW? Will there be laws to follow in the “crime of overturning the wall” in the future? -China Digital Age

November 16, 2021

Robot dog with loudspeaker barks COVID instructions in China

March 31, 2022

Hackers Did Not Cause Taiwan Power Outages

March 9, 2022
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
Menu
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
© 2022 ChinaTechNews.com. A Service of Asia Media Network.
Twitter
Posting....