Financial Crisis

Power bank manufacturer Romoss is facing a severe financial crisis following a recent product incident, with estimated monthly losses of 100-200 million yuan. Reports indicate a significantly reduced workforce, large amounts of idle inventory, and employee/supplier protests outside the Shenzhen headquarters. Senior management is reportedly “disappeared” and core executives allegedly fled to Malaysia. Romoss issued a work stoppage notice, claiming after-sales services would continue, but these claims are disputed. The company’s legal representative has changed multiple times recently, raising governance concerns.

Chinese automakers are adopting stricter payment terms, with firms like FAW and GAC committing to 60-day supplier payments. This mirrors a trend toward financial control, spurred by concerns about supply chain stability, and drew comparisons to the downfall of mobile maker Gionee, whose collapse due to financial mismanagement left suppliers unpaid, illustrating the risks of insufficient financial regulation in the sector.

Harvard University faces a financial crisis triggered by US government pressure, prompting drastic measures. These include the president’s salary reduction, budget cuts, layoffs, and reduced admissions, with other universities expressing concern. International students, comprising 27% of the student body, face potential visa issues and deportation risks. The US government has banned Harvard from recruiting international students, leading to a lawsuit. This situation threatens Harvard’s academic standing, impacting the nation and causing anxiety among students.