Chinese flexible display upstart Royole is reportedly on the edge of collapse due to a serious cash crunch, local media Hongxingzibenju reported on Wednesday. The report said Royole has failed to pay wages for the past six months. Early signs of a cash shortage emerged after the company cut employee benefits last September. The company received backing from some of China’s most prominent investment institutions such as CITIC Capital and Shenzhen Capital Group in its heyday between 2017 to 2019, when venture capital firms bet on the popularity of bendable electronic products. However, market enthusiasm ebbed after the company’s flexible display products received a lukewarm reception from consumers. In 2020, Royole shelved its proposed US IPO in favor of a listing on China’s Nasdaq-style STAR market in January 2021. But the company suspended the listing in February 2021 due to a failure to comply with local requirements for shareholder structure. [Hongxingzibenju, in Chinese]