An Old Port Enterprise In Dongguan Announced Its Completion Due To The Capital Chain Break Due To The Cancellation Of Foreign Trade Orders!

The shock wave caused by the global epidemic outbreak has arrived! Recently, the old Hong Kong funded enterprise Fanda Toy Factory in Dongguan suddenly announced its closure and dismissed its employees, which shocked the industry for a while.

According to the information report of Dongguan Chashan Human Resources and Social Security Bureau, recently, due to the impact of the epidemic at home and abroad, the cancellation of the foreign trade order of Dongguan Fanda Toys Co., Ltd. led to a sharp decrease in the company's business volume, a break in the capital chain, the inability to maintain normal operations, the announcement of closure, and the existence of arrears in employees' wages. According to the investigation, Dongguan Fanda Toys Co., Ltd., a Hong Kong funded enterprise, is located in Qilin City Industrial Zone, Zengbu Village, Chashan Town. It was founded in 1992 Production and sales of toy clothing, cloth bags and woven bags 。

According to the information published online, Dongguan Fanda Toys Co., Ltd. was founded in 1992, It has more than 1200 employees. It was once a large toy manufacturer focusing on the production of stuffed toys and electric toys. Its head office is located in Hong Kong, and its Dongguan factory covers 35000 square meters. Over the past 28 years, the company has relied on excellent product quality and good business reputation, and has cooperated with MCDONALD for more than 20 years, DISNEY, WALMART, TESCO, TARGET, HASBRO Many toy brand customers have established solid business relations. The products sell well in Europe, America, Asia, the Middle East and other countries and regions

It is reported that Fanda Toys Co., Ltd. was affected by the trade war last year, and the operating pressure is increasing. It is still gritting its teeth and hoping to survive the cold winter of the trade war. Unexpectedly, after the outbreak of the global epidemic, customers in Europe and the United States quickly delayed and cancelled their orders, becoming the last straw to crush Fanda. In the face of bank loan suspension, suppliers urged for payment, and the fund chain of Fanda Toys was broken. In desperation, they had to declare bankruptcy.

The bankruptcy of Fanda Toy Factory is the inevitable result of the deteriorating living environment of labor-intensive industries such as toys in recent years, and it is also a frequent phenomenon in China's economic transformation and upgrading. In the past decade, labor costs, factory rents, raw materials and other costs have soared, making it difficult for Fanda and other OEM enterprises that rely heavily on labor and raw materials. The Sino US trade war has led to the rapid deterioration of the external business environment. Before the outbreak of the epidemic, the company had fallen into survival difficulties. According to the big data of Tianyan, the company's legal representative has changed, which shows that the company has been abnormal for a long time.

The collapse of this old Hong Kong enterprise really made people cry, and the emotion of an old employee made people sad: what happened today is still vivid, it is too sudden, facing it for the first time in more than ten years of career, I am very confused and at a loss ... It has been 13 years since I joined Fanda. The company has accompanied me to grow up and witnessed the changes of the times. The company has been pioneering for 28 years. Although it has faced ups and downs, it has survived these years .....