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Red-flag is down!

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Red-flag is down!

Post  halala on Thu Feb 13, 2014 3:43 pm

"2014年2月10日,中科红旗贴出清算公告,称由于经营发生严重困难,董事会于12月13日决议即日解散公司,并成立清算委员会进行清算。公司与全体员工的劳动合同也在即日起终止。"

The translated version of the above announcement.

By youdao: "On February 10, 2014, the division in the red flag posted a liquidation announcement, because of serious difficulties, the board of directors resolution on December 13, this company dissolution and liquidation and set up a liquidation committee.Company and all employees of the labor contract is terminated from now on."

By Google:"February 10, 2014, Red Flag posted liquidation announcement, saying that due to the serious operating difficulties, the Board of Directors on December 13 immediate resolution to dissolve the company and form a liquidation committee to carry out liquidation. All employees of the company and labor contracts are terminated with immediate effect."

According to the employees, the main reason which made the company's capital chain rupture is that the companies largest shareholder --the Institute of Software Chinese Academy of Sciences(ISCAS) did not provide the matching funds of the nation's ambitious“Core Electronic Devices, High-end Generic Chips and  Basic Software" Project.   The ISCAS denied this accusation immediately and the attributed the company's problem to bad management. However, most onlookers held the position of schadenfreude, and take it as yet another good example of the institutional issues of the countries technology development policy.
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halala

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