Mass Exodus & Shutdowns of Foreign Companies: Is This the End for Shenzhen Manufacturing?

According to mainland media, on August 15th, Xin An Electronics (Shenzhen) Co unexpectedly announced its early dissolution. This news stunned the industry. Xin An Electronics cited “global economic downturn and decreased orders leading to worsening business conditions“ as reasons for its premature closure. However, rumors suggest that in 2019, its parent company, Simatelex Manufactory Co., Ltd. from Hong Kong, established its first overseas factory in Indonesia. Soon after, some orders were shifted there, potentially revealing the real reason behind Xin An’s closure. #shenzhen #foreigncompany #manufacturing #chinaeconomy #chinaobserver All rights reserved.