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Home Business China's Economic Downturn, Companies Going Bankrupt under Coronavirus

China’s Economic Downturn, Companies Going Bankrupt under Coronavirus

Experts are still debating whether the impact of this year’s epidemic on China’s economy will exceed SARS. But at the micro-level, some companies that couldn’t withstand the pressure of cash flow have begun to fail…

Companies that begun to go bankrupt
Companies that begun to go bankrupt in China

On the evening of February 6, Chao Li, the founder of the well-known IT training institution “Brothers Link Education”, published a “letter to all students, employees, and shareholders of Brother Links” in his WeChat public account. Brothers’ Beijing campus stopped enrolling and all employees were demobilized.

A letter to all students, employees, and shareholders of Brother Links
A letter to all students, employees, and shareholders of Brother Links in Chinese

In his letter, Chao Li said that the most affected by the epidemic was offline training institutions. Delays in colleges, suspension of offline training, and other measures have increased the pressure on Brothers. The company has a small capital reserve and has been in a state of loss. The brother company had reduced costs, delayed wages, and mobilized all the staff a year ago.

According to the information of the enterprises, Brothers is affiliated to Yi Di You (Beijing) Education Consulting Ltd. and has been established for 13 years. Focusing on IT technology training, it is an early and large domestic PHP / LAMP technology professional training school. In 2015, Brother Company received a 125 million strategic investment from Huatu.

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Nancy Huang
I'm a journalist in Shenzhen, China. I have been working in several news agencies in China since 2008.

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