Fugang Electronics (Kunshan) Company, a subsidiary of Zhengwei Group, issued an announcement saying that it would suspend work for half a year. The reason is simple: weak demand and no orders. According to the announcement, affected by the recession in the European and American markets, demand for consumer products has weakened, and end customer demand has subsequently decreased. At the same time, mass production of models has been ended one after another, and the company's production capacity continues to be at a low level.
In 2023, Fugang Electronics (Kunshan) revenue fell by as much as 52%, and is expected to fall by another 34% in 2024.
therefore,Fugang Electronics (Kunshan) has decided to arrange a shutdown from January 19, 2024. If there is no obvious increase in orders, it will continue until July 31, 2024.
In accordance with relevant laws and regulations of Jiangsu Province,Full salary will be paid in January, and from February, minimum living allowance will be paid at 80% of Jiangsu Province’s minimum wage of 2,280 yuan, which is 1,824 yuan.
Zhengwei Group also emphasized that Fugang Electronics (Kunshan) has been integrated with the South China factory, resulting in improved efficiency and stable operations.
Fugang Electronics (Kunshan) mainly produces electronic communication equipment such as game accessories, integrated circuits, circuit boards, cameras, etc. Its customers include Apple, Microsoft, HP, Huawei, Xiaomi, OPPO, etc.