What this record is for. A ¥6 billion project on 300 mu, 130,000 m² of building, 60,000 m²/month of FPC capacity — named by its administrator as a core supplier to BOE, China Star, Tianma and Visionox. It stopped on 2025-05-30 and was declared bankrupt fourteen weeks later. A buyer asking for “FPC factories in Suining” will still be handed this name. The record exists so that finding the name is not mistaken for finding a supplier.
The trap. The business registry still prints 存续 — “existing”. Nothing in the register is reset when a court declares a company bankrupt; the flag changes only when the company is formally deregistered, which can take years. In this case the plant is real, the equipment is real, and the estate was actively marketed to investors. That is exactly why registry status cannot answer a buyer's question, which is not “does it exist” but “did the line run this quarter”.
| Field | Value | Source |
|---|---|---|
| 1 · Legal name | 四川上达电子有限公司 Romanised as “Sichuan Shangda Electronics Co., Ltd.” no company-published English legal name found Group brand “Leader-Tech”; staff mail on leader-techcn.com | registry record; administrator's notices |
| 2 · USCC | 91510900MA65HYNM48 | registry; administrator's pre-marketing notice |
| 3 · Founded | 2019-06-26 · registered capital ¥300M, paid-in ¥300M · legal representative 李晓华 Wholly owned by 上达电子（黄石）股份有限公司 — the group, not the plant, filed the group's history back to 2004 | registry record |
| 4 · Address | No. 3, South Section 3, Zhonghuan Avenue, Suining High-tech Zone, Sichuan 四川省遂宁市高新区中环大道南三段3号 — a different park from the Jichang South Road PCB base measured on the cluster page | registry; court rulings |
| 5 · Registered scope | R&D, production and sale of flexible circuit boards, high-precision ultra-thin flexible IC substrates, rigid-flex boards, large-scale integrated circuits and electronic components; tape-carrier flexible IC substrate chip bonding and semiconductor packaging and test; import/export | registry business scope |
| 6 · Headcount | 1,007 on the 2024 annual filing A plant manager told a local reporter the workforce had risen from 1,200 to 1,400 in Q3 2024. Two figures, one year, no public reconciliation — see the headcount check | 2024 annual filing; Suining DRC release, 2024-09 |
The same company was audited twice within a month, and the two reports describe different companies. Both are official. Neither is wrong.
| Measure | 2025-05-21 · audit for the petition | 2025-06-03 · court's liquidation audit |
|---|---|---|
| Total assets | ¥687M | ¥732,839,400 |
| Total liabilities | ¥826M | ¥1,507,819,900 |
| Net assets | −¥138M | −¥774,980,500 |
| Claims asserted | not stated | ¥1,870,449,573.15 from 301 creditors |
| Litigation / enforcement cases | 56 | not restated |
Why the liability figure moved by ¥682M. The May audit was a special-purpose report written to support a petition: book values, and the debts the company knew about. The June audit came after every creditor in the supply chain had been invited to file. The difference is debts that existed on paper but had not yet been asserted — roughly an 80% understatement in the first number.
The lesson for a buyer is not “Chinese accounts are unreliable”. It is that a pre-insolvency balance sheet measures what a company admits, while an insolvency audit measures what its creditors can prove. If you are screening a live supplier, neither is available to you — which is why the useful field is not “how much debt” but “is it producing, and who says so”.
| Field | Value | Source |
|---|---|---|
| 7 · Certificates on record | National High-Tech Enterprise · municipal enterprise technology centre · eight qualification certificates indexed None of these is a statement of current capability historical No IATF 16949 certificate number was published on any page we could still reach — the group site no longer serves, so the claim cannot be checked either way | aggregated enterprise-record databases |
| 8 · Capacity | 60,000 m²/month, with ~30,000 m² of product in process on the lines at the point of shutdown This figure survives because the administrator needed it for valuation — it is the one capacity number here with a reason to be accurate | administrator's pre-marketing notice, 2025-06-22 |
| 9 · Customer list | Core strategic supplier to BOE, China Star, Tianma, Visionox; end customers Huawei, vivo, oppo, Xiaomi, Honor, Samsung self-declared in a sales document A customer list in a document written to attract a buyer is a marketing claim, not a shipping record. No shipment, award letter or audit report is public. | administrator's pre-marketing notice |
| 10 · Export evidence | Not assessed — irrelevant to a buyer's decision at this point | — |
This is the record where the ending is not the usual one. Court-reported outcome, October 2026: ¥37M of wages advanced before distribution, the full ¥58,089,063.98 of employee claims paid, and more than a thousand workers re-employed locally — the court's 府院联动 (court–government coordination) mechanism credited with the result.
Put it beside the Shenbei Circuit record. Same province, same court system, same decade. At Shenbei, employee social-insurance claims could not be met from the estate at all, and the tax authority said so in writing. Here they were paid in full. Both companies still print 存续 on the same register. A directory that only records failure teaches a buyer nothing about how to read one.
Note what did not happen. The workers were paid and re-employed; the company was not rescued, and the plant did not restart. Employee recovery and supplier recovery are different questions, and the first being answered says nothing about the second — the confirmed unsecured claims in this estate total ¥110.9M.
Four systems keep the old identity alive. (1) The registry keeps printing 存续 until deregistration — which in a liquidation of this size can be years after the ruling. (2) B2B marketplaces and aggregator pages keep the company card and its 8 certificates indexed with no status field at all. (3) Trade-show pages, PDFs and the group's own marketing survive in search caches after the domain stops serving. (4) AI assistants answer from training data, and a 2023 press release about “full ramp-up” reads exactly like a live supplier.
What actually distinguishes this case from a live one is not one record but the sequence. Wage arrears verified by the labour bureau in October 2024; supplier payments stopping in January 2025; a zone administration replying that the company cannot pay in May; a shutdown notice on 29 May; a petition on 30 May. Five public steps, five months, and the register moved on none of them. The method is written up as Is the factory still running? Four public records, two cases.
Excluded from the PCB supplier list, record kept public. Not ranked, not scored, not presented as an option. It is also deliberately outside the thirteen-plant Suining cluster measurement — that page covers the Jichang South Road PCB base and Mingxing Avenue plants on the 2025 filings, and this plant sits in a different park, which is why the cluster count stays at thirteen and this record is listed there separately, below the table. Deleting the name instead would leave a shortlist that looks clean and a gap nobody can see.
Reinstatement condition. If the estate is sold and a successor restarts production at this site — under this entity or a new one — the record will be revised with the buyer's name, the operating entity's USCC and a date. Until a sale and a restart are both on the record, the status stays as written. Correspondence goes to the address in the footer.
This page is a compilation of public records, not a legal opinion and not an assessment of any individual. Every claim above cites a court ruling, an administrator's notice, a government reply or a registry entry, and links to it. The bankruptcy facts are the court's, not ours.
If you are a representative of the company, the administrator, a creditor, a prospective investor or a successor entity and any fact here is inaccurate or out of date, write to hello@emssuppliersverified.com with the correction and a source. Corrections are applied and dated, not silently removed.