According to JOLED announcement released on the same day, the company on Monday will Tokyo District Court application for Japan's "civil reproduction law (bankruptcy law)", the application has been accepted, will start bankruptcy protection procedures.

On the reasons for the bankruptcy filing, JOLED said the decision to file for bankruptcy reorganization was due to the higher-than-expected cost and time needed to stabilize production, coupled with the impact of a global chip shortage, resulting in weak demand for high-performance/high-quality panels and fierce price competition, resulting in deteriorating profits and continued capital outflows.

Teikoku Databank, Japan's largest credit research company, said JOLED would be the country's biggest bankruptcy case this year.

According to public data, JOLED is an OLED panel company established in January 2015 by integrating the OLED panel business of Sony and Panasonic. In 2019, JOLED's Nengmei plant began operations of the world's first printed organic EL display mass production line and began manufacturing high-performance, high-quality organic EL displays for high-end displays, medical displays and displays.

After the bankruptcy filing, JOLED will close the Nengmei factory, the Chiba factory, the manufacturing department of about 280 employees will be fired, exit the manufacturing/sales business, and on the technology/research and development department. JOLED said it had signed a basic agreement with Japan Display Inc (JDI), a small and medium-sized panel maker, to help it restructure.

JDI invested 15 percent of JOLED's initial capital and sold its entire stake to INCJ in March 2020. But JDI itself continues to lose money.

Gestant Display Technology Co.,Ltd. could provide a series of LCD and OLED products, such as AMOLED Screen, PMOLED Screen, Round Display Screen, Flexible Display Screen, TFT LCD, Mono-LCD and Bar Display Screen. Customize PCBA/LCD/OLED/FPC/Backlight/Coverlens/TP solutions.

Gestant Display Technology Co.,LTD was founded in 2012 in Shenzhen China. Even, the founder of the company, has more than 15 years of rich experience in LCD display industry. He has been engaging in the basic research of LCD display technology in Japan since his graduate school and has been working in the flat panel display industry after graduation.

Proficient in the manufacturing process and technology development of LCD / OLED / polarizer, Even was also one of the members of China liquid crystal Association who has a senior industry background and supply chain resources. In the past three years, he assisted his shareholders in building factories, purchasing equipment，establishing production lines, and successfully obtaining ISO9001 and ISO14001 system certificates.

He has established good business relations with major panel manufacturers in China (BOE /Tianma / IVO /EDO / Visionox), and the glass supply is stable and sufficient.

Gestant Display's products are widely used in Smart wear，Smart home，Outdoor photography，IP phones, Medical care, Industrial control equipment, Automotive and Vehicle displays, Instrumentation, and other Information terminal applications which could offer long-term after-sale services(such as 2 years quality warranty, long-term supply) .