Feeds

Apple foe Proview laughs off debts, ressurrects business

IPAD trademark combatant wants to sell bio-energy

Intelligent flash storage arrays

Apple’s Chinese IPAD trademark nemesis Proview is set to kick start yet another business venture, having managed to attract over 100 million yuan (£10m) in funding to launch an LED lighting and bio-energy firm.

The firm’s charismatic founder Yang Rongshan is hoping to reinvent the company after its Shenzhen subsidiary was forced into bankruptcy and delisted from the Hong Kong stock exchange a couple of years ago.

Miraculously, given the performance of Proview Technology (Shenzhen) and allegations of shady business practices in the past, Yang has successfully attracted Chinese and foreign investors to the project, according to Shanghai’s First Financial Daily (via Sina).

Yang is apparently aiming to resurrect the firm’s LED lighting business and, rather incongruously, enter the renewable energy space.

Proview invested a whopping $155m (£99m) in its LED manufacturing base in Shenzhen in 2008 and expanded to a Wuhan plant soon after, shortly before the bottom fell out of the business.

The Shenzhen plant is now in ruins, but Proview is hoping its Wuhan base can be resurrected to produce around five million LED units per year.

There was little info about the renewable energy plans for the business, except that Proview would co-operate with local investors and partners and expand internationally.

Confident as ever, Yang claimed the business would generating profits in a couple of quarters.

Followers of the long-running IPAD saga will remember that Proview Shenzhen still has debts potentially as high as $400m(£255m) to pay its creditors, including several Chinese banks, but Yang said this will not affect this entirely separate new business plan.

The firm’s lawyers Grandall are also among those yet to be paid, despite Proview managing to extract $60m from Apple for the IPAD name, and have made moves in court to seize the trademark until they are paid. ®

Choosing a cloud hosting partner with confidence

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
Lawyers mobilise angry mob against Apple over alleged 2011 Macbook Pro crapness
We suffered 'random bouts of graphical distortion' - fanbois
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
Feds seek potential 'second Snowden' gov doc leaker – report
Hang on, Ed wasn't here when we compiled THIS document
Verizon bankrolls tech news site, bans tech's biggest stories
No agenda here. Just don't ever mention Net neutrality or spying, ok?
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.
Mitigating web security risk with SSL certificates
Web-based systems are essential tools for running business processes and delivering services to customers.