Feeds

Apple foe Proview laughs off debts, ressurrects business

IPAD trademark combatant wants to sell bio-energy

The essential guide to IT transformation

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. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
Facebook to let stalkers unearth buried posts with mobe search
Prepare to HAUNT your pal's back catalogue
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Advanced data protection for your virtualized environments
Find a natural fit for optimizing protection for the often resource-constrained data protection process found in virtual environments.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.