(Yicai) Dec. 16 -- There were no bidders at an auction of the assets of insolvent Royole Corporation, a Chinese pioneer of foldable smartphones, which included properties in Shenzhen and pieces of equipment with a combined value of around CNY1.2 billion (USD165 million).

Twelve properties with a total floor area of 96,095 square meters in Shenzhen’s northeastern Longgang district were put up for auction with an appraised value of CNY768 million (USD105.5 million), according to e-commerce giant Alibaba Group Holding’s auction platform.

The equipment, comprising 1,961 items of machinery, 1,609 electronic devices, 3 ongoing construction projects and 8 electric forklifts, had a rough value of CNY462 million (USD63.46 million).

Not one bidder registered for the auction, which took place from 10 a.m. on Dec. 14 to 10 a.m. on Dec. 15, despite the auction attracting 18,000 online views. The auction starting price was set at CNY1.2 billion (USD169 million), with increments set at CNY6 million per bid, and interested bidders were required to pay a deposit of CNY61.5 million (USD8.4 million).

With no buyers this time round, Royole’s assets are now likely to be re-auctioned at a reduced price, industry insiders said.

It is a spectacular fall from grace for a company that was once a unicorn firm worth USD6 billion. Royole launched the world’s first foldable flexible-screen smartphone, FlexPai, in 2018 and successfully completed 12 rounds of financing.

However, the Shenzhen-based company, founded in 2012, lost out as competition became stiffer. It attempted to list on the Shanghai Stock Exchange’s Nasdaq-style Star Market, seeking to raise CNY14.4 billion (USD2.3 billion), but withdrew its application in February 2021 after it was added to the China Securities Regulatory Commission’s sampling list.

In May, Royole and two of its subsidiaries filed for bankruptcy at the Shenzhen Municipal Intermediate People's Court.

Editor: Kim Taylor