Wave of Business Closures · Full chronicle and history

In the first half of 2026, the number of compulsory winding-up petitions in Hong Kong stood at the highest level since 2021. In May 2025, there were 949 personal bankruptcy petitions, the most in any single month since mid-2020.

In September 2026, the boss of a cross-border e-commerce company in Shenzhen announced that the team had officially disbanded. Because it had been unable to generate profits for a long time, the company became a one-person company, and its workers joined the ranks of flexible employment.

On July 1, Yan Peng, chairman of Shaanxi Lihe Trading, fell to his death from a high place in Xi'an Saige Shopping Mall. Videos indicated that an 11.45 million yuan fine and withheld payments led to the rupture of his capital chain.