The Rise and Fall of Flexi Technology: A Case Study of Flexible‑Display Innovation and Business Failure

On the evening of November 19, the Shenzhen Intermediate People's Court announced the bankruptcy liquidation of Flexi Technology, a former unicorn that had once pursued an IPO.

The court had accepted the case on May 15, determining that Flexi could not pay its due debts and that its assets were insufficient to cover all liabilities, leading to the final bankruptcy decree on November 18, 2024.

Founded in May 2012, Flexi focused on flexible display technology and was once called the "King of Flexible Screens," completing a Series F financing round in 2019 that valued the company at $6 billion.

The founding team, led by Liu Zihong, consisted of Stanford‑educated PhDs with experience at Fortune‑500 IT firms.

In 2014 Flexi developed a 0.01 mm ultra‑thin flexible color display, attracting industry attention, and in July 2015 launched the world’s first ultra‑thin flexible display and sensor production line, quickly releasing the FlexPai foldable phone priced from ¥8,999.

Despite technical breakthroughs, Flexi’s high pricing prevented partnerships with major brands such as Huawei, Xiaomi, OPPO and Vivo, leading to missed commercial opportunities.

Flexi’s first generation FlexPai, released in 2018, was technically innovative but suffered from design flaws such as a bulky hinge, noticeable gaps when folded, and a heavy feel, resulting in poor market reception.

In early 2019 Xiaomi claimed the first dual‑foldable phone, prompting Flexi’s vice‑president to publicly accuse Xiaomi of lying, while Flexi’s CEO responded with a heated social‑media rebuttal.

Subsequent models, FlexPai 2, failed to improve sales due to high price, insufficient software support, and hardware issues.

From 2019 to 2020 Flexi attempted listings on Nasdaq and China’s STAR market, both unsuccessful; despite revenue growth, the company recorded continuous net losses that far exceeded its income.

Market share data showed that Flexi’s flexible OLED presence was negligible compared to leaders like Samsung, BOE, Visionox and TCL‑Huaxing.

By 2022 the company faced widespread salary arrears, supplier lawsuits, and court enforcement actions, with founder Liu Zihong being restricted from high‑consumption activities.

The combination of limited B‑side monetization, weak consumer products, and unsustainable financing ultimately led to Flexi’s collapse.

The story illustrates that technological breakthroughs alone are insufficient; without market fit, sustainable revenue, and effective product management, even a technically pioneering unicorn can quickly dissolve.