Taiwan listed companiesCompal suffered heavy losses due to LeTV’s capital chain crisis，Now it has sold all its shares in Lianbao for US$257 million.。On the surface，It’s a puzzling “low-price exit”：Compal could have made a profit of US$600 million，But ultimately chose to complete the transaction in cash，Nearly 50% of Lianbao shares were sold to a subsidiary of Lenovo Group。
We observe this type of cross-border industrial cooperation andequity exitcase，What should be most concerned about is not a single price level，But supply chain credit risk、joint venturecontrol arrangements、The chain relationship between long-term order dependence and corporate strategic adjustment。
LeTV’s bad debt impact：Compal once suffered a loss of about 1 billion yuan
2026Year，Compal’s financial performance was significantly dragged down。After the LeTV capital chain crisis broke out，Relevant debts cannot be repaid on schedule，The loss pressure faced by Compal continues to expand。
- LeTV has fallen into a capital chain crisis since 2026，Compal owes a total of RMB 850 million.。
- Deduct the amount returned、After bad debts of 300 million yuan and materials of about 300 million yuan，Compal still needs to compensate 120 million yuan for bad debt losses。
- overall，Compal’s losses due to the LeTV incident have reached approximately 1 billion yuan，Both the financial and business sides have been affected。
Faced with this risk exposure，Compal can only initiate subsequent disposal arrangements。on the one hand，Compal has appointed lawyers to take appropriate legal action against LeTV；on the other hand，Compal also obtained authorization from LeTV，for processing、Selling related high-priced components，to minimize losses。
However，Once supply chain risks break out，Often it doesn’t stop at a single account receivable。The LeTV incident subsequently had a chain reaction，Influenced Compal’s investment judgment、Customer screening criteria and risk appetite for OEM cooperation with mainland smartphone brands。
Investment plan terminated：Supplier risk awareness has increased across the board
2026March，Compal originally planned to invest RMB 700 million in LeTV Zhixin through a subsidiary in Kunshan.，to acquire 2.15% of the company’s equity。However, due to poor repayment progress of LeTV,，The investment case was finally terminated。
Compal is not the only one affected。Including Pegatron、Many companies including Wen YeTaiwan LeTV Supplier，Accounts receivable are also received one after another、The impact of order fluctuations and customer credit risks。
Compal General Manager Chen Ruicong said at the time，After experiencing this incident，In the future, we will be more cautious in developing OEM cooperation with mainland smartphone brands.。Behind this statement，It reflects the credit of large manufacturing companies to customers.、Order quality、Reassessment of ability to pay and strategic sustainability。
Lianbao joint venture background：The foundation of long-term cooperation between Compal and Lenovo
Compal and Lenovo jointly establish notebook OEM factory Lianbao，Dating back to 2011。At that time，Lianbao’s shareholding structure is：Compal holds 49% of the shares，Lenovo holds 51% of the shares。
This cooperation initially had a clear logic of industrial complementarity.。Compal has mature OEM capabilities，Especially in the manufacturing of tablets and related terminals, it has advantages；Lenovo has a huge sales scale and global market channels，It is difficult to fully rely on self-made production capacity to meet shipment demand，So it needs to be stable、Reliable foundry partner support。
Within this cooperation framework，Lenovo delivers most of its laptop computer orders to Lianbao for OEM。As Lenovo becomes the global leader in laptop computer shipments，Lianbao gradually turns from losses to profits，Operations on track，Compal also reaped the dividends of business growth and financial improvement.。
2.57Sale of Lianbao shares for US$100 million：Strategic considerations behind equity exit
After Lianbao’s operations gradually stabilized,，Compal chose to sell all its shares in Lianbao Electronics to a subsidiary of Lenovo Group。The transaction was completed in cash，The final transaction price was US$257 million。
from an outside perspective，Compal could have made $600 million，But sold shares for $257 million，Price gap triggers market discussion。What deserves more attention is that，This is not just an ordinaryEquity trading，But the joint venture control rights、A concentrated reflection of the adjustment of production capacity layout and long-term cooperation model。
One possible industrial logic is，As Lenovo develops into an upward cycle，Its impact on core manufacturing links、The requirements for supply chain control capabilities and Lianbao’s self-production rate have been further improved.。In this context，Lenovo increases control over Lianbao，In line with its strategic direction of strengthening supply chain integration。
For Compal，After experiencing the impact of LeTV’s bad debts，Reduce risk exposure to specific customers or joint venture projects、Optimize cash flow and asset structure，may also become an important factor in their decision-making。
Financial performance recovers：The shadow of bad debts gradually weakens
Relevant information display，Compal’s performance in Q3 2026，The impact of LeTV’s bad debt problem has been significantly reduced，Profitability gradually recovers。
- 2026Profit in the third quarter of 2018 was NT$324 million。
- Compared with the second quarter, which was affected by LeTV, profit dropped significantly to 254 million yuan.，Season 3 has been significantly improved。
- Profit for the quarter also increased 7% compared with the same period in 2026。
- EPS in the third quarter was 0.53 yuan，Cumulative EPS for the first three quarters was 0.84 yuan。
2026In 2017, there were media reports that Lenovo was interested in acquiring a stake in Compal.，But the relevant rumors soon faded away。to this day，Compal chooses to withdraw from Lianbao factory，Parting ways with Lenovo at the equity level，However, it does not mean that the business relationship between the two parties has been completely terminated.。
In response to market questions, a Compal spokesperson emphasized that，This transaction achieved a win-win outcome，We are still optimistic about the space for business cooperation between the two parties in the future.。
Case Enlightenment：Corporate collaboration must manage both benefits and risks
Collaboration between enterprises，The core is to jointly explore the market、Integrate resources and create incremental value。But business cooperation is never a simple "alliance" relationship，but based on income、risk、Dynamic arrangement based on continuous matching of control rights and strategic direction。
When a customer's credit deteriorates、When accounts receivable get out of control or strategic focus changes，Enterprises must adjust cooperation boundaries in a timely manner。Compal’s LeTV bad debt incident to Lianbao’s equity withdrawal，It shows that supply chain companies are re-examining their cooperation partners amid external uncertainty.、The complete path to cash flow security and asset allocation。
we always think，Cross-border business、Supply chain cooperation、Equity investment and joint venture structure design，must be based on adequate due diligence、Transaction document constraints、On top of risk isolation mechanisms and exit arrangements。Companies can only manage growth and risk simultaneously，To maintain long-term stability in complex market cycles。
About Hong Kong Xintong
Hong Kong Xintong focuses onHong Kong Securities and Futures Commission license、Hong Kong Insurance Broker License、Hong Kong MSO Licenseandmoneylenders licenseApply for service，Assist customers to applyUS MSB license、NFA、RIA、Canadian MSB license、Mainstream overseas financial licenses such as Australia and Mexico，Support enterprises to achieve compliance expansion of cross-border financial business。Also availableCayman Islands Offshore Company Registration、Offshore fund establishment and global compliance operations and other services，Help enterprises expand their presence in international markets。Provide one-stop compliance solutions for enterprises。To learn more，Please contactHong Kong Information Communications Consultant。
