Published : 2025-08-28
On August 28, 1992, the assets of the bankrupt Tianjin Simpson Household Appliances Co., Ltd. were auctioned off as a whole to the Tianjin Branch of the Bank of China.
This marked the first public auction of a bankrupt Sino-foreign joint venture in Mainland China.
Tianjin Simpson Household Appliances Co., Ltd. was established through joint investment from the former Tianjin Household Appliances Industry Company, Tianjin Trust and Consulting Company of the Bank of China, and Australia's Simpson Household Appliances Co., Ltd., with a registered capital of five million Australian dollars.
Tianjin Simpson Household Appliances Co., Ltd. commenced operations in July 1987 and officially started production in January the following year.
The company was the first joint venture in Mainland China to produce fully automatic washing machines, and its products were once among the 10 best-selling household appliances in China.
However, due to factors such as insufficient capital, high costs, poor management, and market changes, the company became insolvent and ultimately ceased production in June 1989.
In December of the same year, liquidation began with approval from relevant authorities. On August 1, 1991, the largest creditor, the Tianjin Branch of the Bank of China, applied for the bankruptcy of Tianjin Simpson Co., Ltd.
After the bankruptcy of Tianjin Simpson Household Appliances Co., Ltd., its assets were publicly auctioned, and the Tianjin Branch of the Bank of China, as the sole bidder, offered a bid at the reserve price of 14.4 million RMB and became the final purchaser of the auctioned assets of Tianjin Simpson Household Appliances Co., Ltd.
