By XU Shiqi
HU Zhenyu, the founder and president of JMGO, a smart projector and laser TV maker, has been forced out of the company due to the failure of another venture.
In January last year, Hu founded a company named Jinglan to make VR headsets. Jinglan had more than 150 staff last year and developed a prototype headset that was never launched.
“They let go half the staff in November and another lot was sacked in February,” said a former employee. “There are only 20 left, and they have been ‘absorbed’ into JMGO. Jinglan is no more."
According to a screenshot seen by Jiemian News, Hu claims to have been “kicked out” of the boardroom at JMGO. This may be because he owes Jinglan's employees more than 6 million yuan in unpaid salaries.
Hu said he could solve the problem, but he needed time to raise money, the solution was to sell his stock in JMGO. A week later on September 7, Hu declared himself "a turtle on its back," and JMGO is looking for a buyer to take over the whole show.
“If the company is sold, I will have enough money to sort things out,” said Hu.
By press time, a Jiemian News reporter had called Hu several times, but he did not answer. JMGO has not replied to Jiemian News’ inquiry.
