Zhejiang Hengnuo Furniture, founded 24 years ago, has been ruled bankrupt and ordered into liquidation, with assets of 60.58 million yuan and liabilities of 121 million yuan.

The Xiaoshan Court has formally ruled Zhejiang Hengnuo Furniture bankrupt and ordered it into liquidation. Its total assets were about 60.58 million yuan, its debts 121 million yuan, and its net assets negative 60.62 million yuan. No one submitted a restructuring or settlement proposal. The company entered the furniture sector in 2009, specializing in duanxian furniture, wooden crafts, and leather goods, with most of its orders going to Europe and the United States. The number of employees covered by social insurance in its annual reports had fallen from several hundred to one. China’s exports of furniture and parts totaled 455.9 billion yuan in 2025, down 5.6% year over year.