Jewelry retailer Chow Tai Fook halts production at Shenzhen factory in Guangdong province - Chinese reports

Chow Tai Fook, a major Hong Kong jewelry manufacturer and retailer, has suspended production at its factory in Shenzhen, Guangdong Province, as of the 1st, according to Chinese media reports.
Recently, a "stay at home notice" sent to employees by Chow Tai Fook Shenzhen Jewelry Manufacturing Co., Ltd. was posted online.
Some internet users said on social media that "Chow Tai Fook's Shenzhen factory has stopped production." According to the "stay at home notice" posted online, the company said, "(Shenzhen's
"The shareholders have decided to transfer the production and manufacturing operations of the Kitayama Plant and related production lines, equipment, raw materials and other assets," the company said.
The company explained that this decision was based on the need for a shift in production. As a result, the Beishan plant in Shenzhen will cease production from June 1. Employees in the production and manufacturing departments are waiting at home for further notice.
The company will pay employees 1,888former (about 40,000 yen) per month from July 1st. In response to an interview with Chinese media outlet "Pengpai News," Chow Tai Fook said on the 5th, "We have adjusted the allocation of corporate assets.
"We have decided to adjust and replan some of the departments in the Shenzhen factory to improve operational efficiency and to relocate some of the production departments in the Shenzhen factory to our Shunde factory in Guangdong province," the company said.
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