U-Right

History

U-Right was founded by Mr. Leung Ngok in Hong Kong in 1983 and Mr. Leung served as the company chairman until 2008.

U-Right had acquired the Texcote Technology from Swedish scientists. This specific textile was water repellent, dirt resistant and carried environmental properties. Its subsidiary U-Right Nano Textile (China) Ltd. produced Texcote-built products for other clothing companies. U-Right launched Texcote-based products in 2002. Nano-coating clothes only increased production cost by 3%, yet the profit margin of nano-coated products was 50% higher. In 2003, the company announced exceptional results thanks to its nano-coated solutions and invested $50 million in a new nano-technology plant in mainland China to accelerate its Texcote-based production. In 2006, the company announced it could nano-coat a million items a month thanks to its increased production capacity.

From 2005 to 2007, in Hong Kong alone, the company store count went from 18 to 65. In mainland China, in 2007, U-Right owned 40 stores and 360 franchise stores. U-Right launched the stores Sevendays which carry top-tier fashion products (4 stores in 2007), and the high-end fashion brand Pezzx (2 stores in 2007). In 2007, U-Right started to sell brands others than their homemade brands.

In 2008, U-Right was liquidated by Deutsche Bank, its creditor, as HK$1.3 billion debts was disabled to pay back. And provisional liquidator took over U-Right. Retail stores were closed down and 160 employees were laid off. Mr. Leung, U-Right's former chairman, was also declared bankrupt by the Hong Kong High Court. Its shares still suspended trading until further notice.

References

References

1. (April 2023)
2. [http://www.nanotech-now.com/news.cgi?story_id=01848 U-Right on $50m China splurge]
3. (April 2023)
4. Borneman, Jim. (2003-12-01). "U-Right Signs Various Partnership Agreements {{!}} Textile World Asia".
5. (2002-04-02). "Hi-tech clothing fattens margin".
6. (2003-11-26). "U-Right doubles profits through nanotechnology".
7. (2003-10-01). "HONG KONG: U-Right Spends $50m On Chinese Nanotechnology Plant".
8. Cheng, Danny. (October 2006). "Strong growth in China nanocoating for U-Right".
9. (2007-01-15). "U-Right to retail mainland fashion brand in HK outlets".
10. [http://www.ibtimes.com.hk/articles/20081010/right-iquidation.htm U-right went into liquidation, cut 160 jobs]{{Dead link. (January 2026)
11. [http://www.ibtimes.com.hk/articles/20081010/liquidation-right.htm Listed company U-right international liquidation]{{Dead link. (January 2026)
12. "Leung Ngok, Chairman of U-right, bankrupt".
13. [http://www.hkexnews.hk/listedco/listconews/sehk/20081010/LTN20081010455.pdf Petitions for Winding Up Appointments of Provisional Liquidators]