Did gaomi city Textile Factory go out of business?

No, according to public information, Gaomi No.1 Textile Machinery Factory, a collective enterprise in Hu Jiazhuang Town, Weifang, went bankrupt on 1994, and explored the transformation of enterprise ownership. After learning the news, after nearly half a year's communication and waiting, the four original shareholders, headed by Zhang Gongyun, raised 40,000 yuan and assumed 960,000 yuan in debt, bidding for nearly one-fifth of the assets of textile machinery factory-the machine repair workshop, and founded Haomai Company.