Nothing of the sort; it's due to the worsening condition to run a business in China, namely the abrupt shutdown of electricity to factories, abrupt covid shutdown of factories and loss of output while still needing to pay out wages, and worsening economic conditions. you can see some of that in this video https://www.youtube.com/watch?v=IPptD2eBgwo. In this video, a factory owner complains of an abrupt and unannounced electricity halt leading to machinery stopping in mid operation, and another factory owner crying that she has paid out 1M in wages after having to take a 3M loan out, and having so much unsold inventory.