One of the largest China-linked companies operating in Slovakia, Bluefin Century, has filed for bankruptcy, signalling a sudden exit from a market where it had generated tens of millions of euros in annual revenue.
The company, which for years ranked among Slovakia’s biggest distributors of IT hardware, asked a court to open insolvency proceedings through its local entity.
Founded in 2011 by Alica Csefalvayova, Bluefin Century built a business importing and exporting mobile phones at scale, distributing brands such as Apple, Samsung and Xiaomi across more than 30 countries.
Despite its global reach, the company maintained only a small operational base in Slovakia. Financial filings show it employed just five people as recently as 2022, even while reporting revenues exceeding EUR 100 million in earlier years.
The firm operated primarily as a wholesale intermediary, moving large volumes of devices through a logistics hub near Bratislava rather than maintaining production or extensive offices.
Ownership shifted in 2017, when Hong Kong-based Ledene Limited became the majority shareholder. Public information about the parent company is limited.
Hungarian businessman Roland Rozsi, an early owner, retained a small minority stake and continued as managing director, suggesting continuity in the firm’s operations despite the ownership change.
After years of strong performance, turnover began to fall steadily from 2020. Revenues dropped from more than EUR 105 million that year to around EUR 61 million in 2024 – the lowest level in over a decade.
The bankruptcy filing appears to mark the culmination of this decline. As of the end of 2024, the company had already reduced its workforce to zero.
While the company has not publicly explained its decision, analysts point to Slovakia’s transaction tax as a potential factor. The levy, introduced shortly after the firm effectively ceased operations, may have disproportionately affected its low-margin, high-volume trading model.
Handling thousands of devices per transaction, even small additional costs could significantly erode profitability.
Bluefin Century’s relatively lean structure may have made its withdrawal easier. Relocating inventory and operations to another country could be done quickly and at relatively low cost.
At the time of filing, the company appeared on lists of debtors to Slovakia’s social insurance agency and tax authorities, with relatively small outstanding amounts. Unlike liquidation, bankruptcy allows firms to exit even with unpaid liabilities.
For years, Bluefin Century stood out as one of the few Chinese-owned businesses in Slovakia with revenues above EUR 50 million. Its exit underscores both the limited scale of such investments and their vulnerability to regulatory and market shifts. (The Slovak Spectator)