Rotor Componentes Tecnológico, a Spanish manufacturer of high-end bicycle transmissions, has activated an urgent search for investors to avoid the cessation of its activity. The company, based in Ajalvir (Madrid) and with 70 employees, is going through its second bankruptcy process in less than a year and a half after its majority shareholder, the Chinese firm Lanxi Wheeltop Cycling, withdrew from the capital increase committed to in the restructuring plan agreed in December 2025. The company formally requested the declaration of insolvency last March.
The plan, endorsed by its creditors at the end of last year, was based on two pillars. The first was a partial forgiveness of debt with banks and suppliers, which included a 40% reduction for suppliers. The second, an injection of approximately one million euros by Wheeltop. That contribution never arrived. According to the statement distributed this Monday by the company itself, the disbursement “was not finalized,” and banks and suppliers have not recovered the outstanding amounts.
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The fall of the commitment of the Chinese partner leaves on hold the staggered payment schedule between 2027 and 2033 that the Commercial Court number 10 of Madrid had approved, and that affected entities such as Banco Santander. Thus reopening the risk of liquidation.
The situation contrasts with the tone of the operation that seated the Chinese group on the board of Rotor in October 2024. That agreement, presented as an alliance to conquer the Asian market, involved the transfer of shareholder control to Wheeltop, an OEM manufacturer founded in 1951 and specialized in wireless electronic transmissions, in exchange for financing, industrial synergies and access to its Chinese distribution network. Its president, Song Fujiang, then promised to “bring premium cycling experiences” to Asia. A year and a half later, the integration has not materialized.
Rotor, founded in 1994, is one of the recognizable names in Spanish professional cycling. Its Q-Rings oval chainrings, launched in 2005, were an innovation in pedaling efficiency, and its 2INpower power meters equip teams in the international peloton. The company experienced a sweet cycle during the pandemic.
Billing grew by 41% in 2021, up to 18 million euros, and reached 22 million in 2022. The subsequent adjustment was abrupt. In 2023, revenue fell by around 20% due to the excess inventory accumulated in the sector and the slowdown in demand.
That market correction, combined with successive staff reductions and the closure of subsidiaries, left the firm in a vulnerable position when Wheeltop entered. Rotor had even submitted a first bankruptcy request at the beginning of 2025, which it withdrew after closing the operation with the Asian group.
The note distributed by the company does not detail deadlines or possible candidates. It also does not specify what Wheeltop’s shareholding position would be in a possible new operation, nor if the Chinese firm retains political rights on the board. The partial transfer of manufacturing to Portugal that appeared in the plan approved in March and that planned to concentrate the pieces with the highest added value in Ajalvir also remains up in the air. With no buyer in sight, the outcome is liquidation.