Today, 33 years ago, on August 28, 1992 (August 1, 1992), China's first auction bankruptcy joint venture. The bankruptcy property of Tianjin Simpson Home Appliances Co., Ltd. was auctioned to the Tianjin branch of the Chinese Bank on August 28, 1992. It was the first Chinese-foreign joint venture in the mainland to auction bankruptcy. Tianjin Simpson Home Appliances Co., Ltd. was jointly invested by the former Tianjin Home Appliances Industry Co., the Tianjin Trust Consulting Co., China and the Australian Simpson Home Appliances Co., Ltd., with a registered capital of 5 million Australian dollars, opened in July 1987, and officially launched in January of the following year. The company was China's first fully automated washing machine joint venture