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- The Chinese brand of smartphones Gionee would be on the verge of bankruptcy.
- The company did not pay the suppliers and met them to reach an agreement.
- Gionee's president also admitted losing more than $ 144 million in casino gambling.
Gionee does not have the same presence or popularity as Huawei, Oppo, Vivo, and Xiaomi, but it is a long-time smartphone manufacturer. It now seems that the Chinese brand is in a difficult financial situation and on the brink of bankruptcy.
According to Securities Times (h / t: Morning of South China), the company did not pay the suppliers and met them to work on an agreement. The meeting comes after 20 suppliers filed a bankruptcy reorganization application in Shenzhen Intermediate People's Court on November 20.
The Chinese language Jiemian The website also announced last week that Gionee's president, Liu Lirong, had lost more than ten billion yuan ($ 1.4 billion) while he was playing at a casino in Saipan. But Lirong later said at Securities Times that he had lost more than one billion yuan (144 million dollars).
The president says he has not diverted Gionee's money to play it, but that he might have "borrowed money from a company." This results in a considerable change of fortune for one of the Chinese brands of smartphones, which had experienced strong growth in the sector. tastes of India as recently as last year.
According to Counterpoint Research, Gionee accounted for 4.6% of the market in India for selfie smartphone brands (manufacturers offering a selfie camera above 8 MP) in the first quarter of 2017. The manufacturer was also among the top five most dynamic brands. in the price range of 15,000 to 30,000 rupees during the same period.
Nevertheless, Gionee experienced a sharp drop in global shipments in the second quarter of 2018, as did Lenovo, Micromax, and Sony. And with the five largest Chinese brands occupying 87% of the region's market share in the third quarter of 2018 (compared to 81% a year ago), it seems that hard times are announcing for the smallest Chinese automakers. (that their leaders lose their fortune) or not).
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