Gionee never enjoyed the same popularity or presence as with the likes of OPPO, VIVO and other brands from China, but itās been a long-standing phone maker known for making devices with gargantuan battery capacity. Trouble, however, started back in 2017 when the company was embroiled in a state of financial crisis turmoil when it was reported to owe a total of CNY 20.2 billion ($3 billion approximately) to 648 creditors. Reports also suggest that the company hasn’t paid its ad agencies and suppliers too are waiting to be paid off.
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Reports also had it that the companyās chairman lost CNY 10 billion ($ 1.4 billion approximately) in a bet at a casino, an allegation he denied at first, but later owned up to borrowing a chunk of the companyās fund. Whatever wherever he channeled the fund into remains unknown, but we do know its application for bankruptcy was granted by the Shenzhen Intermediate Peopleās Court late last year.
The firm hasnāt really made any noteworthy smartphone in well over a year now, although its Indian arm seems to be making some moves as it reportedly released a couple of devices locally months ago. Well, it appears the Chinese firm is finally out of business as there are speculations it is shutting down its Chinese arm. While there isnāt any official statement backing this up, a check on the firm’s Chinese website indicates it is currently down and has been so for quite some time now. Is this really the end of the road for Gionee? We will get find out in due course.
what a stup1d chairman. Gionee could have been what Vivo is right now.