GSMArena.com GSMArena.com

Tip us

1.7m
126k
RSS

EV

Merch

Log in

Login

I forgot my password
Sign up
  • Home
  • News
  • Reviews
  • Videos
  • Featured
  • Phone Finder
  • Deals
  • MerchNew
  • Coverage
  • Contact
ADVERTISEMENTS

Gionee declares bankruptcy, enters liquidation

  • Post your comment
  • Comments (60)

Peter 19 December 2018

Gionee

We have some good news and some bad news about Gionee. The good news is that one day there may be a movie about what happened. The bad news is that the company has officially entered bankruptcy.

A court in Shenzhen has accepted the application for liquidation bankruptcy by Huaxing Bank. This may still turn into a company reorganization – Gionee hired restructuring consultants last week. Founder Liu Lirong thinks that the company can turn its fortunes around in 3-5 years.

However, Gionee owes a total of CNY 20.2 billion (around $3 billion) to 648 creditors. About half of the debt is to banks. Earlier this year the company failed to pay suppliers. Ad agencies haven’t been paid either.

Gionee’s money troubles were exacerbated when Liu – founder and chairman – lost a CNY 1 billion bet in a casino. That’s a whopping $144 million! He claims he didn’t use company money, but admits he may have “borrowed company funds”. Like we said, this story would make quite a movie.

For comparison, Liu claims that the company was losing around CNY 100 million ($14.4 million) a month between 2013 and 2015. The losses per month doubled in the last two years.

Source (in Chinese)

Related articles
  • Gionee faces bankruptcy after failing to pay suppliers Gionee faces bankruptcy after failing to pay suppliers
  • Gionee launches the affordable F205 and S11 Lite in India Gionee launches the affordable F205 and S11 Lite in India
  • Gionee S10 Lite launched with 4GB RAM, 16MP selfie camera Gionee S10 Lite launched with 4GB RAM, 16MP selfie camera
  • Gionee unveils six FullView smartphones, M7 Plus and S11S lead the charge Gionee unveils six FullView smartphones, M7 Plus and S11S lead the charge

Reader comments

A
  • Anonymouse
  • Raw
  • 23 Dec 2018

Blame the Casino? Blame also the Network Marketing pyramid schemers!

  • Reply
A
  • Alien
  • 3RM
  • 21 Dec 2018

Meh who cares? I'm actually a bit glad. Junk brand with junk quality products. I never used one and I never planned to anyway. Good Riddance!

  • Reply
  • Kiyasuriin
  • nYT
  • 21 Dec 2018

Some cases people are talking serious and ask it for real. so I assumed that's the case. not everyone has to be as salty as you.

  • Reply
  • Read all comments
  • Post your comment
Total reader comments: 60

ADVERTISEMENTS

Phone finder

  • Samsung
  • Apple
  • Huawei
  • Nokia
  • Sony
  • LG
  • HTC
  • Motorola
  • Lenovo
  • Xiaomi
  • Google
  • Honor
  • Oppo
  • Realme
  • OnePlus
  • vivo
  • Meizu
  • BlackBerry
  • Asus
  • Alcatel
  • ZTE
  • Microsoft
  • Vodafone
  • Energizer
  • Cat
  • Sharp
  • Micromax
  • Infinix
  • TCL
  • Ulefone
  • Tecno
  • Doogee
  • Blackview
  • BLU
  • Panasonic
  • Plum

All brands Rumor mill

ADVERTISEMENTS

Top 10 by daily interest

  Device Daily hits  
1.Samsung Galaxy A5434,114
2.Samsung Galaxy S23 Ultra27,583
3.Xiaomi Redmi Note 12 Pro26,153
4.Xiaomi Redmi Note 1224,538
5.Apple iPhone 14 Pro Max21,188
6.Apple iPhone X19,970
7.Apple iPhone 1119,333
8.Xiaomi Poco F519,261
9.Samsung Galaxy A3418,749
10.Apple iPhone XR18,718

ELECTRIC VEHICLES

VW teases the long-wheelbase ID. Buzz for North America one last time VW teases the long-wheelbase ID. Buzz for North America one last time Zeekr’s electric sedan spied in China - coming in Q3 2023Tesla Model 3 production in Shanghai stopped - updated Model 3 is coming
ADVERTISEMENTS

Home News Reviews Compare Coverage Glossary FAQ RSS feed Youtube Facebook Twitter Instagram

© 2000-2023 GSMArena.com Mobile version Android app Tools Contact us Merch store Privacy Terms of use Change Ad Consent Do not sell my data