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November 2018 edition
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Gionee declares bankruptcy, enters liquidation

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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 launches the affordable F205 and S11 Lite in India
  • Gionee S10 Lite launched with 4GB RAM, 16MP selfie camera
  • 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

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