Being one of the top smartphone manufacturers in Indian market, Gionee is facing banckruptcy, reports Securities Times. The company has reportedly failed to clear its debt from several suppliers. It seems nearly 20 suppliers have filed “for a bankruptcy reorganisation with the Shenzhen Intermediate People’s Court,” the report said.
In addition, Gionee Chairman Liu Lirong has lost a large share of the company funds. His loss reports to $1.4bn because of gambling. However, according to Securities Times, Liu Lirong admitted to have lost nearly $144mn.
The company has been one of the most prominent competitors for brands such as Samsung and Nokia in India, but has not been able to challenge other Chinese brands such as Xiaomi, Huawei, OPPO and Vivo which have not been able to seek attention of Indian customers.