Thursday, 11 April 2019

Dooms Day: Gionee Shutting Down Soon?

The Mighty Gionee is falling down… Gionee has been known for making smartphones with tremendous battery capacity yet Gionee has not really enjoyed the popularity as with other similar companies like Vivo, OPPO and different smartphones producing brands from China.

Their troubles began in 2017 when reports had it that the organization owed an aggregate of CNY 20.2 billion (about $3 billion) to 648 banks. The organization issues began when the owner and Chairman of Gionee Liu lost a CNY 1 billion in a gambling club.

Liu conceded in the meeting that Gionee's total debt add up to 17 billion yuan ($2,447,065,000), with 10 billion yuan($1,439,450,000) of this owed to banks, 5 billion yuan($719,725,000) to upstream providers and around 2 billion to advertiser.

All things considered, it shows up the Chinese firm is at last bankrupt as there are theories it is closing down its Chinese arm of the company. While there isn't any official proclamation backing this up, a quick look at their Chinese site shows it is down and has been so for a long while now.

This may almost certainly be the stopping point for Gionee as they have formally closed down their chinese site.

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