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Chinese Phonemaker Gionee Officially Files for Bankruptcy

21Dec By Gauri SinghNo Comments

CHINA

Chinese Phonemaker Gionee Officially Files for Bankruptcy

A second-tier Chinese smartphone company Gionee, which owes 20.2 billion Chinese Yuan (nearly $3 billion) to648 creditors, has officially filed for bankruptcy.According to the reports, a court in Shenzhen has accepted the Gionee application for liquidation bankruptcy. It had been stated that the founder of Shenzhen-basedGionee admitted he may have used company assets to gamble at a Hong Kong-listed casino in Saipan.Liu Lirong, Gionee's Chairman and Chief Executive, "admitted that Gionee's total debts amount to 17 billion yuan, with 10 billion yuan of this owed to banks, 5 billion yuan to upstream suppliers and about 2 billion to advertising agencies".When asked how much he lost gambling, Liu said, "a bit more than 1 billion yuan", which may actually be to the tune of 10 billion ...

Chinese Brand Gionee to go Bankrupt, Chairman Gambles $144 Million

A Chinese smartphone brand called Gionee that came into existence a few years back is now stooping down. The company seems to be in trouble and is reportedly on the verge of going bankrupt. However, the reason for the company going bankrupt has not been disclosed yet. On the other hand, a report by Chinese website Jiemian claimed that gambling habit of Gionee chairman Liu Liron seems to have brought Gionee in such a situation. Taking this into consideration, the company’s chairman lost more than 10 billion yuan ($1.4 billion) gambling in Saipan. Lirong clarified this with Securities Times, saying the figure was closer to over one billion yuan ($144 million) instead. With this, Gionee's fortunes have shifted unfavorably. Also, the company is said to have failed paying suppliers. Aroun...

Vivo Invests Rs 125 Crore For Manufacturing Unit In India

Betting big on the booming smartphone demand in the country, Chinese handset maker Vivo has set up a manufacturing and assembling facility in India with an investment of Rs 125 crore. Located at Greater Noida, the unit has a maximum production capacity of one million devices a month. "The unit will cater to the manufacturing and assembling of Located at Greater Noida, the unit has a maximum production capacity of one million devices a month. "The unit will cater to the manufacturing and assembling of vivo smartphones, creating more jobs and decreasing vivo's dependence on imports," the company said in a statement. The firm, which has been present in India for a year, has invested about Rs 125 crore as its first phase of investment in the 30,000 The firm, which has been present in Ind...