Gionee May Shutdown Due To Bankruptcy

Gionee, one of China's top smartphone manufacturers might be relegated to Bankruptcy league if they do not pay off their debt.

The one time leading Smartphone manufacturer in India and China might eventually hit rock bottom if they don't settle their suppliers and other business partners. The Original Equipment Manufacturer (OEM) understood the Asian and African market, especially in Nigeria where they met large battery cap demands by providing exact specs most users clamoured for.

Sadly, The company is not what it used to be. They decline in popularity and in demands. Apparently, Gionee's Chairman, Liu Lirong lost huge amount of Gionee's funds to Gambling. The chairman was said to have lost Ten billion yuan (about $1.4 billion) while gambling. According to Securities Times, he admitted to spending approximately $144 million improperly.

Although Gionee is sorting ways to settle over 20 suppliers who filled for bankruptcy reorganisation with the Shenzhen Intermediate, claims People's Court.

Gionee, a top smartphone player who once competed with the likes of Samsung and Nokia who are already established markets has since decline in it's large market share across Asia and Africa during this financial crisis. Brands like Xiaomi, Oppo and Huawei are soaring in the market amidst this.

Let's hope they beat the odds and regain their share in the smartphone market.