₦airaland Forum

Nwodosis:
Casino cut the COE of the company 1billion? I conclude that the company was established from the money he made from gambling.

MVLOX:
China phone international

NaijaTechGuy:
A few weeks ago I made a post regarding Gionee's financial woes being the possible reasons why we haven't seen new phones from Gionee.

[img]https://4.bp..com/-cbSJbyps6aM/XB_YGz5t1zI/AAAAAAAAO8s/JMOjMpuYshgiMDo0UtlVVCs-I09t4oqFgCLcBGAs/s1600/gionee-Logo-Png-Vector.jpg[/img]

The same day I made the post a Gionee Nigeria staff called me and made threats regarding the post saying they would take action against me for publishing such content which was quite laughable. I don't take down content that is true to please any brand. I also believe he was quite oblivious of the current position of his employers so I would disregard the threat.


The news reaching me now 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.

The company's money problem started when the founder and chairman Liu lost a CNY 1 billion bet in a casino.

Liu admitted in the interview that Gionee’s total debts amount 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 suppliers and about 2 billion to advertising agencies.

If nothing spontaneous happens in 3 – 5 years and the executives can't avoid gambling, this will be the end of Gionee Electronics and Smartphones.

Cyb3rhack3r:
Sad.. They used to be a great brand