Gionee files for bankruptcy
- Chinese smartphone brand Gionee has officially gone bankrupt after failing to repay around 648 of its creditors.
- A court in Shenzhen has accepted Gionee’s bankruptcy application by Huaxing Bank.
- Gionee allegedly owes around US $3 billion to its suppliers, banks and ad agencies.
- Gionee has been a famous ODM (Original Device Manufacturer) but later on, decided to also sell phones under its own brand. However, it failed to compete against the increasing rivalry from fellow Chinese brands like Xiaomi, Vivo and Oppo.
- Gionee India was established in 2012 and currently has over 42,000 stores and has 600 service centres in the country.