Chinese companies nowadays are one of the most popular producers on the mobile market, a great example of which is Xiaomi. The company immediately gained many clients, and then several other Chinese companies tried to follow example of Xiaomi. One of the Chinese producers that tried to break into the market was Gionee, which a few hours ago confirmed its bankruptcy.
This decision was officialy confirmed by the court in Shenzhen. The company's finances are in a deplorable condition. Gionee was unable to pay its suppliers, and if we go deeper into the subject of the company's finances, we can’t be surprised by this situation. Gionee has to pay about 3 billion dollars to 648 creditors, and significant majority of them are banks. The way in which the company's situation has significantly spoiled up seems to be comical. Lui Lirong, founder of Gionee company, lost around 144 million of dollars in casino. Future of the brand doesn't look optimistic, but there is still a chance that Gionee will stay on market after reorganization of company.