Tuesday, October 20, 2020
Home Tech Gist Gionee Nears Bankruptcy, as Founder Loses $144 Million Betting

Gionee Nears Bankruptcy, as Founder Loses $144 Million Betting

Gionee is one of the smaller but well-known Chinese manufacturers of smartphones. The company has been in bad financial weather for many years; a gambling evening by the Chinese owner does not help there.

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If you look for a so-called ‘Chinaphone’, chances are that Gionee is one of the manufacturers that you will encounter. For how long that will still be the case – for a number of years the company has been forced off its throne by the arrival of manufacturers such as Xiaomi and OPPO; Since then, Goinee has been one of the smaller smartphone manufacturers for the Chinese market. The company has also been losing this pressure for several years – a gambling evening by Chinese founder Liú Lìróng may have helped the company further into the valley, as the man would have gambled millions of euros in the casino.

Of course, the owner himself has not published information about the incident, but he would have mentioned his gambling evening in an interview with Securities Times. The interview has not yet appeared online, but South China Morning Post says it already has access to the interview.

The interview talks about the trip to the casino, where the owner lost about 144 million dollars, 126.4 million euros. The strange thing about the issue is that it is not private money, but rather borrowed money from the Chinese manufacturer – the man would have borrowed the money because he is making private and business resources mixed up.

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Difficult future

With a CEO on board who has a hard time keeping money on board, it is still questionable whether Gionee has a long life. At the time of writing, the manufacturer would already be in debt for about 17 billion Yuan – about 2.2 billion euros.

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In addition, according to various sources, large numbers of employees have already been dismissed, and it also appears that suppliers have to endure the problems at the company. Many suppliers have not paid for anything for months – at the same time, most suppliers have already stopped supplying the materials. All in all, there is a complicated problem with the question of whether a way out can be found at all.

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