I doubt if there is hardly anyone who have not heared or gotten a glimpse about popular chinese phone brand gionee which were among one of the top leading phone brands in the world.
For those just coming across the name gionee a, this was one of the most promising and highly rated phone brands in the world which sold as much as 32 million gadgets in just a single year.
But what actually went wrong that led to this reputable phone brand to go through tough times and file for bankruptcy after all this years at the top.
In this article we are going to covering what led to the downfall of gionee, so just grab a drink and some popcorn and sit tight as we walk you through this.
Gionee was formed in 2002 at shenzhen china gadgets city, the were a top notch in making of budget phones and accompanying that the quite had some success in the price markets of sensitive countries such as china, nigeria, india, bangladesh, vietnam and thailand just to name a few.
So without wasting much time lets head into the reason we are here.
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It was reported and exposed that that the owner of gionee phone brand Liu Lirong was a gambling addict which resulted to him loosing over $1.4 billion while gambling in a casino at saipan.
Lui lirong actually admitted the claims that he had gambling issues but said he didn’t use gionees money to gamble, he also admitted losing only $144 million.
Gionee couldn’t pay it debt to various of it suppliers which was stated to be a whopping $2.9 billion to 648 creditors as of august 2018.
The phone brand company has been losing $14.4 million a month between 2013 to 2015 and these losses has doubled in 2016.
But the owner of gionee still foresee a brighter feature ahead in the coming years and hope to bounce back to the top and still retain it position as one of the most reputable phone brands in the world of gadgets.
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