Thursday, March 28, 2024
ADVT 
Interesting

This Smartphone Company Is 'Almost Bankrupt' After Chairman Loses $144 Million In Gambling

IANS, 05 Dec, 2018 12:16 AM
    At a time when leading smartphone makers across the globe are busy injecting advanced technology, increasing supply and enhancing customer experience, Gionee is in a one-of-its-kind situation. 
     
     
    Once a popular smartphone brand, Gionee is now on the verge of going bankrupt. While the reason behind the Chinese firm going bankrupt is not official yet, but several media reports suggest that gambling habit of its chairman Liu Liron seems to have taken a toll on the company. It is also being said that recently Liron lost over 10 billion yuan ($1.4 billion) on a gambling table in Saipan.
     
     
    However, Liron partially denied the claim in an interview with the Securities Daily, saying that the amount is too big to be true. When asked about how much he lost, the Gionee chief said 'About 1 billion' (Though he did not specify whether it was in yuan or US dollars).
     
     
    Reports also suggest that he "borrowed company funds and said the amount of money he took will be made public when the company starts bankruptcy reorganisation next month. Gionee started off well but was then overshadowed by its immediate rivals including Xiaomi, Oppo and Vivo. The company's popularity in China and even overseas market including India has toppled by other smartphone makers.
     
     
    Liron, however, claimed that his gambling loss is not the only reason behind the downfall of the company and said that the company has been on the losing end since 2013. The average monthly losses of Gionee ware around $14 million between 2013 and 2015 and later it rose to $28 million in the past two years.
     
     
    During the start of 2018, Gionee was reportedly planning to invest around Rs 650 crore with an aim to emerge as top 5 smartphone brands in the country. Speaking to media, a company official had said, "In 2018, we are looking to be among the top 5 smartphone brands in India. We will increase the marketing budget by 30 per cent compared to the investment made last year."
     
     
    The company, during the start of this year, aimed to capture 20 per cent share of the overall smartphone market in India with its smartphones in the range of Rs 8,000 to Rs 20,000.

    MORE Interesting ARTICLES

    WATCH: 'Noisy' Punjabi Family In Canada Greets Raiding Punjabi Cops With Song

    When a noisy Punjabi family in Canada was interrupted by some cops who had come around to see what the noise was about, they broke into a song. Why? Because the cops themselves were Punjabi!

    WATCH: 'Noisy' Punjabi Family In Canada Greets Raiding Punjabi Cops With Song

    Bride-To-Be Niti Pancholi Dances To Single Rehne De Just Before Wedding, Has Instagram Hooked

    Dancing to Kangana Ranaut's 'Single Rehne De' from Simran, bride-to-be, Niti Pancholi has given a bridal twist to the song in her wedding outfit, paired with kalire and chooda.

    Bride-To-Be Niti Pancholi Dances To Single Rehne De Just Before Wedding, Has Instagram Hooked

    Mars Touchdown: Safe Landing For NASA's Insight Spacecraft

    Mars Touchdown: Safe Landing For NASA's Insight Spacecraft
      NASAs InSight spacecraft touched down safely on Mars on Monday, kicking off a two-year mission to explore the deep interior of the Red Planet.

    Mars Touchdown: Safe Landing For NASA's Insight Spacecraft

    Rajasthan Police Uses Karan Arjun’s Iconic Dialogue To Urge People To Cast Vote

    After using a Deepika Padukone dialogue to convey their message amid the craze of the #DeepVeerKiShaadi, the social media team has now used iconic dialogue from hits 90s film, Karan Arjun.

    Rajasthan Police Uses Karan Arjun’s Iconic Dialogue To Urge People To Cast Vote

    Frustrated Pakistani Man Sets His Own Luggage On Fire After Flight Gets Cancelled – Watch Video

    The Pakistan International Airlines (PIA) flight PK-607 scheduled to take off at 7am was first delayed due to technical reasons, and later cancelled due to bad weather.

    Frustrated Pakistani Man Sets His Own Luggage On Fire After Flight Gets Cancelled – Watch Video

    Honest Pakistani Labourer Returns Gold Earrings To The Family Who Lost Them 3 Years Ago

    A pair of gold earring that was lost way back in 2015 was found by the labourer working on the neighbouring plot and was returned to its owners. The man even refused any reward.

    Honest Pakistani Labourer Returns Gold Earrings To The Family Who Lost Them 3 Years Ago

    PrevNext