There is one less smartphone brand in the world due to the addiction of its head to gambling (Topic)

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There is one less smartphone brand in the world due to the addiction of its head to gambling


The Gionee brand, which has established itself as a fairly large manufacturer of low-cost smartphones with long-lasting battery life, has closed its official website.

The closure of the Chinese site Gionee is largely indicative of the completion of the entire company, since the local market has always remained a priority for the brand. An important moment in the entire history is also the company's large debt to creditors (according to various estimates, up to $ 3 billion) and the peculiar actions of the founder of Gionee, who lost a significant amount withdrawn from the accounts of his company.

However, Gionee owns a subsidiary located in India. Her website is still up and running and is available to everyone. The company organized its own smartphone production in India in 2016, and two years later sold it to an Indian company with the right to use the Gionee name. The Indian manufacturer has continued with its main brand by releasing budget smartphones under the Gionee brand. So, in 2019, the F205 Pro model was released, the cost of which was less than $ 100.


The Indian-made F205 Pro smartphone has not been distributed in international retail chains. Despite the fact that the model obviously did not claim to be among the best budget smartphones of the global level, for the 2019 level it has the main modern features, including a fingerprint sensor, display with an 18: 9 ratio, LTE modem, two connectors for SIM card, main and selfie camera.

The date of foundation of the Gionee brand is 2002. After 10 years, the company owned almost 5% of the local Chinese mobile phone market. After that, the company's management began to expand the geography of sales markets, which mainly included Asian countries.

The company could not complain about problems until 2017, which was a turning point for it. By this time, the Chinese manufacturer had accumulated a critical mass of debt to creditors and suppliers of parts for its smartphones. In addition, it turned out that the general director for the entire period of its existence was managing the funds in the company's accounts for his own personal purposes. It became known that in the fall of 2018 he lost significant funds in the casino. Here, the testimony of different sources differs: someone posted the amount of $ 144 million, while the Chinese site Jiemian lists the amount of $ 1.4 billion.


After only half of the employees left Gionee, and the gambling leader initiated the bankruptcy procedure of the company. The brand's future prospects are still vague, although its head believes that in a few years the company will return to the mobile technology market.

The market for low-cost mobile devices is becoming interesting to an increasing number of manufacturers. Among its main players, producing inexpensive smartphones with modern components, Xiaomi is firmly gaining ground by actively distributing its affordable Redmi line. Korean Samsung is also interested in the inexpensive segment of mobile devices, having presented the Galaxy M family at the beginning of the year.

The Topic of Article: There is one less smartphone brand in the world due to the addiction of its head to gambling.
Author: Jake Pinkman