QMobile Manufacturer Declares Bankruptcy

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QMobile

Chinese Smartphone manufacturer Gionee is in trouble lately. The brand has declared itself as bankrupt in China. This is likely to have a direct impact on well-known smartphone brand QMobile as the Q mobile phones are rebranded Gionee phones sold in the Pakistan market.

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Gionee’s fate will declare whether QMobile will continue to sell within Pakistan or will it meet its end.

Reportedly, the company owes $3 billion to 648 creditors, half of them are banks. The brand has also failed to pay its suppliers and ad agencies.

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It filed for liquidation bankruptcy at Huaxing Bank by submitting an application to a court in Shenzhen. The application has now been accepted.

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Nonetheless, founder Liu Lirong is optimistic that Gionee can bounce back from the debt and loss in the next 3-5 years.

It is also reported that the company has been losing approximately CNY 100 million ($14.4 million) per month from 2013 to 2015 while losses doubled over the past two years (2016-2018).

Furthermore, it was revealed that Liu Lirong lost a massive CNY 1 billion (~$144 million) in a casino bet recently. When asked about the gambling money, Lirong claimed that he hasn’t used the company’s money but may have “borrowed company funds”.

Now, we are left with a question, is this the end of Gionee and possibly QMobile? We are about to find out!

Stay tuned to Brandsynario for more news and updates.

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