Gionee was on course to wrestle a slice of the Chinese smartphone market share from competitors like OPPO, Vivo and Xiaomi until the company ran into troubled waters. The company last year filed for bankruptcy last year. 
All hopes of the company coming out of its financial troubles may finally be over. Gionee’s patents are billed to be sold off its patents in order to offset its debts. An announcement by the Shenzhen Intermediate People’s Court indicates that the bankruptcy liquidation of Gionee will be carried out by the administrator on July 24 to July 25 via Taobao.com’s bankruptcy property network auction platform.
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The announcement also reveals that Gionee’s design patents will be auctioned at a starting price of 21,100 yuan. The administrator’s statistics show that 211 of Gionee’s design patents have accumulated backlogs in annual fees, late fees, recovery fees and other official fees totalling 317,400 yuan. The administration aims to raise the sum of 206 million yuan.
Gionee’s financial woes were in no way related to inadequate phone sales, as the innovation-driven company was doing good in that aspect. Unfortunately, poor financial management was the cause of the company’s downward spiral. This is traceable to the company President who was rumoured to have an addiction for gambling and was even rumoured to have lost 10 billion yuan during his exploits.
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