Bankrupt smartphone-maker Gionee Communication Equipment Co. Ltd.s liabilities are more than double its current assets, the administrator handling the case said, as the former high-flyer prepares to be liquidated after falling victim to intense competition.
The administrator disclosed its estimates of Gionees assets and liabilities at the first meeting of the companys creditors on Tuesday in its hometown of Shenzhen, just months after it was forced into bankruptcy. A planned liquidation discussed at the meeting would make Gionee the first major victim of a looming shakeout in Chinas fiercely competitive smartphone sector, which is entering the end of a classic boom-bust cycle after several years of explosive growth.
An initial exa…
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