Jinlis debt exceeded 20 billion and bankruptcy entered the countdown. It was once the dominant mobile phone company in China.

 Jinlis debt exceeded 20 billion and bankruptcy entered the countdown. It was once the dominant mobile phone company in China.

In April 8th, reporters found that the official website of Jinli mobile was no longer open, and the Shenzhen intermediate peoples court held the first meeting of creditors of Jinli recently. According to relevant reports, the meeting found that the total amount of debt was 17 billion 359 million yuan and nearly 21 billion 100 million yuan in debt, and Jinli will enter the final bankruptcy proceedings. Although Golden Cube has not yet responded to the news, the bankruptcy of Golden Li has entered the countdown.

The bankruptcy of over 20 billion yuan in debt has entered the countdown

Journalists logged on Jinli official website and found that no matter on the computer side or the mobile phone side, they could not open the page. In fact, as early as the end of last year, Jinli official website had such a situation, but a day later it can be accessed normally, but all mobile phone products are off the shelves.

Official website inaccessible

Today, Jinlis official flagship stores have disappeared from Jingdong and Taobao, and only some third-party dealers are still selling Jinlis products at reduced prices.

Jinli is on the way to bankruptcy. It is reported that the first meeting of all creditors of Jinli Group was held recently. The meeting mainly focused on the three major proposals of Jinli Group: property management scheme, property pricing scheme and election of creditors committee.

Jinlis first meeting of operating creditors disclosed that its total liabilities as of August 31, 2018 were 20.253 billion yuan. According to the data reported by the creditors, Jinlis debt reached nearly 21.1 billion yuan.

Golden Cube has not yet responded to the above news.

Former home-made mobile phone hegemony

Andy Lau has spoken for him

Andy Lau has spoken for him

According to public information, Jinli Company was founded in 2002, and its legal representative is Liu Lirong. In 2012, GIONEE Jinli mobile was named the national consumer confidence brand and the ten largest brand of Chinas mobile phone industry in 2011. In 2016, according to Counterpoint data, Jinli shipped 40 million units a year, ranking third in domestic mobile phones. Jinli also released a brand new image on MWC in that year. Then, in 2017, Jinli mobile phone shipments declined rapidly. According to media reports, according to a data compiled by suppliers, as of December 31, 2017, the total assets and liabilities of Jinli were about 20 billion 120 million and 28 billion 170 million, and net liabilities were 8 billion 50 million yuan, which appeared to be insolvent. By August 2018, according to the first mobile phone industry research institute statistics, Jinlis market share is only 0.6%.

In 2018, the crisis of Jinli mobile phone was even more serious. In January, the 41.4% stake in Liu Lirong, chairman of Jinli, and the property of two husband and wife were frozen by the court. In April, Kinley laid off a large number of workers at its factory and headquarters. In September, nearly 50 small and medium-sized suppliers gathered at Jinli Headquarters to defend their rights and ask for arrears.

In November 2018, Liu Lirong admitted the fact of gambling, but denied that he had lost 10 billion yuan. Liu Lirong said he had lost more than one billion yuan in gambling, but denied rumors of embezzlement of six billion yuan from Jinli. He said: I have been an absolute authority in the company since I founded it for 16 years. I have no other income, so it is unavoidable for me to borrow the companys funds from both public and private sectors in my life.

At present, according to the Shenzhen Intermediate Peoples Court, Liu Lirong has been listed as a dishonest person and restricted to high consumption.

Liu Lirong mentioned in previous interviews that in recent years, about 10 billion yuan of marketing investment has had a great impact on Jinlis capital chain, which has also led to the emergence of Jinlis recent capital chain crisis. As he said, Jinli once invested heavily in advertising marketing, spending more than 6 billion yuan in two years, repeatedly sponsoring a variety of front-line satellite TV programs and inviting popular stars contemporary spokespersons, television, video websites, major airports across the country, Focus LCD, urban framework and outdoor, Jinlis advertising is everywhere. However, the market reaction is unsatisfactory, and the huge marketing costs make Jinli even more overwhelmed.

However, according to Kang Zhao, editor-in-chief of the operators financial network, the most important reason for Jinlis capital chain problems is the lack of core competitiveness of its products. In general, Jinlis products do not seem to be able to support their own prices, nor do they give consumers a sense of refinement. Maybe because of the achievements made in the past few years, Jinlis product prices have risen a lot and its performance-price ratio is insufficient, so its attraction to consumers has been reduced. Although there are many years of distribution in the operatorschannels and offline channels, as a supplementary factor, channel capability is difficult to help Jin Lizhan to be at the top of the market.

Before the financial crisis came to light, Jin Li released eight full-screen mobile phones in one breath, but none of them caused too much trouble in the market.

The ups and downs of a brand,

Its like a life.

Never forget to struggle in adversity.

We need to be more sober in prosperity.

Ability is invincible.

Source: Responsible Editor of Strait Report: Shi Jianlei_NBJ11331