According to China-based publication Caixin, the VP of smartphone maker Gionee, Yu Lei, has been forced to take to social media to deny reports that the company directly caused its current financial problems. While Yu admitted that the company’s money troubles were partially linked to costs incurred in its marketing activities, he called reports that it had squandered 6 billion yuan ($951 million) on celebrity endorsements “groundless”.
Gionee’s S11S smartphone launched in December 2017 and features a 6.01″ AMOLD display with a 1080 x 2160 resolution, an 18.9 aspect ratio and an ~82.4% screen-to-body ratio.
Last week, the company announced it will be laying off half its workforce at a facility in Guangdong, China. In his post, Yu wrote, “Please allow us some time and we will pay all our debts to our suppliers and media partners. We have overcome many crises in the past and we are trying our best to resolve the current predicament”.
