Another smartphone-maker goes bust

Shenzhen-based smartphone-maker Vsun Group has filed for bankruptcy and fired its entire staff, reports Caixin Global. The company was established in May 2011 and did most of its work as a contract manufacturer.

The consolidation of China’s smartphone market has been squeezing the sector’s smaller players – some of which have been scaling back their ambitions while others are facing bankruptcy.

Another Shenzhen-based phone-maker Gionee Communication Equipment Co. Ltd., one of the most internationally oriented Chinese smartphone brands and among the first to break into the Indian market, also filed for bankruptcy last year.

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