Eyes on India market

Counterpoint Research data shows that in the third quarter of 2016, when the global smartphone market grew a modest 5 percent, smartphone shipments in India grew a healthy 23 percent. Almost one in three smartphones shipped to India in the quarter were Chinese brands.

"Although the sales volume may not be ranked at the top position, Gionee made satisfactory profits in the India market for selling mid and high-end handsets," Yan said.

According to industry consultants International Data Corporation, India's smartphone shipments clocked 32.3 million units in the third quarter of this year, a 17.5 percent increase on the previous quarter.

A report from Strategy Analytic said that Gionee was among the top smartphone brands in China and is ranked in the top 10 worldwide, with 30 million handsets sold last year.

The company said in September that it would pour 495 million yuan ($73.8 million) in to build factories in the world's second most populous country.

Smartphone plants, located in northern India, will go into operation in two years and their annual production capacity will reach 30 million units.