Gearbest’s parent company is in “bankruptcy examination”
Gearbest’s parent company appears to be in serious financial trouble, with “bankruptcy review” documents filed in Guangdong court for Global Top E-Commerce Co., Ltd. after several years of losses.
Gearbest.com is one of the most popular online websites based in China selling in overseas markets. It is owned by Global Top E-Commerce Co. Ltd (formerly Shenzhen Globalegrow Electronic Commerce Co. Ltd) and was launched around 2014. Back then it was all fun and playful with a growth strategy meaning they were sending products to anyone. with a platform, and here at CNX Software we have plenty of TV boxes, mini PCs, and 3D printers to look at.
But eventually the samples dried up when the company focused on profitability, and Google started promoting YouTube reviews over written reviews, and after new laws in Thailand prevented me from importing. cost-effective and fast TV boxes.
In recent years, I practically stopped linking to Gearbest because most of the products didn’t match the topics I was interested in, and the Aliexpress, Banggood, or Seeed Studio sites became more relevant. I still had affiliate income for a few years and decided to withdraw the funds to PayPal. I was told it would take two weeks. Then four weeks later nothing happened so I emailed and received no response so far.
So I checked if others had similar issues, and indeed I was able to see a video by Xiaomify recommend that people not buy products from Gearbest, nor join their affiliate program. Eventually he got his funds after downloading the video and several months after his initial request.
But then I notice a Gizchina report of June showing documents from a case filed in a court in Guangdong Province classified as “bankruptcy examination” and involving ICBC Bank and Global Top E-Commerce Co., Ltd. (深圳 市 环球 易 购电子子务 有限公司).
While a possibility, bankruptcy doesn’t necessarily mean the company is going to disappear, but current shareholders and bondholders will likely have to make cuts. In fact, this is already the case to a large extent, as the company is listed on the Shenzhen Stock Exchange and the share price has fallen.
Gearbest’s parent company has been losing money for a few years and most of all took a hit in the fourth quarter of 2020.
Jean-Luc started CNX Software in 2010 on a part-time basis, before stepping down as head of software engineering and starting writing daily news and reviews full-time later in 2011.